Business expansion is an exciting time for most entrepreneurs. You get to open up a new office, hire new employees, and dominate a new market.
But it isn't as simple as you may think.
For example, one of the biggest reasons businesses do fail is because they expand globally.
Isn't it ironic that a growth opportunity for businesses turns into a reason that businesses go out of business?
Here are 4 mistakes most businesses make when they expand internationally.
1. They fall victim to market fads
How many of us go to websites and read articles that tell us that this city is going to be the next startup hub? Although these articles can be insanely accurately, they can be extremely misleading as well.
When you are launching a business, it is important to do the necessary research to make sure that the business you are launching in has a strong reputation for being a fantastic place for your business to thrive.
Especially before you launch in your city, it's important to make sure Google Trends and other software is utilized to assess how good of a city it will be for launch.
2. The communication channels aren't translated
What is your websites main customer acquisition channel?
For me, it's my website where I post engaging content that nurtures my existing list of readers.
But for most people, they make a mistake of not having the right language for the place they are launching in. An easy way to combat this is to simply translate your website into the language of your ideal customer.
I love hiring people on Upwork to help me with the translation of my websites.
3. They lack experts in the areas of expansion
Expertise is one of the most important factors when it comes to your businesses success. The classic saying of hiring monkeys and getting monkey quality is true, which is why having a strong team is one of the basic reasons why businesses succeed.
Especially in an expansion phase for your business, having people who aren't considered experts can be a huge drawback for the success of your business.
4. They don't have local phone numbers
The biggest inconvenience to customers is when they have to call a different country. It's costly, as well as time-consuming. Having a local phone number is one of the easiest ways to combat this mistake.
I love using products like Flyp that let me have a different number than my personal phone number for business calls. The best part is I don't have to worry about calling charges to other countries.
The best businesses in the world go through expansion periods because they want to grow faster. International countries present powerful opportunities for global growth, but keeping these points in mind can help you from closing shop too early.
What are some common mistakes you see businesses make when they expand?