Small business owners are a diverse group, but they all have one thing in common: drive. Making the initial leap to start a business is one that most people never take, but for most small business owners, that’s just the first great adventure. A successful business doesn’t quiet the desire to try something different, to look for ways to innovate, or to expand into new territory – literally. For many small business owners, the next step is expanding internationally.
In looking to overseas markets, business owners need to have plenty of gusto – but some thorough analysis should go hand in hand with it. Saying that there is a lot to consider is an understatement – you need to think about everything from the logistics of making and accepting international payments to the culture and customs of the countries you’re working with. But with a good plan, solid research and, of course, that entrepreneurial spirit, the world really can be your oyster. Consider a few tips as you start planning your overseas expansion.
* Follow your roadmap. You wouldn’t start without a business plan in the U.S., so the complexities of moving your company to an international scale make it exponentially more necessary. Drawing up a detailed business plan will not only help ensure that all your bases are covered, but it can also provide you with a step-by-step framework of how you can start driving your expansion now.
* Money talks – no matter the language. Your financial needs are going to diversify and become more complex, so make sure that you have the right tools to deal with them. Currency exchange rates and their fluctuations keep plenty of people busy full time, so it’s essential that you’re prepared to deal with them. To help ease the process, many business owners rely on services like FX International Payments by American Express. The service allows you to send and receive payments to and from overseas parties at competitive exchange rates, even enabling you to lock in favorable exchange rates. It also enables business owners to keep track of transactions with online reporting functionalities, making it easy to keep track of what’s going out and what’s coming in. What’s more, it’ll enable you to spend less time monitoring the market and more time taking care of other aspects of your business. You can receive a rate alert via e-mail or SMS text message when a specific rate for your chosen currency is available.
* Know before you go. It’s the traveler’s golden rule, and it should be yours as well. Get to know the areas you’re thinking of expanding to and find out everything you can about suppliers, distributors and other potential partners. It’s going to take a bit of research, but you’ll be able to make smarter decisions from the start if you’ve done your homework. Know what will be expected of you and your business practices so that you can build strong, lasting relationships.
* Don’t go it alone. When it comes to expanding your business internationally and working with international suppliers and distributors, a little expertise is priceless. The FX International Payment service, in addition to making it easier to deal with currency fluctuations and make international wire transfers, includes assistance from your own account manager who can help you navigate the complexities of dealing in a foreign market. With an expert available at your convenience – 24 hours a day, five days a week – you can concentrate on other aspects of your venture, secure in the knowledge that a specialist is keeping an eye out for your best interests.
* Put a premium on simplicity and security. The amount of work and knowledge that goes with international expansion might be enough to give you pause. However, weighed against the opportunities that it represents, it’s often worth it to take the plunge. But before you start, find ways to make it as easy on yourself as possible. With FX International Payments by American Express, there are no set-up, registration or monthly fees, and you can use your existing U.S. bank account to make transactions. In addition, there’s no need to install software or hardware on your computer; everything you need can be accessed online on a site with advanced encryption and firewall technology, so you don’t need to worry about security.
Taking your company to a global scale can be a thrill, not just in terms of the innovation it demands, but in terms of how it allows you to expand your market. When you’ve researched it thoroughly and called in experts who can help you chart the new territory, you’ll be prepared for success.