The nature of our connected global economy makes it easier to for start-ups to offer hardware and applications in foreign destinations from their inception, if not strategically expand over time. There are many benefits to expansion beyond an increased customer base and profit growth, but many companies assume it’s too difficult to manage or it feels overwhelming and they would rather play it safe at home. But the benefits to reaching beyond borders are numerous and with the proper research, partners, and mindset, it’s not that far-fetched.
The explosion of online consumer purchasing in the past fifteen years means customers could be anywhere. Consumers are comfortable purchasing via credit card or PayPal from multiple foreign sources. Shipping globally is faster and easier, andtechnology companies that need to ship highly regulated IT equipment and parts across borders can outsource assistance to an Importer of Record. An experienced company with massive global reach like TecEx has a presence in 160 countries and will complete international import licensing, permits, and look after the fees associated with shipping goods overseas. They ensure hassle free, first-time customs clearance and they offer import VAT refund services in more than40 destinations.This means start-ups can rely on experts with the best lead times in the industry to take care of door-to-door service and delivery. Products can efficiently arrive in destinations where competitors are afraid to tread.
Physically setting-up-shop with closer reach to new markets with dense populations means increased access to consumers, and shipping hardware to many people is quicker and more convenient. This doesn’t mean installing buildings in every country wherein you want to sell – but having strategically-placed warehouses and satellite offices abroad can help with logistics and operations. Hiring staff who live in these locations and have diverse experiences and educational backgrounds can be a huge benefit when it comes to integrating into a culture and understanding the needs of new customers who live there.
Diversifying a portfolio of products and services can not only protect against a bad market climate or downturn, but it allows for the opportunity to offer new products and services to varied markets. Expanding internationally also brings fresh opportunities for confident foreign investments, whether you’re physically expanding or offering products online. Multiple revenue streams can help get things off the ground, which increases stability and safety, even though it feels traditionally risky. It’s native to the virtual nature of SaaS products and apps to be available globally, but with the aid of partnering with an Importer of Record and online shops, those selling hardware have efficient options as well.
It’s vital to put adequate resources into market research before expansion. Assess your business’s strengths and weaknesses for each culture and for the economic climate within the nation you’re setting your sights. Ascertain which changes need to be made to offer the same quality product or service to international users. Access free research databases to get started, like the World Trade Organization’s documents and resources or World Bank Open Data.
Educating yourself on development and specific markets will help ease fears. Making smart partnerships with experts who already have global presence will streamline the process during planning and after embarking on daily operations. International expansion is within your reach.
