{"id":245304,"date":"2022-08-18T16:21:57","date_gmt":"2022-08-18T20:21:57","guid":{"rendered":"https:\/\/www.motionpoint.com\/?post_type=blog&p=245304"},"modified":"2024-09-03T12:07:45","modified_gmt":"2024-09-03T16:07:45","slug":"global-business-expansion-the-right-way-to-expand-globally","status":"publish","type":"blog","link":"https:\/\/www.motionpoint.com\/blog\/global-business-expansion-the-right-way-to-expand-globally\/","title":{"rendered":"Global Business Expansion: The Right Way to Expand Globally"},"template":"","blog_categories":[5,9,107,15],"resource_categories":[37,30,20,33,21,23,19,18],"targeted_localized_audience":[],"document_categories":[146],"class_list":["post-245304","blog","type-blog","status-publish","hentry","blog_categories-international-business-strategies","blog_categories-marketing-strategies","blog_categories-translation-technology","blog_categories-website-translation","resource_categories-content-type-blog-post","resource_categories-business-goal","resource_categories-topic-digital-marketing","resource_categories-business-goal-global-expansion","resource_categories-topic-international-marketing","resource_categories-role-marketer","resource_categories-topic-motionpoint","resource_categories-topic-website-translation","document_categories-blog-post"],"acf":{"article_word_count":"2816","article_read_time":"11","blog_short_description":"Develop a strategy for global business expansion that takes local cultures and preferences into consideration.","news_inline_styles":"","blog_video_id":"","article_body":"

Global expansion offers a wealth of opportunities. Yet like any business endeavor, it\u2019s fraught with risks and challenges. From local laws to language barriers, companies that \u201cgo global\u201d must learn to navigate new markets.<\/p>\n

So, it should come as no surprise that even leading companies have failed<\/a> international expansion attempts. Fortunately, you can increase your odds of success with some strategic planning.<\/p>\n

In this article, we cover when to expand, how to plan a business expansion, and the advantages and disadvantages of entering a new market. But before we dive in, let\u2019s start with a definition.<\/p>\n

What is Global Business Expansion?<\/h2>\n

Global business expansion is a growth strategy that involves establishing business operations in foreign markets.<\/p>\n

Businesses choose to expand when they want to generate more profit or in response to increased competition, domestic success, and potential <\/span>in new markets.<\/span><\/span>\u00a0<\/span><\/p>\n

When Should You Expand Your Business Globally?<\/h2>\n

Given that international expansion is a major undertaking, it\u2019s important to determine whether your business is ready before you take that step. Below are six indicators that it may be the right time to establish business operations abroad:<\/p>\n

    \n
  • There is foreign demand for the product or service.<\/li>\n
  • Your business has been profitable for more than three consecutive years.<\/li>\n
  • You consistently keep costs under control.<\/li>\n
  • You have the resources to expand (financial, personnel, materials, etc.)<\/li>\n
  • You have external investors that plan to help you fund the expansion.<\/li>\n
  • Your products or services are ready for localization.<\/li>\n
  • Your product and services gain cost efficiencies from production in global markets<\/li>\n
  • Your product requires minimal alterations to viably expand to new markets<\/li>\n<\/ul>\n

    If any of these apply to your business, you could find success in market expansion. Here are some key considerations before you implement an international expan<\/span>sion strategy.<\/span><\/span><\/p>\n

    Developing a Global Expansion Strategy: 5 Key Considerations<\/h2>\n\n