A majority of businesses have expanded into a new market without a compelling value proposition, and unfortunately, they have learned a bitter lesson in the process. They failed to get the much-needed traction to justify their expansion. From the above, it is crucial for every business owner to have a unique value proposition, as it is not just self-explanatory for you but also for the targeted audience as well.
Kavan Choksi- Thrive in new markets with a robust business USP
Kavan Choksi is an expert in the field of investments, business, and wealth management. He is widely respected for his profound knowledge of economics and finance by his peers. He is passionate about helping businesses with their investment portfolios and has been instrumental in driving lucrative profits for companies dealing in retail, fast-moving consumer products, and the luxury markets.
Determine why you want to expand in the new international market first
According to him, a business USP will enable you to thrive in a new international market successfully. Moreover, you are able to capture the market share in the market faster as your business message successfully reaches out to a new audience. Last but not least, when you are venturing into new global markets, you must know the specific reasons for doing so. There is no point in expanding into a new market just because you want to do so.
Your expansion into an international market should be backed with a solid reason to do so; only then can you thrive in an unfamiliar new business environment. Moreover, when you know why you want to expand in a new international market, you can set milestones for your business and work on attaining them in the process.
Identify the hurdles and overcome them successfully
Once you have figured out your reasons for international expansion, the next step for you to take is to identify the hurdles in your path to growth. You can overcome several obstacles when you have a strong balance sheet, the desire to take risks, and strong finances in place. At the same time, you need to be aware of the local laws and regulations in the market. Having local knowledge is a “must” if you plan to operate in a foreign nation with your business.
Finance and economics expert Kavan Choksi also states that you should be well informed about the tax structure of the new nation for investment planning. Every country has its pros and cons when it comes to taxation liabilities. You will find they have their individual tax codes that can also vary across different regions and localities in the nation. There can be hidden costs like value-added taxation or import duties that you should know about. They can be added to manufacturing costs, distribution, and sales in the market. In order to gain insight into the above tax regulations and laws, you should consult a local advisor to understand what the present laws pertaining to your business are and how you can adjust to them, keeping your business expansion in a new country in mind.