There are some key stages for SMB eCommerce Business expansion to an international level.
Conduct Market Research
Conduct foreign market research to find the right countries or regions for your businesses, based on factors such as:
- Local economy: GDP, inflation, labor costs, etc.
- Culture: Innovation, and openness to foreign businesses.
- Institutions: Legal requirements and the ease of setting up businesses.
- Infrastructure: Tech development, and logistics.
Government resources are a good source of information about which industries are in demand where.
Nobody knows your business as you do, so your plan for SMB eCommerce business expansion should start with assessing how ready you are to grow. Create the following:
- SWOT analysis: Record your strengths, weaknesses, opportunities, and threats in your target markets.
- An operational plan: what resources will you need to expand?
- International business plan: what timeline do you have in mind for your goals, and what is your vision?
Work Out Your Finances
Financial management is a challenge for any eCommerce business owner, especially when it comes to moving your business overseas. There are a few different ways to secure the funding that you need:
- Government grants
- Peer-to-peer lending
- Private loans
- Loans from banks or financial institutions
Finesse The Finer Details
Cultural, social, legal, and economic differences can have a big impact on how your overseas success. These can be hard to navigate if you don’t have much international experience. Make sure you consider:
- Your pricing strategy: this should reflect local market standards
- Taxes and duty: these can differ between markets
- Your tax obligations
- Local customs, import, and export laws.
3PL is one that’s most commonly used and great for those experiencing rapid growth. Using Global Warehouse Solutions for your supply chain management is great if you’re looking for third-party logistic services.
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