What do you do if you want to expand your business globally as an entrepreneur?

A hack I usually use when conducting market research for entering a new country is to leverage social media and online forums specific to that region. By actively engaging in these platforms, I can gather real-time insights and feedback on cultural preferences, consumer behavior, and even competitors directly from the local audience. This approach not only complements traditional market research methods but also provides a more nuanced understanding of the market. This way, I can make more informed decisions on how to tailor our offerings to truly resonate with the local culture and preferences.

After conducting a basic market analysis using classical strategic frameworks, it's crucial to immerse yourself in the field to gain deeper insights from potential customers. This involves attending conferences and exhibitions to connect with key players and understand market dynamics, but even more impactful is meeting with local industry chambers, incubators, and organizing targeted missions through business organizations. Engaging directly with potential customers and local stakeholders allows you to validate your assumptions, adapt your strategy based on real feedback, and build valuable relationships that can facilitate your market entry.

Contact the embassy, chambers of commerce and find out what is missing in the target market. Find out what has gone wrong for other entrepeneurs

In my experience, high-quality data collection about the new market a company wants to impact is a key issue. Be sure that the information your team is gathering is trustful, updated, and related to your industry, competitors, and potential customers. Cross-information from different sources is always useful. Avoid the use of general web data and prefer sources like Chambers of Commerce, Professional Associations, and similar organizations.

Expanding business globally does not necessarily involve foreign direct investment which triggers necessity of many local compliances like labor, taxation, customs, etc. However, intellectual property rights shall be a top concern for every entrepreneurs. Actually except copyright, all other IPRs will only be protected jurisdiction by jurisdiction. My advice is that you shall protect your IPRs before you enter into one market, preferably through Madrid system for trademark registration or PCT for patent registration.

I agree that Culture adaptability is important in expanding the business globally. But another key factor to be taken into account is the ability to communicate in the language customers or clients feel comfortable with. It creates a sense of easiness for them, hence not only improving the business connection, but also allows them to be more personal with us, hence increasing the chances of business connection and also providing mutual growth for a long period of time.

It's also very important to note that we get connected to the right partner since that determines our success in the global market and makes our presence well known. Also, we need to make sure that our partners have all the necessary legal connections with them, since there are cases where a business might end up having a profitable partner, but might end up having lot of legal problems incurring unnecessary costs.