With the advent of the internet and digital revolution, â€śglobalâ€ť is an easy word for businesses to use.
At the click of a button, businesses can make products or services available across hundreds of countries. The possibilities of global business are now huge. But to actually achieve them requires hard work and a focused strategy. Below are five tips for growing a global business from both my current and previous experience in that space.
- Focus on target markets. Itâ€™s easy to make your product or service available everywhere. But meaningful business in a new market requires close and often long-term focus. Pick around one to three markets that you want to push into in the upcoming year and go for them. Amazon, for example, is very good at this: when they launch into a new market, they have usually been flying under the radar and making preparations in that market for a considerable time.
- Donâ€™t make assumptions based on other markets.Â Every countryâ€™s market is unique and what works in one market wonâ€™t necessarily work in another. Do your research. What are the trends? The supply and retail routes? After all, it pays in dividends to have a holistic understanding your new customer. We have been building a businessÂ in China over the last two years and everything from culture to government involvement is unique and must be understood fully before any substantial business can be considered.
- Visit the market. As phenomenal as digital communication can, donâ€™t rely on it completely. You need to be focused and be serious about that market and there is no better way to understand it, plan for it and make connections than by being there. In 2014, I spent eight days in India on a business trip. I learned more in that time about opportunities and pitfalls of doing business there than the near decade before it when I was doing deals there from afar.
Tom Chalmers is the founder and Managing Director of seven publishing and publishing related companies (including the Legend Times Group) He set up the first in 2005 at age 25.Â He has been shortlisted for UK Young Entrepreneur of the Year, UK Young Publisher of the Year and UK Young Publishing Entrepreneur of the Year, and longlisted for the Enterprising Young Brit Awards. He also speaks regularly on publishing and business.
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