Your company is doing well, hitting or even exceeding benchmarks. Maybe you’ve had some so-called “pivots” or switch-ups in strategy, but your customers are loving you. In domestic markets, that is.
Your company is growing steadily with solid projections for the coming years, but to increase growth rates and gain greater market share, you have to realize that you will need to expand globally. After assessing and choosing the best target countries for your products and services, you then need to consider the process of setting up your business entities in each country and your approach to local regulatory compliance.
For high growth companies in today’s most competitive sectors, building an international business is no longer optional. If you’re planning on building a business only within the confines of the United States, you’re planning on leaving market share on the table. But I know from experience that international expansion is a big step, and a daunting one to wrap your head around.
Overseas expansion is a priority for many small and midsize businesses. But complicated rules and cultural differences can make global markets difficult to navigate, said Elizabeth Finn Payne, an adviser at High Street Partners in Boston.
Tax laws, human resource requirements and compliance of general business laws are common reasons why U.S. CEOs are afraid to expand into Africa, says a U.S.-based entrepreneur who helps companies do just that.
International expansion can be timely and frustrating for many businesses around the globe.