Here's how you can strategically expand your business internationally as an entrepreneur.

There is a fundamental framework, that one needs to follow for international expansion, includes: Phase 1: Identifying Market Dynamics Business benchmarks, components for benchmarking, payment & banking modes, competitor analysis, key sectors, sources of finance, key geographies, marketing modes, hiring process, infrastructure & legal. Phase 2: Executions on Ground Competition & market capitalization, team building & hiring, generating market responses, engage infrastructure & legal partners, build pipeline & work on conversions to generate revenue. Phase 3: Growth Focus Strategy Strategies for revenue generation, reaching breakeven, earning profitability to be in place. These are the tested steps to expand business internationally.

If you have not decided yet what products to be bought for export, Or you have products and not decided which country to export, there are certain basic studies you should do, i.e, 1. List out the products that the country is exporting and sort them out on the based on Value and volume. This will give a fair idea of what products are high in demand in the country. 2. Identify the countries importing from your country in good quantities. This data will give you a fair idea of which product to export and which country to be targeted. The data are easily available on various platforms on a free or paid basis. Once this is done next step is to understand regulatory and statutory requirements for that country and products.

This is quite crucial I.e. understanding the legal requirements for doing business in the target country including registration, taxation, labour laws, trade license etc. Doing this homework will ensure you are protected against any legal violations and run your business smoothly.

Strategic partnerships is about 1/having a vision and share this vision 2/learning about the potential partner strategy and challenges, understand its market, business SWOT, the potential complementarity 3/listen, learn and listen again 4/identify and qualify potential business complementarities 5/find and develop Exec sponsor Clevel with a specific profile and be innovative bringing value. 6/orchestrate and build the joint story at all decision levels … 7/play to win, taking time for strategic trustable relationship

From my personal experience, I found it’s quite helpful if you talk to the local agents and vendors and form partnerships with them to gain market insights and establish your business. It’s a win-win situation for both.

Develop a local marketing strategy that resonates with the target audience. Utilise digital marketing and social media marketing to expand the reach through various channels.

It is absolutely key to understand foreign local practices, codes and body languages to be efficient in international negotiations

Growing internationally requires tenacity, adaptation, ability to create and develop décisional strategic relationship. It is also about creating an international network that can help you locally.