october 2014 BCBusiness 41 pete ryan
intel
A
s a small- or medium-sized
business owner, it's easy to
dream big about taking your
enterprise global. Go big or
go home isn't actually the
dilemma; it's knowing exactly when
to make the move of taking your
product or concept to an international
audience. Tech investor and co-founder
of Abe Books Boris Wertz, Blo Blow Dry
Bar Inc. co-founder Judy Brooks and
Sarah Lubik, Beedie School of Business
at
SFU lecturer in innovation and
entrepreneurship, offer insight on how
to know when it's go-global time.
Know your strengths
Do you have a team that could handle
international expansion? "This could
mean they would be willing to relocate
if needed and are good at building
relationships, sensitive to international
differences and might mean they
speak other languages," says Lubik.
And how well are you serving your
domestic market? While strong market
penetration at home doesn't guarantee
success abroad, "it does suggest you're
doing something right," she says.
Be realistic about your weaknesses
Expanding from your local market-
place can be an expensive venture.
Always calculate paying more, taking
more time and doing more paperwork
when it comes to dealing with the
regulations and licensing requirements
in a new culture. "Some people have
the kind of business that should never
expand. We all think that's the ultimate
goal, but it depends on the size of your
organization and your personal vision,"
says Brooks. The first year she took Blo
Blow Dry Bar international, she was on
the road 50 per cent of the time.
Define your own idea of success
Do you really need to see your product
on a grocery shelf in Taipei? If you've
built up a business based on the
cultural values that matter to you
and the people who work for you, be
prepared for that culture to change
once you move. "How are you going
to reproduce that culture over there?
You don't just reproduce that with a
name," says Brooks.
Learn from your competitors
Be aware that your competition is
already thinking about international
expansion. If you're a tech company,
know the reach of your audience—
those who already speak the language
on your site. "Because we only invest
in Internet or tech companies, our
I t ' s y o u r
b u s I n e s s
The World
Stage
When's a good time to
take the leap and go
global?
by Petti Fong
T R A D E
10/14
y
4 2 v i s u A l l E A R n i n g
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