Internationalization is also a journey. You may feel that internationalizing is an "unnecessary" or "unaffordable" journey, especially if you are generally satisfied with the condition or trajectory of your business. In today's globalized economy, internationalizing has become essential to sustaining sales, reducing costs, and keeping pace with the competition. The ongoing coronavirus pandemic has actually amplified, rather than diminished, this trend—seeing as if your domestic customer base has declined or your production (wherever it may be) has been curtailed, then your only viable option is to seek solutions elsewhere (namely, in another country). This type of diversification, even in the best of times, is a smart strategy—since it allows you to offset losses in one market with gains in another, as well as broaden your brand and gain first-mover advantages in markets where your competitors have yet to establish themselves.
Despite the necessity of internationalizing, you still may be hesitant to embark, because you feel the voyage is "too risky." We assure you that the numerous benefits of internationalization far outweigh the possible risks—especially if you have us to guide you from start to finish. At M74, our goal is to provide you with as much knowledge as possible about the market you are intending to enter, so that way you can feel fully confident in your decision-making. After all, as the legendary investor Warren Buffet says, "Risk comes from not knowing what you're doing"—which is something you won't have to worry about with us by your side.
Are you ready to internationalize?
Now that you know what the journey of "internationalization" entails, and understand the 3 paths you can choose from, are you ready to embark on this exciting voyage with us?