We all want to start an expansion to other countries due to either a saturation, too many player, plateauing or just the excitement of it all. However, before you do so, you must here this podcast out to avoid unnecessary expensive mistakes.
Expansion is not an easy task. Roshni explains how her blog started and how when they expanded it failed terribly. Learning from other founders lessons is the fastest way for you to grow your company.
Here’s a show for you. Lessons on market expansion from an international media business episode of Startup Snapshot. https://open.spotify.com/episode/5ogM0DtjDiiqdtNKnmYafm?si=urZYOSHPRN6inWSWfiJDNw
Key points :
1. Before starting in a new country talk to users of your target. Understand their need and wants and how they want to use products.
2. Hyper localise eveything, from language to button style to writing style and colour styles.
3. People people people. The people you hire make sure you are with them for the first 6 months to understand their behaviours and how they work! A country like Singapore might be very motivated by commissions but Malaysia instead would prefer a personal touch from the boss!
4. AB test everything. A layout might feel normal to you, but in another country it might never be used before!
5. Check your cash flow first. Look at how much you have left in your bank, and then start planning out how much you will need from this country launch. For example if hiring + tech + marketing costs around RM200,000 in 6 months, then make sure you have double that in you bank balance.
6. Lastly, remember, launching is risky, it can work or it can fail terribly. Be prepared of failure and always have a backup plan if it fails. Keep enough money to start back again at a later stage. Learn from the mistakes and then try again.
Comment below how did you expand your business and what pointers can we learn from. #sharingiscaring #asianbusinessmen
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