Tips for building a business in a new country
Credit to Author: Staff Writer| Date: Tue, 26 Sep 2023 15:49:46 +0000
Entrepreneurship presents tremendous opportunities and challenges on a global scale. It can be an exciting career path and present unique opportunities for those who choose this trajectory. Launching and building a business in a new market can be especially cumbersome and challenging to navigate but if a concept takes off the rewards are endless.
These are a few tips to consider when building a business in Canada.
Invest in research to truly understand the market
The biggest mistake entrepreneurs make when taking on a new market is making incorrect assumptions. That can mean assuming a product or service is destined to be successful in Canada because it was in another market, or assuming you know more about uniquely Canadian considerations than you do. Whether it’s a newcomer bringing a global business to Canada for the first time, or a Canadian business looking to expand beyond its borders, making unproven assumptions rarely makes business sense. Instead, we recommend conducting baseline research to test the insights and concepts you are bringing to market. The thought of research from a time and cost perspective can often be overwhelming but there are many turnkey options to consider, even Google surveys, to glean important insights from the start. Global market research and insights are a core capability of 369 Global.
Engage allies
You may have heard the saying “your network is your net worth” and in many ways in entrepreneurship this saying rings true. It is critical to surround yourself with a strong network of allies and peers as an entrepreneur whether it’s through local startup associations, global networks or friends eager to share their relevant lived experience. This is especially true when you are starting out in a new market. Take the time to surround yourself with peers who have gone through a similar experience and learned through trial and error. In most cases, they will be eager to share learnings and advice to help you on your journey so you can avoid the setbacks they experienced. It’s important to always be asking questions.
Test and learn a few things at the lowest possible investment level
When starting a business especially in a new market, it is generally strategic to ensure your new offering will resonate by testing the minimum viable product. The minimum viable product, or MVP, is used to validate customer needs and demands prior to developing a more fully featured product. To reduce development time and related costs, an MVP includes only the minimum capabilities required to be a viable customer solution. It is helpful because it can safeguard an entrepreneur’s total capital by “soft sounding” a new audience on a concept, brand and message before investing heavily in marketing and production.
These are a few strategic steps the many small global businesses we work with have found to be of tremendous value when conquering a new market.
Sponsored Content
The post Tips for building a business in a new country first appeared on Canadian Immigrant.
http://canadianimmigrant.ca/feed