Companies in the UK and continental Europe have a distinct advantage over those in other parts of the world when it comes to spreading their influence to new markets. The interconnectedness of the European Union and other international organizations designed to further trade and commerce between European states offer a unique path for enterprising businesses to grow and access entirely new groups of clients. But how do you make the jump from a small, domestic company to a fledgling international one?
There are several important components to this process. The first is identifying where you could most effectively spread your brand to in order to maximize your return. What service are you providing, and in what area is it lacking? Doing exhaustive market research can be a lot of painstaking work, but it pays off immensely if you can determine untapped or underserved markets in your field and be one of the first to fill the void. Once you recognize the regions that have the most potential customers, you can begin making contacts there. Networking with local businesses and organizations is a step that many skip but absolutely should not be overlooked. You’ll need to build a relationship with people who understand local customs, consumer preferences, government regulations, and business practices in order to make a smooth transition. Start with businesses that offer complimentary services and see how you can mutually benefit each other through affiliate advertising, partner discounts, and personal relationships. Throughout this process, you as an owner or manager are going to need to be personally present frequently. Consider the advantages of cheaply leasing a high-value company vehicle to save money on travel.
Making the physical move to expand in a new country can be daunting. Opening a new branch of your business will inevitably cost more than you expect, so be sure to budget extra funds for unforeseen expenses. Once the location is ready, you should commence business operations as soon as feasibly possible—do all the necessary paperwork, ship inventory, train local staff that are fluent in all relevant languages, and advertise both at home and abroad that your business is crossing borders. With luck, accessing this brand new market will have immediate results on your profit margins, and you’ll be able to solidify your expansion and offer very competitive employee salaries and benefits. One of the mo9st cost-effective ways to increase staff loyalty and happiness (not to mention punctuality) is to offer company vehicles through Leasing4Business.
Each successive expansion, be it domestic or international, becomes easier, as you have more experiences to draw on and a larger network of affiliated businesses and individuals. This momentum can cause your small business to grow exponentially, and is a powerful tool. Doing your research ahead of time, making personal connections with locals, and creating a multicultural and highly-trained employee base will put you in a great position. How far will your brand spread?