Most newly started companies usually have thoughts in an early stage to expand international. But getting new markets is largely about timing and this may, in turn, help ensure that your income may increase significantly if the time is right. To work with new markets that you have no knowledge of before, obviously entails risks but also great opportunities for you.
You can work with this actively to avoid falling into pitfalls by acquiring knowledge about the new market. How´s the competitor situation? Quality level? Regulations and culture? There are many questions to be answered. Therefore, we have collect a few important steps for an successfull expansion towards new markets.
So how should you really think when It comes to succeeding in the new market that you do not know before?
The first thing you need to decide is which market you want to expand on. It could be all from a whole country to a city or region. Expanding your business can be very costly for you. Therefore we recommend you to concentrate on one market at a time so you can invest enough resources on the expansion for It.
When you´ve decided for which market you would like to expand for you need to get some knowledge about It by research. How It works and how it differs from the current market?
The more like the intended market is against the present, the better actually. This minimizes the risk of that something could go wrong with the project.
Once this is decided, the next step will be to create a network for its new market with customers and partners. For example, by developing technologies or distribution channels along with them. It is very important that your partner has good local knowledge, because otherwise it can be difficult to handle everything on your own. Your partner should have the same goals as you have and also have knowledge about your common market.