Internationalising your business is a really exciting time, as the potential of your business could be about the sky rocket! However, there are some really important things that you need to address to make sure that internationalisation is the making of your business, rather than the breaking of it. It can be tempting to get this process done as quickly as possible, but take your time and it will be worth the wait!
Get Your Website Right!
If you’re an e-commerce business, the first thing you need to do is make sure that your website is structured correctly to appear on search engines in the new territories you are targeting. In order to do this, you will need to create a subdirectory for each new territory. For example, is google.com was the main website in the UK and you were creating a US website, you would need us.google.com as well, and so on for the rest of the territories.
The best piece of advice we can give here is to work with an experienced web developer to make sure that everything is done properly. This takes some investment, but you will run into a whole host of problems later down the line if this isn’t done right the first time!
Invest In Credit Insurance
Next up, you will need to invest in credit insurance for your business. Credit insurance provides cover for businesses who trade on a credit basis, and if the people who owe money for products or services fail to pay, the credit insurance helps to cover all, or a portion of, the costs. When internationalising, you are going to be taking risks financially and working in new territories, so you will need to have the appropriate cover.
To do this, working with credit insurance brokers is always advised, as trying to claim on an international scale is an extremely time consuming and difficult task, so the brokers will be able to do the work for you. Additionally, they will also make sure that you have sufficient cover in the first place, so your business is properly protected. There are lots of different types of credit insurance, from whole turnover insurance and single account insurance, so the right cover can be found for your business.
With trade credit insurance, you will be able to take greater financial risks to really help make the internationalisation process a success.
Work With A Mentor
If you have never been through the internationalisation process before, then it is advised to work with a mentor to guide you through the process. There are so many intricacies that need to be addressed throughout, which you are unlikely to be aware of if you are new to the process. Even if you have to pay someone to help with the process, it will certainly be worth it to make sure you have everything covered.
Discuss With Your Financial Advisors in Detail
Last but not least, you need to make sure that you have discussed every element of the internationalisation with your financial advisor. The cost of taking a business international can be significant, and if this isn’t taken into consideration, the entire business could collapse. These costs shouldn’t be taken lightly, and before any progress with the internationalisation is made, all costs should be addressed in detail. Once the financial aspect is covered, then progress can be made elsewhere!