Five tips for expanding your startup to the US – StartupSmart
The internet has opened up business opportunities that were once only ever dreamed of.
As a result a third of the female-run global businesses that have expanded internationally are now earning more than half their revenue overseas, according to Women in Global Business.
While the thought of expanding your business abroad to markets such as the United States is a challenging leap, like most plans to scale it pays to first distill your strategy into a series of steps.
1. Get a mentor
Expanding your business operations into a foreign country will be a steep learning curve so learn from someone in the know already. A mentor who has done this successfully in the past will be a step ahead of you and can guide you in the right direction when it comes to setting your goals, devising a clear strategy, identifying your market, sales and marketing methods, pricing and packaging, and negotiating.
This person or people (you can have more than one) will become your biggest asset.
2. Be adaptable
Expanding into a foreign country will mean new challenges that aren’t even on your radar, so be ready to change and adapt your business in order for it to grow and succeed.
Be nimble and agile in your approach to circumstances that may be out of your control.
3. Leverage your community
Get connected. Start to follow and connect with like-minded business people in your new market and in the target markets you want to tap into.
Start to build relationships with influential people and those who are already achieving success in this area. Start to leverage the community of people you already have around you. Use your connections to your advantage and obtain opportunities and get the word out there.
4. Get tech savvy
Americans are ahead of game when it comes to technology, so you need to get tech savvy to do business more effectively and efficiently with the US, particularly.
Think outside the box when it comes to using technology, especially to raise money. Crowdfunding could be a viable option.
You must use tech tools to be more productive and innovative to increase your bottom line.
5. Dream big
You know what you want, so go after it. Don’t let anything undo your hard work. Keep going and keep pushing the boundaries. You know your value proposition and your worth.
What’s the best that can happen?
If you’re planning to launch your business in the US this year, you may find our sessions at Rare Birds Con 2016 (8-9 June) a great help – some of the world’s leading marketing experts will be providing practical guidance for expanding your business into new markets.
This piece was first published on LinkedIn.
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