There are a lot of brands that are well-established in the country and now wish to test international water. The franchisor must understand that expanding overseas is a lot more tough and complex. There needs to be an exceptionally strong international business expansion strategy in place to get started. It helps in creating opportunities and plan to help you reduce the risk of failure and understand the international business expansion model. International business expansion service includes market entry strategy including crucial choices in regard to primary markets of focus, determination of target customer and channel strategy, resource allocation, product and service value offerings, brand positioning, and creation of an operating model and finding the right franchisees.
The brand has to be aware of the criteria while setting up a franchise base in the international market. A few of the things to be kept in mind while expanding are – demand for the product or the service your business is into, do you have all the required financials for the same, is your documents in place, has your business has taken all the required government permissions and a lot more.
It is also important for the franchisor here, to understand that the product and the service being offered has to be tweaked as per the likes and dislikes of the consumers at the foreign location. Another merit of expanding into international markets is it gives the franchisor the first-mover advantage in a new market that is untapped/unexplored. Doing this will help them get a good hold in a new market and also open doors to newer opportunities in neighbouring markets as well.
Brands of a foreign nation have to do their respective studies when they are setting up franchises in India at various locations in the country. This is where our international business expansion service comes in handy. Their main study should include facets of expansion across states, inter-state, zones also considering the language and dialects barriers and more.