8 Steps to Internationalise Your Business

Australia is a great place to do business. It’s a beautiful country with a highly educated workforce. Its business-friendly environment allows businesses to reach new customers and thrive in new markets.

 

Setting Up Business in Australia

Setting up your business in Australia positions you not only for tapping into a country with strong foreign investment and a dynamic services sector, but it can also be a springboard to the Asia Pacific region, which is experiencing explosive growth in many industries.

 

How to Set Up Your Business in Australia

If you’re looking into setting up your business in Australia, start by making enquiries into potential locations. Do your due diligence regarding market research and business strategy. Start small until you feel comfortable, and then introduce your full suite of services and products.

 

How to Internationalise Your Business

Internationalising a business is a large undertaking, but when you approach it methodically and thoughtfully, it can be extremely rewarding and profitable. Let’s take a look at the steps toward internationalising a business.

1. Choose What Country

Using reliable and accurate metrics, evaluate the market attractiveness of each country under consideration. Look for the best fit for your particular products and services.

 

2. Conduct a Market Analysis

Tools like Porter’s Five Forces and the classic SWOT analysis can be very helpful in determining the advantages and disadvantages of setting up business in specific countries. As you analyse your options, pay special attention to the external environment, since this will be the largest departure from your current operations.

3. Plan Your Market Entry

Will your current business model work well in the new country? In order to successfully enter the new market, you may want to consider acquiring a local business to capture their core business expertise, accessing local knowledge or making a strategic alliance with an existing business.

4. Evaluate Your Market Position

You’re very familiar with your position in your current market, but you’ll need to consider your positioning in international markets. Evaluate the competition and their positioning to help you find your own place.

5. Consider Your Targets 

Due to differences in consumer taste, lifestyle, and spending, you may need to target different customers internationally than you do at home. Take a close look at geographical, demographic, psychographic, and behavioural data as you narrow in on your target customer base.

6. Fine-Tune Your Products and Services

Do your current products and services meet the needs of consumers in your target countries? Many businesses find that they need to adapt their products to suit the needs and desires of their international customers.

7. Evaluate Your Core Competencies

With the information you’ve gathered about your market position, target customers, and products and services, you’re in a good position to evaluate your core competencies. Do you currently have access to the skills and resources you need to successfully position your business internationally? If not, do you know how to acquire those core competencies?

8. Analyse The Supply Chain and Value Chain Options

Internationalising a business requires attention to importing/exporting, franchising, regulations, and licensing. Do you have systems in place to manage all elements of your supply chain?

As you can see, there are many details to consider as you internationalise your business. Are you looking to set your business up in Australia? Get in touch with us at Altus Financial.