All posts filed under: Business Growth

Expanding overseas: should go it alone or use an agent or distributor.

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Today we will examine the pros and cons of use of an agent or a distributor when expanding overseas compared to using your own sales force. I will focus on working with a partner in our target market but consider entering the market with a company from your home country.  If you know of a company with complementary products, consider forming a Joint Venture to enter the country together. Much of your research will apply to your potential JV partner. You may even have identified that you will have a higher degree of success if you bring a complete package to the marketplace. But you need to assess their financial resources, the robustness of their business, and the capability of their people before agreeing to a Joint Venture. More importantly, does their enthusiasm for the project match yours? Remember, there will be setbacks, and troubles lie ahead unless their commitment is as strong as yours. For marketing your products or services, there are three common approaches: What is the difference between a distributor and an …

Marketing to Gen Z without the cringe

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A special post acknowledging the election of Maxwell Frost the first Gen Z member of Congress. We are entering an era that sees a considerable shift of purchasing power from millennials to Generation Z. Millennial spending sits at just over $65 billion – while Generation Z is at almost $100 billion. The Bank of America estimates that Gen Z’s combined income will reach $33 trillion by 2030. If you are going to develop a successful business, millennials are not the only generation you need to keep in mind. Connecting with younger generations has always been a challenge for businesses. Connecting with Gen Z, roughly those born in the mid to late 1990s through the early 2010s, is a challenge of a different magnitude. Gen Z is in control of their own media in a way that may be unfamiliar to older generations. They skip over advertisements that do not grab their attention, unlike the days when you could not avoid advertisements on the TV or radio. You could make yourself a cup of tea or …

Overseas expansion How to find the best target country

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This is the second post on the topic of finding the ideal target country for your business expansion Another criterion in your market assessment is what is the competition like? There is likely to be local competition and probably international competition that have entered the market before you. Find out as much as you can about their products or services, pricing, quality, distribution methods. Is there national and regional competition? How are they perceived? What is their after sales service? A SWOT, Strengths, Weaknesses, Opportunity Threats analysis could be helpful in assessing the potential competition. You should consider the Macro Economic climate. We have talked about GDP growth but extend this to look at per capita income, demographics. Does the country have a young growing demographic? In many African countries more than 40% of the population is under 15 years of age. Niger’s under 15-year-olds represent half of the country’s population. The country with the lowest under 15 years population? Singapore at 12.3%. Look at the trend of the working population size. China’s working population …

Expanding Overseas: Which Country is right for your business?

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Having decided you are ready to expand internationally, how do you decide where to target? Which country or countries is the best fit for your business? According to the UN there are 195 countries in the world. That’s a lot of potential countries. Some will not be open to you, if you are a US based company, you will not be allowed to do business in some countries, such as Iran and North Korea for example. Some countries prohibit foreign companies for operating in certain sectors, military and essential infrastructure are common areas for restrictions. There can be religious restrictions, if you market alcohol you will not be welcome in Brunei. But even with these legal, governmental, and religious restrictions there will still be many to choose from. So how do you select the countries that are right for you? Proximity One criterion I feel is important and one that is often overlooked is proximity. There is a huge difference operating in a country that is a two hour plane ride away to one that …

Are you thinking of expanding overseas? Week 2 Is it right for you?

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Is my company ready to expand overseas? Is it right for me? Taking your company overseas Taking your company’s products or services overseas is an exciting prospect, the potential for a larger customer base, the opportunity to enter faster growing markets, maybe less mature markets where you can ride the tide of expansion. There is also a certain cache in being an international business but with opportunity comes challenge. The international journey can be treacherous with unexpected setbacks that need to be overcome. Even before you embark on the adventure you must assess whether your company is ready to operate overseas. And are you personally suited to doing business abroad? The first question is whether you have the financial reserves required to support your overseas business during its startup phase. This will cost more than you expect and take longer than you plan. This is based on my own personal experience in entering foreign markets. At this stage in the process, you do not know what you do not know. There will always be surprises. …

Start with a side gig, develop your breakthrough idea.

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There is a saying that the best time to plant a shade tree was 20 years ago, the second best time is now. The best time to launch a consulting business is when you are still employed. And if you are not employed then the second best time in now. I used the side gig route. Some 8 years ago, it looked like my MNC career was going to involuntarily end, Well at least involuntarily on my part. My employer had no such concerns. In one of the many restructurings that most companies seem to have, my role had been pulled out of Asia and back to HQ.  It seemed to me that the writing was on the wall. I was about sixty years old at the time, which is not the easiest age to find a new job. I decided I would become a part time or fractional CFO. As I said a couple of minutes ago, I felt I had some useful experience that would stand me in good stead. At about the …

10 things you need to consider before you launch your second career.

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Thinking about launching a second career as a consultant, coach or content creator? It’s time to grab a notebook and pen or pencil and start jotting down the thoughts that are going through your mind about your new business venture. I do strongly suggest that you do physically write down your ideas rather than typing them on an electronic device. Research has shown that the act of writing by hand leads to better retention of ideas. And if you are like me I love a high quality note book combined with a fountain pen. There is something deeply satisfying about liquid ink gliding over smooth paper. But then I know I am a bit of a throw back.   Consult your spouse, partner, or significant other. You may be planning a second career but your partner maybe dreaming of lazy days at the beach, lake or even home. Take the time to discuss your plans and reach an agreement between the two of you of what is going to work. As a generation we are …

Affiliate Marketing

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Following the various ideas we have covered in earlier episodes you may have been able to build a substantial following. Now is the time to consider affiliate marketing as a low-cost option to generating income.  This is particularly attractive if you do not yet have a product to sell. What is affiliate marketing? It is an agreement where you agree to promote a product or service in return for a share in the income generated from your lead. If effect it is a fancy term for the historical, but still relevant, finder’s fee. The most widely known affiliate program is the Amazon associate program where if someone clicks on your link you earn a commission on anything they buy in the next 24 hours, with some caveats. It is easy to set up your associate status, I did it in a few minutes. But there are a few things you should know, and I will share them in my new blog The Geriatric Entrepreneur launching to tie in the start of season 9 on IBGR …

Lower cost options – Help all your followers.

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You can cater to the rich, and I’ll take the rest; the good Lord made more of them. Kemmons Wilson founder Holiday Inn Not everyone can afford to spend a couple of thousands of dollars for a course. And it is likely that many of your followers fall into that category. They have been devouring your free content and would love to buy something from you. But $2000? That’s way beyond their budget. If you have built up a decent following it is possible to generate an attractive income from a $100 product or even a $10 product. Jason Van Orden of Internet Business Mastery thinks of these varied product offerings as ascension ladder. He says it is foolish to only think of selling big ticket items. Instead, you must think about customer lifetime value. A customer spending $25 per month over five years is worth $1,500. And done right your marginal cost of serving this customer can be near zero. That $1,500 is pure profit. And the folks who do buy your big-ticket items. …