If you’re considering moving your business into the US market, there are a few things to consider.
• Make connections in the US market before you move in
While your business is still in Canada, make efforts to make connections across the border. Developing relationships with people, businesses and customers in within the business market segment is paramount to a business’ success in a foreign market. Meet with potential customers and business partners in the months leading up to the prospective move. This will help you get a better understanding of the drivers within the market.
• Make sure the product offering is in demand
While building relationships in the months leading up to the company’s expansion, provide your potential customers with a high quality version of your product. Getting your potential customers to evaluate your product before you expand into the market will provide an opportunity to fine-tune any potential problems and make sure the product will be well received.
• Ingratiate the business name into the local business community
Becoming part of the local business community is important in any expansion for two reasons: it will help with marketing the business and product, and will also help you to understand the specific business culture you’ll soon be a part of. Participate in relevant events, conferences and forums so that you have a presence before you move.
• Build a local team
While it’s fine to bring a few members of your Canadian team to the US location, you should be prepared to hire locally. These people will be invaluable to your team as they will have a good understanding of the market and local business practices, to ensure that the transition and expansion happens smoothly.
Being prepared before you move into a foreign market, as well as having stable growth and a strategic growth plan, will mean mitigating your risks and ensuring your business’ success in the US market.