Looking for expansion: step by step to internationalize your business

Thinking about conquering new markets and strengthening globally, many companies seek to expand their business abroad. According to information released by the Dom Cabral Foundation (FDC), 64,4% of Brazilian companies plan to expand their presence in countries in which they already operate. In addition, 68,9% show interest in exploring new opportunities in places that do not yet have operations. After all, the internationalization of the enterprise is much more than a way to diversify revenue, being also an option to expand relevance and competitiveness, positioning the brand as a strategic player in its segment. 

For Tiago Monteiro, an entrepreneur who created LUZA Group in the interior of Portugal and today is about to reach seven countries, success in this journey depends on a strategic vision. “Understanding the right time to internationalize is what will dictate the success of expansion. Here, it is essential to evaluate factors such as business maturity, specificities of the target market, in addition to the ability to adapt the product or service and financial structure for this”, explains the founder and Global CEO of the multinational company that connects Engineering and Technology talents to the challenges of its clients. 

Thinking about encouraging entrepreneurs who want to bet on the international market, the executive listed the main tips, check below: 

Study

Before taking any steps, it is essential to evaluate the sector you want to enter, which includes everything from identifying the demand for your product or service to understanding the local culture and evaluating the competition. “Search how your business can adapt to the reality of the target market. This avoids surprises and helps align expectations with real opportunities”, guides the expert.

Adapt offer

Not always what works locally will have the same appeal in another country. Adjustments in packaging, payment method or even communication may be necessary. “Internationalize is more than translating your product. You need to understand what attracts the public of the new market and shape your offer based on this”, explains Monteiro. 

Seek help

Connecting with local partners such as distributors, suppliers or commercial agents can facilitate market access and adaptation to the business environment.“Ter local allies is like taking a shortcut to understanding how the market works.They help overcome cultural and logistical barriers”, highlights the global CEO.

Structure yourself

Internationalization requires resources for initial costs, operational adjustments and even for unforeseen events. Financial planning is indispensable to prevent the expansion from compromising the company's cash.“Get a clear view of the necessary investments and create a plan that balances spending with expected profitability.