Say you’re in a situation where it seems like you’ve hit the ceiling of your entrepreneurial abilities. On the one hand, business in your local community may be good, and your revenues may be steady. But on the other hand, you may have a sneaking suspicion that you haven’t reached your full potential in terms of opportunities—and that the next possible step may be to expand outside your home country.
The prospect of expanding your business overseas can be daunting, as it involves a lot of resources and it entails taking a lot of risks. The decision to set up shop in a country like Singapore may grow your business to unprecedented levels, but if you don’t play your cards right, the end result can be financial difficulties. It’s only right that such a big decision is considered very carefully from all angles, and only made when the probability of success is high.
When’s the right time to push for expansion overseas? Are you truly ready to register a business in Singapore and start operating in a brand-new market? For business leaders who are still weighing their options, here are five signs to look out for.
You’ve Achieved Full Control of Your Capital Situation
One solid indication that you’re ready to bring your business elsewhere is your firm confidence that you can afford to do so. Setting up shop overseas will demand a lot from your company coffers, and you need to be sure that you have enough working capital to sustain your first forays into your new market. If you have full control and visibility over your capital situation, and you have no doubt about how financially prepared you are to pay the cost of doing business abroad, consider it the surest green flag to expand your horizons.
Your Systems Are Reliable and Transferable
Expanding overseas is not something a fledgling business should look into. Knowing how challenging it will be to navigate a new business environment, your systems for doing business should be well-oiled, extremely reliable for everyday operations, and transferable to a new setting. Can you say for sure that you have complete trust in the systems you’ve utilised for your business operations, and that they can be flexibly adapted to your new situation? If the answer is a resounding yes, it is a good sign indeed that you are ready to make the move and cultivate your business values on new ground.
You Have Evidence of a Strong Market in Your Next Country of Destination
It is a fool’s errand to start a company in a foreign land without any knowledge of what the market is like. After all, you cannot simply assume that your target customers will favour you just because you represent something new and unfamiliar. You have to be able to say for sure that there’s a demand for your product or service in the country, and that the market will be receptive to the business strategies you use. If you’ve done extensive market research with both experts and constituents of the country you want to set up shop in—and if the results prove that you can meet an existing demand—then things could be looking up for your company debut.
You’ve Done the Networking Needed to Establish Your Business Abroad
Another round of prep that you’ll have to do when setting up your business abroad is finding local employees, suppliers, and vendors and service providers whose help you’ll need. Your first forays into setting up a business network will tell you a lot about what you can expect when doing business in another country. Some examples include how easy (or difficult) it may be to address cultural barriers, or how extensive the country’s red tape may be. But if your experiences with your new associates seem to be working out—and if building relationships with them has gotten you even more excited about your business prospects—your expansion efforts may already be working in your favour.
Your Best People Are Willing to Take the Plunge with You
Lastly, remember that your efforts to expand your business abroad won’t be possible through your efforts alone. You will definitely need the support of key players in your business ecosystem, like those who are in charge of your finances, human resources, technology management, and marketing. If you can count on your best people to be 100% behind you in your mission to expand, and if they are willing to confront the same challenges that are lined up for you, your entry into a foreign land will be much smoother and more enjoyable. Visionary leadership will be crucial to the success of your expansion, and if more than one person is willing to contribute their talents, that spells good things for the business’s future.
Start a New Business Journey in Singapore
Due to the vigour of its economy and its business-friendly policies that help rather than hinder the activities of foreign investors and entrepreneurs, Singapore is a certainly good choice of country to set up shop in. Find out the particulars from relevant Singapore government agencies, and fulfil your dream of successfully globalising your business