Starting a business these days is a bold move, but it’s also the best way to test and see what you’re made of. The challenges that will appear are supposed to make you stronger so if you find the way to overcome them, your business will grow. If you want to be successful, you have to keep learning things along the way, but you also need to set a good base to start from. According to entrepreneur.com, one of the key things to think about when starting a company is whether you should go global right away or start locally.
The modern technologies are very advanced and are improving each day. The world is much more connected now than it used to be ever before. It seems that these are the best times to go global from the very beginning because you will be able to rely on multiple markets. On the other hand, there are still people who believe that establishing a stable local base is the first step they need to make. The website entrepreneur.com emphasizes that whether you should start with a localized strategy or go global from the start also depends on the type of business you’re starting.
If you decide to start your business locally, you can adapt your services to community’s needs. This means you’ll be making a customized product that serves the people in the best way possible. You will be more approachable and there will be less competition than if you’d decide to go global straight away. The main advantages of starting locally are the close interaction with your customers, which makes the relationship with the locals more intimate and engaging. There’s also an element of belonging, as said on entrepreneur.com, especially if you get involved with the community and offer support to the local sports team or for different kinds of events.
On the other hand, if you think your product or service is ready to go global from the very beginning, this strategy has its upsides, too. First of all, you won’t be limited to and dependent on your local market. The example provided on entrepreneur.com mentions the example of web development firms and digital marketing companies based in India that earn much higher revenues from foreign markets than from their local markets. There are also opportunities to gain more clients and to acquire more stability so your business doesn’t crash if one market crashes. In addition, if you go global, your products can seem more exotic and become more popular overseas.