How Technology Can Reduce the Cost of International Expansion
If you are a visionary local entrepreneur looking to expand your business globally, then you probably are trying to figure out ways of achieving that within the smallest budget possible. Well, if that is the case, then you will be happy to know that you have one of the most powerful international business expansion tools at your disposal: The internet. Thanks to technological growth, it is easier and more rewarding now to reach out to your prospective global clientele.
With the many social networks growing into massive marketing platforms- Twitter, Facebook, and Instagram, for example, finding international markets for your products or services is now as easy as a breeze. Besides that, technology has brought forth smartphones and tablets that have brought more internet users on board. These users are constantly complaining about existing gaps in different markets, always talking about their unmet needs, and freely displaying their interests and product preferences on social media. With the right idea to address these gaps, the perfect timing when launching your new business, and a meticulous execution plan for your idea, your chances of success are almost guaranteed.
On top of helping with the launching logistics, technology also plays a big role in minimizing other important international business expenditure, e.g. legal, localization, advertising, and translation costs. Below are more ways in which technology can reduce the cost of international expansion.
One key challenge that you will have to contend with in your pursuit of international expansion is the lack of enough local legal knowledge in regard to international business laws: Data protection laws, export laws, and customs laws among others. You might also struggle with the regulations that govern your target industry within the country to which you are expanding regulations regarding employee compensation, taxation, advertising, and many others. Remember that business laws that you are used to aren’t necessarily applicable in other countries. These legal and regulatory challenges have been stumbling blocks to many visionary entrepreneurs like you.
However, things are looking up for you thanks to technology. There are many AI-powered artificial lawyers (e.g. LegalTech) who will readily offer you invaluable advice on most of the international business legal FAQs. And because their services are reasonably cheap, they enable you to expand internationally on a limited budget.
Lowering translation costs
Thanks to social media, you will be able to search for and find the perfect translation company for your translation and localization needs. Many business owners who expanded to international markets before you have posted tons of reviews regarding different machine and human translators, reviews that will help you make the right call.
Choosing the perfect translator for your international clientele has many cost benefits. For starters, a perfectly localized website will always have better conversion rates than unprofessionally done site. If you pay a quack translator who ends up giving you shoddy translations, you may have to pay another translator to correct the quack’s mistake sooner than later. But if you engage a reputable professional translator, you will get value for your money upfront. That is very economical.
Technology has made localization even cheaper by making it possible to store translated text for future re-use. You can use tools such as translation memory to achieve this. The more the previously translated text you reuse, the smaller your future translation budgets will get.
Forming international partnerships today doesn’t require you to travel overseas: You can easily do that via social media direct messaging apps or via email. Many business people have formed thriving import/export partnerships with internal agents without necessarily having met them in person, all thanks to technology.
And because technology has made it easy to ship goods and monitor their progress, you don’t need to spend a dime or waste your time traveling to meet your international clients. What’s more, there are many reliable online money transfer companies that have made international payments seamless. Hiring a PEO (Professional Employer Organization) to handle such activities can be another option
Thanks to tools like Microsoft OneDrive that allows you to store data in the cloud and access it remotely, Office 365 that hands you control of your data, and Skype for Business that facilitates full-on HD videoconferencing, you can be able to hold business meetings with your partners from the comfort of your home. All these tools reduce your overall business expansion budget to almost nil.
For starters, you can always advertise your business on Facebook or Twitter at a small or no cost at all. Besides, you now can easily start a business website and optimize it for SEO without having to break the bank. That helps you to reach your international audience and improve your conversion rates.
Rilind Elezaj is an experienced Digital Marketing Specialist with a demonstrated history of working in the marketing and advertising industry. Rilind possesses a strong entrepreneurial mindset and has devoted his career to enhancing the sphere of digital marketing. In his methodological approach, Rilind integrates web development and other digital marketing solutions to create hybrid strategies that bring the best results.