In the age of globalization, the decision to expand your business into international markets is really a no-brainer.
Once you have created a target list of potential new markets, done the research to assess the economic stability, legal requirements, infrastructure available as well as costs, you are ready to set up shop.
But how do you measure success once you have started entering new markets? In this blog we share 4 goals to consider when expanding your business internationally .
Set goals for your competitive position in each market that you plan to enter based on your previous market research. For example, while you might set a goal of being one of the largest players in your local market, a realistic goal for a foreign market with strong domestic competitors might be a modest market share that allows you to maintain reasonable profit margins.