Once you’ve opened a few branches of your business in the United States, you’re ready to expand overseas. As you develop your international business plan, make sure to answer these questions which investors are guaranteed to ask you at your next meeting.
How Will You Ship Your Products?
Right now, transporting products from your warehouses to your stores is easy; you just pay a trucking company or your own drivers to take them. However, unless you’re shipping to Canada or Mexico and your operations are close to the border, driving isn’t a realistic transportation plan. Work with companies that offer bulk transportation in planes or boats. For example, hire a company that provides freight shipping to and from America and Jamaica to send your goods to your Jamaican branch.
Do You Have Representatives for Your New Branch?
Ask your existing employees if any of them are interested in working overseas. If they’re not, you must hire new employees to run your overseas branches. Make sure that they can speak the local language to prevent communication errors. Also, work out your international hiring and training processes, adjusting for any cultural differences.
Do You Have International Communication Services?
Using US-based landlines and texting services works well when your branches are all domestic, but you must invest in international phone services for your new branches. Replace traditional texting with apps such as WhatsApp, and explore softphone plans to streamline your international video meetings and conference calls. Most email providers offer international service with their business plans, but you should double-check with your host company.
Opening an overseas branch of your company is a great way to expand your business and challenge your entrepreneurial skills. Prepare for your latest board meeting by answering these questions first so you can prove you’ve thought through your expansion’s logistics.