La Lonja
Inicio > Actualidad > Internationalization, how to do it in your company and succeed?

Internationalization, how to do it in your company and succeed?

Are you thinking of going further with your startup and conquering international markets? This is something that crosses the minds of almost every entrepreneur at a certain point in their business journey. Internationalization is a vital strategy for the growth and competitiveness of your startup. It can lead to generating more revenue and improving your reputation, but poor organization and rushing into this decision can only bring bad results and losses of money and time. Therefore, in this post we want to tell you a little bit more about how to do this difficult process and not to fail in the attempt.

At La Lonja de la Innovación, aware of the difficulty of this process, we have a mentor specialized in internationalization, Alejandro Villarán, who helps startups to plan their strategies to succeed when it comes to launching in new markets. Opening a business in Huelva and reaching different corners of the world is indeed possible, as demonstrated by our startup alumni Kemtecnia, who has opened a branch in India.

Why internationalize

If you are wondering if it’s really worth facing this difficult process, the answer is yes, and here we tell you why. As we mentioned earlier, venturing beyond your borders and reaching  other corners of the world makes your startup more competitive, but that’s just the tip of the iceberg, because you can also achieve:

  • Increase in competitiveness. Moving into new markets means operating in areas different from what you're accustomed to. This will compel you to innovate and enhance your products or services, driving excellence and fostering creativity, thereby improving your position against the competition.
  • Access to new customers. Logically, by entering new markets, your startup will have the ability to expand its potential customer base and increase your revenue. Additionally, this reduces dependency on operating in a single market, which can pose a long-term risk due to market fluctuations and potential crises.
  • improving brand image. By internationalizing your company, you're demonstrating confidence in the quality of your products or services and showing that you have the capability to compete on a global scale. This leads to an enhancement of your brand reputation on a global level.

"In conclusion, a well-crafted internationalization process brings improvements in competitiveness, revenue, and your brand image.

Tips and steps for internationalizing

Internationalizing your startup can bring great benefits, but doing it incorrectly can mean the end of your business. It's a lengthy process that requires time, knowledge, and strategies. Below are some key tips:

  • Seek advice. Having support and guidance from experts in this field, such as mentors from La Lonja de la Innovación, can be crucial to achieving success.
  • Adapt to the market. Learn the language, values, culture, and needs of the new markets you're entering in order to adapt to them effectively.
  • Consider non-tariff barriers. Tariffs are not the only barriers; there are also cultural, payment, transportation, regulatory barriers, and more. Investigate them all and consider how to overcome them.
  • Coordinate with your team. It's crucial that your entire team is informed and coordinated during this process. Clear communication and collaboration are two fundamental factors for success.

On the other hand, so you can have an overview of the entire process, we bring you a brief list of the steps required for this process to serve as a starting point:

  • Create a dedicated department for internationalization. It is advisable to assemble a team solely dedicated to this process.
  • Internal analysis. As with any other process and strategy, an exhaustive analysis of your company should be conducted before diving in. It is recommended to conduct a SWOT analysis to identify all aspects that may influence your internationalization. Additionally, establish realistic and measurable objectives.
  • Study the financial situation. It is also essential to understand your financial situation before internationalizing to determine economic feasibility and establish a budget.
  • Analyze the risks. There are various risks associated with internationalization, including risks in the destination country, economic risks, exchange rate risks, and regulatory risks. Study them all to be prepared and anticipate them.
  • Choose the market. Identify markets and decide which one you want to enter. You can opt for strategic countries that offer significant growth opportunities, complementary markets that align with your current offerings, or explore other options.
  • Develop an internationalization plan. With all the above, it's time to design your strategy, adapting it to the characteristics and needs of the target market and considering the current situation of your company. In this step, do not forget to adapt your product or service to each market, which involves adjusting its price, quality, and complying with local regulations.
  • Have the necessary documentation. When exporting products or services, there are different documents that you must have prepared, such as certificates of origin, commercial invoices, pro-formas, customs, and consular documents.

Now that you have an overview of the internationalization process, if you believe the time has come for your startup and you want to improve your results, it's time to get started.

¡Suscríbete a nuestra Newsletter!

Lo último de La Lonja en Twitter

Tweets de @lalonjatech