Expanding a Business Overseas

When a business is trying to expand to a global market, it encounters numerous problems. First, the permission to expand overseas takes a lot of time and energy and requires a lot of money and patience. After obtaining a license, there is need to determine the economic position of the country and start planning for the business budget accordingly. In addition, the most obvious challenge encountered is the language barrier (McFarlin & Sweeney, 2014). A business can overcome this challenge through writing instruction down and the business team will take the instructions with them. The environmental factors must also be put into consideration and the business pattern should be planned accordingly. Furthermore, the business might also face stiff competition and even political influence from resident companies since they are considered to be outsiders. Fluctuating exchange rates is also a challenge. Business should thus consult foreign exchange companies since they have different services which enable them to prepare for this challenge. The business, therefore, needs to get ready to encounter all these challenges and once these challenges are dealt with, operating a business overseas will be easier.

Franchising might be a good approach to expanding a business overseas. The products of the business will be ours, however, the individuals selling these products will be different and this makes it easy to control the business. When the business is given to the local residents, the people become more familiar with the business and eventually leading to its growth (Madanoglu & Castrogiovanni, 2017). Through franchising, it is possible to monitor each and every step and suggest what is required at any given time. Therefore, franchising will be a good approach to expanding a business overseas.