If, like with Boost, your domestic business has grown at such a pace that this country can't contain you and you're standing on the edge, staring into the great unknown of international expansion, then congratulations! You have achieved something truly amazing. Pause for a moment and celebrate your achievements. This is something we often forget to do in the crazy world that is running a business but you should always take time to appreciate how far you've come. But what if you're just starting out and part of your launch strategy is to break into a foreign market? When is the right time to launch into a new territory, how do you know your business is ready and how do you choose the right market?
Get ready to jump
Let me preface this section with the comment that every business is unique in the area of international expansion, but I think fundamentals can still be applied. The way that we have expanded overseas is by using a ‘master franchise' model. You can enter overseas markets in this and other ways as follows:
- Direct entry: where you open your concept 100 per cent with your own money and you run the business as you do in your home market.
- Using a distributor or licensing the product: where you appoint a business to sell and market your product in that country and they take a percentage of the sales.
- Internet-based sales: where you run your business from Australia or elsewhere and you simply send your product overseas.
- Master franchise: where a business ...