Going global on day 1 is unheard of years ago. Businesses typically grow in their local market before garnering enough funds and courage to make that leap out of their home grounds. Due to a lack funds and often a highly localised product (a by-product of operating for a long time in one market), many local businesses never made it outside their home country.
With the advancement of technology, day 1 global business is now possible even with a lean team and a modest working capital.
Here’s 4 key ways to do it.
1. Building a product that you can sell globally
To sell globally without a physical presence in that market, you must be able to acquire new customers without seeing them in person.
Some businesses like Fintech (global online remittance service, funding platforms, banking the unbanked etc.) and innovative technology firms that fills new global demands (Animaker, GIFMaker.me,Design.net) are destined to go global on day 1 due to their product nature. They need the global stage to flourish.
However, your product need not be tech in nature to sell globally on day 1. We have seen good success from interesting innovative products and quality consumer goods at lower costs (cutting out the middleman). You can see these products by searching on bestsellers on shopping platforms like Alibaba and Amazon.
2. Marketing your product on the internet
There are plenty of ways to market your product on the internet.
You can use SEO, AdWords, blogging to let your product/services appear on Search Engines like Google, Bing. Do Social Media Marketing on Facebook, Instagram, LinkedIn, Google+, Twitter to grow your product fan base. You can also list your product on sale on various shopping platform like Alibaba, Amazon etc. There is no lack of channels to shout out your product/services to the world and acquire new customers globally.
3. Cheap and safe* ways to collect your money
Collecting payment used to be the key barrier to why businesses are unable to operate without physical presence in the new markets. Timely collection of receivables is crucial to the survival of any business.
Prompt, cheap and safe* cross-border payment is now possible with the various Fintech innovations. You can use traditionally reliable platform like PayPal or newer platforms like Authorize.net, 2Checkout, Stripe, Wepay (just to name a few). Payment options can range from credit cards, debit cards to digital payment like Bitcoin, Android Pay, Apple Pay etc.
*Online payments are subjected to cyber risk
4. Leveraging on efficient and cost effective global supply chain
Today’s supply chain service providers run globally connected B2C B2B fulfillment centres to provide quick and low costs courier and logistics services with real-time updates. Now, it’s possible to ship your product (even a cake – Chateraise cake from factory in Japan to the world) across the world in hours/days.
Having a global ambition on day 1 might seems intimidating for a start-up but the results can be spectacular and immeasurably rewarding. Are you ready to take that bold step?