Many startups, especially after having been relatively successful in their own country, aim to venture into the global scene. Some succeed, but many do not. If you’re thinking of entering the international scene, Geeks in Cambodia presents: 4 tips to consider before taking your startup global.
1) Breaking down the cultural barriers
Bringing your startup into a new country could give rise to problems you never had to deal with before. The culture and language are the two biggest issues.
First, the culture. Take time to find somewhere that does not have a clash of culture with your startup. Following that, you will have to learn about the country’s culture and business practices. Only after you have immersed yourself in this will you be ready to take on the shift.
If there are going to be language barriers, make sure to employ someone trustworthy to do the translation for you and is passionate about your startup. Having a local in the office will also benefit you as they understand the inner workings of the startup scene better. They can prevent and resolve any miscommunications or misconceptions between you and your future clients.
2) Finding the right fit
Consider whether the country has what your startup needs. Are you able to find the talents that are beneficial for your startup? Will you find your target market there? Of course, it would not hurt to call up some connections for information at this point, or search it up on the net.
Give deep thought to what this will cost you in monetary terms, and whether that amount is worth it based on the barriers to entry of your business in the country.
3) Staying rooted and bonded
In such a fast-paced world, sometimes all anyone can think of is charging forward. This, unfortunately, will only mean the quick demise of your startup. You are definitely moving there to grow your startup, but you also need to allocate equal resources and time to maintaining your home market. Do not lose your startup’s mission and values when you expand.
Staying bonded is just as important. Make sure you always check in on your offices abroad, so as to let them know that they are not in this alone. You can also schedule meetings that accommodate to the different time zones (if there are any), to ensure everyone feels included.
4) Cultivating patience
It will be tough and slow-moving for perhaps the crucial first quarter, so remember to keep everyone motivated. Be patient, and set achievable short-term goals to keep momentum up. Your startup will only succeed with a strong team.
Venturing into unchartered land with your startup may seem daunting. However, if you embark on your journey with just enough planning and preparation, you never know how much it may benefit you.