By Entrepreneurs’ Organization, in partnership with Inc. Magazine
Entrepreneurs who want to go big often try to do it by going overseas. After all, new territory can offer a boatload of new opportunities. But it can also mean a boatload of headaches, if you’re not careful. Here are some quotes from members of the Entrepreneurs’ Organization (EO) that highlight how to manage some of the problems associated with international expansion.
Get Your Money Upfront and Your Expectations Clear
“Nothing ever works out as smoothly as you think, and timelines always get stretched out further. I would advise to collect as much payment in advance so that you can attack obstacles around currency conversion and have as many communications around setting expectations as possible, which will help ensure a successful engagement. As for permanent moves to a new country, we’ve established specific milestones (such as revenue targets, new opportunities, market opportunities, etc.) to help determine and define when we make the move.”
–Tejune Kang, EO New York, founder and CEO at Six Dimensions
Always Be Opportunistic
“We went to Canada first because we got an inquiry from the owner of a potential partner who was personally interested in our product. That’s a very low-risk way to start. We then went to England because we found a good partner there, and the lack of language barriers made setting up a subsidiary much easier and cheaper than anywhere else in Europe. Once you establish a company and inventory in any country in the EU, selling to the rest of the EU becomes fairly cost-effective and straightforward.”
–Bryan Pate, EO San Diego, Co-founder and co-president, ElliptiGO, Inc.