Grow Your Business (Part 7) by Robert Finkelstein

Grow Your BusinessWe’ve now touched on quite a few methods of business expansion – Location, Franchise, Licensing, Diversity, Other Markets, Government Contract, and Mergers and Acquisitions. It’s quite a lot to think about, and if you’re business has reached the point where it’s ready to be taken to the next level, then these are all options to consider…wisely.

Global
Going GlobalThe first blog on this subject was about “location,” and this one takes it a step further…or shall I say, further away. Global expansion is yet another option. To do this, it’s not necessary to purchase another company already doing business in another country. You can do that, but it’ll be far more complicated than just setting yourself and product up to be a good fit in the international marketplace.

DistibutorsWhat I suggest you do is look for foreign distributors who will carry an inventory of your product and resell it within their own markets. One aspect of this that I always liked was that if you’re manufacturing your product elsewhere, you can set up a system such that you never even touch it. Inventory is shipped directly to your distributor. The less you touch it, the lower the cost per unit. As for finding these choice foreign distributors, get online, because they’re out there. Start by looking at foreign companies that have a U.S. presence. Search for trade organizations, foreign chambers of commerce established in the United States, and branches of American chambers of commerce in foreign countries.

I’ll say it until I’m blue in the face…and type it until my fingers are numb – Take the time to plan out any expansion effort. Do your homework, utilize your resources and network. The right decision done right will payoff righteously.

If you have any questions or comments, or interested in a consultation,
please write them below or email me at Robert@RobertFinkelstein.com.

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