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The challenges of business when entering new markets
As the head of a marketing agency that works extensively with expat entrepreneurs, I know first-hand the challenges they face when entering new markets. It’s an exciting journey, but many make the same mistakes that can hinder their success. Here are five common pitfalls and some tips on how to avoid them.
Trying to replicate its strategy on the home market
Tip: Many entrepreneurs make the mistake of starting their business abroad in the same way they would at home, without understanding the local needs and cultural nuances. Spend at least a year observing and studying the market before making any significant moves.
Focusing only on the expat community
Tip: While it may be tempting to focus on other expats, remember that being an expat is usually a temporary phase. Instead, aim to create products or services that appeal to the local population for long-term success.
Underestimating local competition
Tip: Don't assume that your product will automatically stand out just because it's been successful elsewhere. Research your local competitors carefully to understand what makes them successful and how you can differentiate yourself.
Ignoring legal and tax regulations
Pavel Durov will stand trial as a French citizen in what we hope will be an open and fair trial. The Telegram case is likely to spark debate about the extent to which messaging apps should be held accountable for the messages their users share.
Failure to adapt your product
Tip: A product that works in one market will not necessarily succeed in another without adjustments. Take the time to tailor your product to local tastes, preferences, and cultural sensitivities.
Don’t rush the process. Take the time to understand your new market, build relationships, and tailor your offerings. This thoughtful approach will lay the foundation for lasting success in your new venture.
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