What are some steps I can take before expanding my business internationally?

International expansion is a lucrative market for entrepreneurs to consider - with the potential to significantly improve revenue and fundraising opportunities. Here are six steps you need to make to ensure your startup is ready for expanding your business internationally. 

‍1. Assess your readiness

The first thing you need to do is ask yourself: Is my company ready for such a move? Expanding a company comes with its own risks, which is why you need to conduct an analysis of your team and resources.

‍2. Make sure everyone is on board with the expansion

Your team will be the backbone of your expansion; this is why it’s fundamental that they agree with the idea and share the same vision as the founders and stakeholders.

‍3. Conduct a deep-dive market research

It is critical to understand everything about the new market you are about to enter. Each industry has its own characteristics, which is why you might want to focus on one ICP whilst you get a glimpse of the impact that your product will have and how you’ll benefit.

‍4. Establish your business model & go-to-market strategy

To sell and market your product properly, you need to have a clear and comprehensive strategy to determine how you will differentiate yourself. Whilst it is important to think like a local, you must also stay aligned to your home country's corporate goals and objectives to retain brand identity.

‍5. Leverage influencer and network relationships in a foreign market

Look for influencers in the markets you’re interested in and develop a relationship with them well before you begin expansion. These “customer discovery” meetings are great to help turn assumptions into “hard” facts and adapt the go-to-market approach as needed. 

‍6. Test the waters

Testing concepts is always a good idea, especially before undertaking a massive action such as international expansion. With the ease of global connectedness due to technology, it is a lot easier to begin to test the waters in your home country and build your initial offer to your ICP.

We explore these in more detail in our blog on the “6 steps to take before expanding your business internationally.”