Suppose you are in a situation where it seems that you have reached the ceiling of your entrepreneurial skills. On the one hand, business in your local community may be good and your income may be stable. But on the other hand, you may have a sneaking suspicion that you haven’t reached your full potential in terms of opportunities – and that the next possible step could be to expand beyond your home country.
The prospect of expanding your business abroad can be daunting as it involves a lot of resources and comes with a lot of risk. The decision to open a store in a country like Singapore can take your business to new heights, but if you don’t play your cards right, the end result could be financial problems. It is only right that such a big decision should be considered very carefully on all sides and only taken when the probability of success is high.
When is the right time to push for expansion abroad? Are you really ready? register a company in Singapore and start operating in a brand new market? For business leaders still weighing their options, here are five signs to watch out for.
You have achieved full control of your capital situation
A solid indication that you are ready to take your business elsewhere is your firm confidence that you can afford to do so. Setting up a store abroad will take a lot out of your business coffers, and you need to make sure you have enough working capital to support your first forays into your new market. If you have full control and visibility of your capital situation, and you have no doubts about how financially prepared you are to pay the costs of doing business abroad, consider this the surest green flag to broaden your horizons.
Your systems are reliable and portable
Expansion abroad is not something a startup company should look at. Knowing how challenging it will be to navigate a new business environment, your systems to conduct business must be well-oiled, highly reliable for day-to-day operations, and portable to a new environment. Can you say with certainty that you have complete confidence in the systems you have deployed for your business and can adapt flexibly to your new situation? If the answer is a resounding yes, it is indeed a good sign that you are ready to take the plunge and cultivate your company values on new grounds.
You have evidence of a strong market in your next destination country
It is a foolish message to start a business in a foreign country without any knowledge of what the market is like. After all, you can’t just assume that your target customers will favor you just because you represent something new and unknown. You should be able to say with certainty that there is demand for your product or service in the country and that the market will be receptive to the business strategies you use. If you’ve done extensive market research with both experts and residents of the country you want to locate your store in – and if the results prove you can meet an existing demand – then you could be on your way for your business debut.
You’ve done the network needed to establish your business abroad
Another preparation step to do when setting up your business abroad is to find local employees, suppliers and vendors and service providers whose help you need. Your first attempts at building a business network will tell you a lot about what to expect when doing business in another country. Some examples are how easy (or difficult) it can be to tackle cultural barriers, or how extensive the country’s red tape can be. But if your experiences with your new hires seem to be working — and if building relationships with them has made you even more excited about your business prospects — your expansion efforts may already be working in your favor.
Your best people are ready to join you
Finally, remember that your efforts to expand your business abroad will not be possible through your efforts alone. You definitely need the support of key players in your business ecosystem, such as those responsible for your finances, human resources, technology management and marketing. If you can count on your best people to be 100% behind you in your mission to expand, and if they are willing to take on the same challenges that are waiting for you, your entry into a foreign land will be much smoother and more enjoyable to be . Visionary leadership will be critical to the success of your expansion, and having more than one person willing to contribute their talents means good things for the company’s future.
Start a new business trip in Singapore
Due to the strength of its economy and its business-friendly policies that help rather than hinder the activities of foreign investors and entrepreneurs, Singapore is certainly a good choice of country to settle in. Find out the details of relevant Singaporean government agencies, and fulfill your dream of successfully globalizing your business