It’s common for entrepreneurs to consider global expansion once their business is running successfully in a domestic market. Building an international media company expands your company’s reach, among other benefits. Some of the characteristics of a great media company include storytelling, content, relevance, ubiquitous, and agility. However, expanding abroad comes with its own set of challenges. Here are a few factors to consider and have in place before expanding internationally.
Assess Your Capital
Expanding internationally is like having another start-up, which as you know, takes time and planning before it can turn profitable. Other than the initial investment, it takes a long-term financial plan to be financially successful abroad. You must factor in different business taxes, fluctuating exchange rates, not to mention, set a realistic budget for time and costs.
Hire a Lawyer
Running an international media company is only achievable if the company can work within the laws and regulatory requirements of the local media sector. It’s important to hire a reputable law firm that specializes in international transactions, both in your country and your targeted international markets, for guidance in the legal matters.
Build a Local Network
Language barriers and cultural differences are among the major challenges of entering foreign markets. These two can hinder you from understanding local markets, which is very important when expanding internationally. Luckily, all you need is a strong local network to help you navigate entrenched territorial networks. Start by developing a relationship with influencers in the markets you are interested in.
Analyze Demand and Supply
Having a successful national customer base doesn’t guarantee success with your targeted international markets. Be sure to research thoroughly if a market exists for your content, if so, how is the existing competition? Then, ensure you can deliver great relevant content to your new target markets, reliably and consistently. This information helps you determine how to stand out anywhere in the world.