Startups: Don’t be Afraid of International Expansion
Perhaps, as a small business startup, you think that the phrase “the world’s your oyster” isn’t applicable to you. But, in today’s digital world, there’s no reason to be afraid of international expansion early on in the life of your company. Because a startup branching out internationally has to deal with just the same challenges that a more established businesses faces, why not do it?
Research Shows that International Expansion is Possible for You
A study by the University of Illinois concluded that the mindset, ingenuity, and adaptability of today’s entrepreneurs create advantages that offset the risks of conducting business on a global scale. The researchers examined earlier studies on the international expansion of startups published in management and entrepreneurship journals. The study concluded that the newness of a business can turn what were once thought of as obstacles for new companies trying to expand globally – e.g. organizational learning and building an international customer network – into advantages.
A startup business is not “set in its ways” organizationally. Because it is new, it has organizational flexibility and an inherent commitment to learning. This learning can encompass foreign markets (with their different languages and cultures) as well as local and national ones and lead to effective expansion.
Building an International Expansion Customer Network
Building a network of customers internationally is actually no more difficult than building one domestically because today’s entrepreneurs have easy access to international networks, digital marketplaces, and social media.
Finding Funding for Your International Expansion
With the success of your international expansion marketing efforts, you may find yourself short of funds to purchase supplies to fill your growing order book. Infinity Commercial Lending can help you solve your cash flow problem and enable you to keep your international expansion going and growing. Please talk to us to find out how we can assist you.