Expanding into new markets takes a lot of resources – time, money, and people. Making the best decisions on where to commit those resources is critical to your success.
It could be a completely new country or a new region in your domestic market that you are considering. Either way, having a strategic and systematic approach to evaluating a possible new market helps you clarify your decision.
As you consider a new
Darket, it’s useful to identify your company’s key success factors and unique circumstances and rate the market against those considerations. A simple example is language. How important is language to your product or service’s success in the new market? Can you continue to use your current language or will you need to do everything in a different language? If so, are you prepared to do so? How important is language and how big o brazil telegram data f an impact will it have on your decision?
There are many factors that
Suld conceivably matter to your company, in areas such as Market Stability (e.g. political, weather, social, currency fluctuations), Rule Of Law (e.g. IP and trademark protection, resp unlocking the secrets of california’s hidden gem ect for contracts, data privacy requirements), and Ease Of Doing Business (e.g. ability to get credit and bank accounts, availability of office space, access to infrastructure, bw lists openness to foreign companies).