How to Start Developing a Business Abroad
Once the key issues of opening a business abroad have been resolved—such as choosing the right country, business structure, taxation system, and government support—the next crucial step is strategic business planning, taking into account local entrepreneurial specifics.
Below, Natalia Klein – PR & Consulting outlines where to begin when expanding a business overseas.
Develop a Strategy Based on Regional Business Conditions
1. Define Business Goals
Start by answering the following questions:
- What product/service do you want to introduce to the market?
- What long-term results should be achieved?
Analyze potential external/market opportunities and limitations for operating in the chosen region.
2. Research the Market and Competitors in Your Niche
At this stage, it’s essential to assess market demand and target audience behavior.
Key points to analyze:
- What needs does the local target audience have that existing businesses fail to meet?
- What are the cultural and behavioral specifics of the audience?
- Which marketing channels and tools do competitors use to promote their products/services?
3. Identify Your Niche
Ask yourself:
- What makes your product/service unique?
- How can you stand out from competitors?
A niche strategy is particularly effective for small and medium-sized businesses, as it allows them to focus on a competitive product before expanding their offerings.
4. Choose the Right Marketing Channels
Promotion strategies should align with market demand and regional preferences.
- What works in Kazakhstan may not work in Cyprus—each market has its own effective channels.
Key Goal in the Early Stages
The primary objective when entering a new market is to build brand awareness:
- Generate media mentions
- Showcase expertise
- Attract business partners and target customers
