Some startups’ start itself would be global, but some try to establish themselves first in a particular market, then build strategies to go global.
But if you launch your app startup globally simultaneously in other countries too early or without right strategies in place, you’ll probably sink yourself into the pool of risks. On the other hand, being too late also may spoil your opportunity to scale and expand your brand.
First let’s see what exactly are the benefits of and challenges involved in international expansion:
New revenue streams: By expanding to new markets, you can unlock new revenue opportunities and that may be the biggest revenue source you have ever wanted to achieve.
Diversity in resources: You can have diversity with new resources, and most importantly, find experts in new technologies. Many mobile app development companies in Delhi, Mumbai and Bangalore leveraged the same set of benefits after stepping in to the US market.
Backup against market volatility: Having operations in multiple markets makes your app startup resistant to radical shifts in the economy. So even though your startup fail in the existing market, new market would aid you as a backup.
Tax and other regulatory issues: It is one of the biggest obstacles businesses face when they entering a new market. If it is not handled carefully, it can result in severe financial (or legal) complications.
Inability to raise necessary capital: International expansion is a costly affair, so it is important for startups to have sufficient fund in place or get an investor who can take care of this.
Cultural barriers: Cultural barriers impact all areas of business operations, from sales processes, hiring practices, and customer buying habits to work cultures, languages, and preferences.
Now let’s see what exactly you need to overcome these challenges and leverage those benefits:
3 Steps to Expanding Your App Startup Globally:
Make Sure Your Product/Service Really has Market There
Before making any concrete move toward global expansion, make sure your product/service really has market there. This is why because people’s preferences and interests change from market to market.
For example, Americans pay for mobile apps, but this is not the same case of Indians, who pay for only the most valuable apps. So you should know the market to the core before stepping in there.
Ensure You Have Market-specific Resource
Hire resources locally or send resources who already possess experience in that market. When sending from here, make sure operations being handled by him/her here won’t get hampered.
Another idea you can make is having overseas partners. Until you get familiar with the new environment, you need their support to grow. They would also be a valuable asset even after achieving stability.
Take Culture as Prime Consideration
Whether it is B2B or B2C, having adapted to local culture is key to emerge in the local market. But it is more essential for B2C, why because business people’s etiquette stays almost same everywhere, but it is not the same in regards to consumers’ behaviour.
Growing internationally would bring changes to your business majorly in these areas:
The vision, philosophy, and prime objectives of your company
In fact, probable changes in these areas would create greater values to your business. So becoming a brand will be easier as you continue the operation.
Opportunity to build presence overseas is always an opportunity to grow big. In case if you are an app-driven company, your path to grow globally is much easier as app offers ubiquitous presence. You can leverage this unique power of app to connect customers in the nook and corner of the planet.
The desire to grow with app is really fantabulous, but what makes your app fantabulous is mobile app development company in India, US or UK that holds the required expertise and genuinely collaborate with you to develop your dream app.
Namratha is a Technical content writer at USM Business Systems – USM is a certified Minority Business Enterprise and global IT services and staffing company in USA and the best artificial intelligence development company USA. USM provides services on Machine Learning, Data Science and Deep Learning.