Congratulations! You being interested in this knowledge already means things are going well for your business. You could be considering a new market, playing with numbers, or just dreaming big, whatever it is, you are on the right track. Entering a new market needs to be careful throughout decisions so looking for reassurance is smart. As a scale-up consultant here are our 7 signs your startup is ready for a new market.
Because of the global nature of business, it might be that you are already in multiple markets at once, but a true entrance to a new market has a lot more elements to consider than just showing up. These factors are the Inlat specialty, here is what you need to study when entering a new market:
- 1. Timing
- 2. Costs and investment needs
- 3. Language and culture barriers
- 4. Risks
- 5. Marketing research and strategy
You have been approached by new customers
One of the best signs that you are ready to move into a new market is being approached by customers and interested parties in that market.
This can present itself in many forms from companies inquiring about your services to comments on social media wondering when you are expanding your offering.
These are clear indications of interest and potential profit from expansion. You should consider these carefully and move on to them while the interest is still there.
Why is this sign such a good indicator? They mean there is an opening in the market and that you can fill a gap and find a niche for your product or services.
You have automated processes
Automation means easier workflows, having set processes for handling all aspects of your business is a sign you are ready to grow.
This means you have your current demand and production chain settled and can expect things to run smoothly if you focus your energy on other places.
It also means that you can duplicate these systems in a new market, meaning less adjustment and more capacity for profit early on.
You have created a solid business network
Like Inlat acts as a partner for companies looking to enter the LATAM market, you also have partners that can assist in each stage of business.
Having a good network of collaborators, suppliers, distributors, and consultants is a sign of a healthy business strategy.
How does this benefit your business?
- You can source solutions for your needs
- You have a network to rely on when you need to diversify your work
- Important actors in the industry know and backup your business
You have built the teams you need
Once you have the people resources to elevate your production you will set it in place for growth. Talent is one of the key elements of success and expansion efforts.
Sourcing the right culture matches is high on the list of priorities as having full teams built in time can help operating in new markets easier.
Keep in mind that adding talented professionals that originate from the market you are trying to break into will help with language and cultural differences.
You have a new investment source
Another factor that will push you on the pact of entering new markets is investments. Having an influx of cash come into your business can open doors for expansion.
Because you finally have the means to expand production, reach out to new partners, and create a brand in other countries and regions.
You feel ready
In conclusion, you are prepared to expand into a new market when you feel ready. You have the best analysis of your company because you are on the inside, plus if you meet the points on this list you are also prepared technically for the effort of market expansion.