5 things that need to be done before the startup of the startup at the international level

Tessa Kurt, CEO of IntelligenceBank, talks about the problems that need to be resolved before the startup goes to the international level.

Any fast-growing startup seeks to go international. In fact, global dominance is often included in the company's mission and is the main cause of investor interest. But, as a result, companies realize that it is more difficult to reach the international level than it seems. An international presence is not only the presence of an online sales channel and an investment in marketing; there are more significant things that the CEO should pay attention to first and foremost.

1. Enter the international level only if the product matches the market.
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This means that you have created a useful product, and you have real customers who regularly use or purchase your product and support your business. This is probably the most important thing that needs to be done long before entering a new market. Opening a new representative office, selecting a good team abroad, and in itself, conducting activities on a global scale is already quite a difficult task, even if there is a product ready for the market, so going out without a product will make everything a thousand times more difficult.

2. Consider each new representation as a risk and an opportunity equally.

It is easy to get carried away with forecasts that give excellent curves, which tend to rise at the expense of entering the international level, but remember that each new representation carries operational risks. In other words, the organization will take more time than you thought, there will be unexpected related costs, and everything will be more expensive than you expected. But more importantly, the success of your overseas representation revolves around the selection and retention of a good team. Staff recruitment in an additional office is a labor-intensive activity, especially if you have to start with a small number of people. When IntelligenceBank enters a new market, we transport a senior executive from the head office to open a new representative office and provide product knowledge and culture at a deep level.

3. Do research.

Before considering a new market, you should understand both its capabilities and vulnerable sides, namely, how can you evaluate a new market in terms of finances with regard to your product, and how ready is the market at your service? It is also important to remember that both large and small markets require different amounts of expenses for start-ups and infrastructure, therefore, consider the size of the market and the possible payback when choosing foreign markets.

4. Study the competitors.

When entering a new country, you will have new competitors that you may not have heard of before, especially if you are entering a larger market. Greater opportunities increase competition, and higher competition means more demanding customers. Thus, your sales and marketing strategy, along with the prospect of development of your products, require undoubted refinement.

5. Realize that going international is totally dependent on the organizational structure.

With a website for transactions, it is relatively easy to attract customers from foreign markets, without having a representative office on the ground. But to reach an international scale (as opposed to several clients scattered around the world) you need operational support, such as: integrated servers and IT infrastructure, tax, regulatory and legal advisors, as well as a team that will provide sales, customers and technical support 24 / 7. This means that overseas markets need to be chosen carefully, and be ready to provide the necessary support to your customers when entering the market.

Although entering the international level has obvious advantages, a successful exit requires good funding, and your board of directors and the management group must strictly follow the strategy, as there are surprises waiting for you throughout the journey. The new additional office is a fragile structure that needs constant support and attention, and the head office must be fully concentrated on it in order for everything to work out.

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