The concept of going global is simple- bigger market, bigger customer base, increased income. But taking a startup global is almost guaranteed to present a myriad of challenges. Startups often choose to expand to increase the company’s value, increase source revenue, and increase their potential client base. Each benefit leads to a more stable company, and a company’s success is often measured by its stability. But going global isn’t easy for businesses big or small. Here are three things to consider when taking your startup global.
1. Cultural differences and customer research
Domestic strategies don’t always translate when it comes to the international market. Cultural barriers are a major pain point startups face when going global. Startups must consider each market’s cultural and social norms to successfully make a breakthrough in each region. As there is no ‘one size fits all’ approach, businesses need to know how each market thinks and responds to products and services. Local expertise is paramount, but language barriers often prevent startups from reaching the right local experts. As a result, third party companies are often brought on to conduct customer research, further increasing expenses.
2. Relational capital
Relational capital refers to different relationships, whether between markets or cooperation, created among firms, institutions, and people. Building relational capital is essential to any business because it increases collaboration, and collaboration is key, especially when globalizing. To build relational capital, startups should use their existing network to find and engage potential partners, suppliers, and customers.
3. Team management
Imagine the strain on resources it would take to train a global team in multiple foreign languages. Now imagine keeping up with several of these teams, in several time zones on a regular basis. Due to lack of funds, startups usually opt to manage each branch from their head office. However, this solution doesn’t account for time zone differences or language barriers. A better solution would be to find local experts who know their market in each area to manage their respected workforces.
KUDO makes these three steps easy. Our multilingual platform allows businesses of all sizes to communicate and collaborate with the help of vetted professional interpreters. Need to do customer research to understand cultural and social differences in your new markets? KUDO lets you interact with anyone, anywhere, and in over 100 languages. With KUDO you’re also able to manage your new global team efficiently regardless of their ability to speak your native language. Local branches can join global meetings easily and listen and participate in their own languages.
Contact us to learn more about how KUDO can help you take your startup global.
Sources: timereview.ca, wolterskluwer.com, usa.inquirer.net