One way to celebrate the success of a startup or business is to expand. Expanding within your home country is a great way to propel the growth of a business. But, what happens when you outgrow your home country? Grab your passports! We’re expanding internationally. First stop: United States.
Here are a few questions to ask yourself before expanding a business to the US or expanding internationally in general:
Are you able to adapt?
The US market moves quickly and a huge spike in sales is more than possible. This means it’s vital that you prepare for a fast influx by getting employees on the ground early. Your team may be stretched thin for a bit, but in the long run it will only make expanding internationally that much smoother. Take a look at Airbnb and the hiring strategy that led them to success when expanding internationally.
Do you know your consumers?
In order to succeed in an American market you have to understand American culture. What makes people purchase one product over another? What qualities do Americans admire in a business or brand? What’s the best way to reach consumers? Running a business and marketing a business are two different things. You don’t need to adopt an American personality to run your business in America, but to market your business – you will.
Are you prepared to take on competition?
In addition to knowing your consumer market, you have to know your competition. The US is a large, attractive market, but it’s also an intensely competitive market. When expanding your business to the US, you have to know what makes your company different, what makes you stand out from the hundreds of American businesses you may find yourself competing with and leverage that.
Do you have a strong legal team?
When expanding your business to the US, it’s important to understand the US legal system. Since you probably won’t have time to go to law school, it’s best to hire someone who has. Backing your business with a strong legal team will help you sleep at night knowing you’ve crossed your t’s and dotted your i’s to American legal standards.
How’s your branding?
It’s crucial to have a strong brand when expanding internationally. If you don’t, make sure you craft a brand building strategy specific to the US. Beyond attracting new customers, having a strong brand is also beneficial for internal reasons. When expanding your business to the US or any new country, you will have to assimilate to the culture to an extent in order to survive and attract local talent. Having a strong brand will give you the ability to assimilate while still keeping your core company culture and values.
Need help expanding internationally? When expanding your business, your team may be stretched thin. HRO Resources provides outsourced human resources services such as payroll management, employee benefits and business insurance. Get a free demo today.