Ready To Go Global? What Entrepreneurs Should Consider About International Expansion

Utah has long been known as a new frontier for innovation and its culture of international connectivity. Global expansion can lead to growth for many startups and entrepreneurs, with access to broader markets, a wider workforce, and increased brand recognition.

The trade missions partnered with the Governor’s Office of Economic Opportunity and World Trade Center Utah in 2023 are a prime example of the state’s global reach, where 41 Utah-based companies traveled to France, the United Kingdom, and Mexico. Over 200 business meetings opened $193.25 million in new trade opportunities for Utah.

A recent trade mission allowed 21 Utah companies to forge connections in a different part of the globe — South Korea and Japan. The exchange strengthened Utah’s established ties with these countries, anticipating positive results.

However, taking your business global isn’t a one-size-fits-all strategy. Understanding diverse markets, potential challenges, and cultural differences is crucial to evaluating your business if global expansion aligns with your strategy.

Here are four considerations for going global:

Comprehensive Business Plan

A clear plan is essential for navigating the complexities of starting a business, particularly in international markets. Outline your growth strategy with goals, milestones, and resources needed to sustain expansion abroad. Consider clear and realistic timelines, budgets, and performance metrics.

Cultural and Market Differences

Global expansion requires learning new consumer behaviors, legal and political systems, and business practices. Market research is pivotal. It may be necessary to tailor products, services, and messaging for each market.

Strategic Partnerships

Strong global partnerships can equal success when entering new markets. Experienced distributors, consultants, or partners can help identify and mitigate international challenges. These relationships can bridge gaps in language, market understanding, and operational logistics.

Financing and Financial Risks

As with starting any business, global expansion requires capital. Evaluate your financial readiness and explore reliable financing and government-backed programs. Be aware of potential issues with currency fluctuations, payment schedules, or regulatory challenges.

If you believe going international is right for your company, consider seeking business and legal advisors. World Trade Center Utah offers valuable, no-cost readiness checks and market research assistance to successfully expand internationally, in addition to its State Trade Expansion Program (STEP) grant. It’s vital to assess your resources, readiness, and ability to adapt to diverse markets before making the leap.

With 75% of the world’s purchasing power located outside of the U.S., is it time for your company to capitalize on going global?