Expanding your business – either interstate or internationally – is an exciting time for small business owners. While entering a new market is always challenging, there are a few simple things you can do to make the transition as smooth as possible.
Here are four things to consider when expanding your business:
Choosing the right location
Growing your business in new or unknown markets can be tricky – as well as looking at factors such as growth potential and target market, choosing the right location for your office is also an important decision. Is it central? Will it be accessible for clients or customers? How easy will it be to travel there? Is there a pool of skilled workers ready to support my business?
It’s these nitty-gritty aspects that can make or break your business. So before taking the plunge, a good option can be to test the water first with a serviced office that’s already set up and ready to go. A good idea would be to look for serviced offices – whether you’re moving to Shanghai or LA, flexible leases can be adapted to suit your business needs and potential growth trajectory.
Act like a local
Appearing as a local, even if your main office maybe thousands of kilometres away, helps to create the right impression with potential clients in new markets. Having a local presence enables you to position your brand as being more established with a stronger connection and expertise locally.
A serviced office can provide a way to quickly establish that presence – with the flexibility you need in those early months of expansion. Getting a local phone number, address and even receptionist is easy and takes the pressure off when you’re busy building a new customer or client base. Similarly, having local IT support and access to the latest technology can help ensure that you’re not second-guessing yourself in a new environment and the right infrastructure is in place to do business.
Fly in, fly out
If you’re not quite ready to commit to a new location permanently, having offices you can use for periodic client meetings and even having access to a local mailbox and phone number can give you a foothold in new markets. The virtual office is a different kind of workspace model that offers the use of a premium address, a phone number and answering service from local receptionists, access to business lounges, meeting rooms and secretarial support around the world, for the fraction of the cost of having an established office.
Stay productive in the right environment
As a business just starting out, it is important to make sure that your employees feel valued and are in the right environment to stay productive. Giving them access to a professional space where they can collaborate and work as a team helps to promote a feeling of company solidarity. It also takes the hassle out of conference calling the international team in.