After two years of disruption, the Covid-19 pandemic is easing, making it an opportune time for your startup to grow.
With the opening of borders and easing of travel restrictions worldwide, it's now possible again to think about growing your business globally!
The process of global expansion begins with market research. It is critical for business leaders to have a deep understanding of the markets they are targeting, as well as the competition and local market trends.
Run a SWOT analysis for your startup as follows.
Your strengths set you apart from the competition so state what they are. Especially in a competitive startup scene, it is important to state your key differentiation.
Is it your unique technology? Do you have a strong, recognisable brand? Or is it your sound financial position that gives you an advantage?
Think about what your startup has done well and any overachieving results you have accumulated.
There are bound to be areas where your business can improve. Identify what these are so that you'll know what you need to do in order to stay ahead of the competition!
Consider processes, product features, and more. Whatever weaknesses you identify, they have to be things you have control over and can change. This will provide you more clarity in recognising all facets of your service!
Are there any external factors that give your startup an advantage over other existing players?
It could be a change in regulations in the local market, or perhaps an underserved segment of the market that is in clear need for your business solution.
Identify how you can take advantage of the opportunities to serve a wider audience.
These are things that could negatively affect your startup, be it your internal operations or external circumstances. Examples include the rising cost of materials or a tight labour supply.
These obstacles could already be there or be something that you will encounter in the near future.
Unlike "Weaknesses", these are things your startup won't have control over but you still need to be aware of them and make plans for how best to face them.
For more tips, download the EBook "Preparing For Global Expansion: How To Get It Right" by submitting the form below.