How to prepare your international business expansion

How would you do it?

At the start of the day, each of us looks in the mirror to see if we are ready. You should do the same with your company before taking on a new foreign challenge or deciding to expand your business abroad. It is also wise not to focus solely on yourself. Thorough research is also needed on the location you have in mind for your initiative. The more prior knowledge you have, the better informed your steps in your international expansion will be. Below, we examine a number of initial, essential steps, both internal and external.

How is my company doing?

Self-knowledge is the beginning of all wisdom. Before considering an initiative abroad, you need to evaluate your company and yourself with an unbiased, thorough perspective. BNP Paribas Trade Development provides all the tools you need for this process, including tailored export advice where relevant. You will also receive professional, honest feedback from us. We will support you as you explore this new reality for your company and prepare for expanding internationally.

• Assessing your own capabilities and those of your company is invaluable. Whether you are considering an acquisition, finding partners for export or import, or launching a new production line, each option requires a different approach linked to your organisation’s strengths.
• Every self-assessment begins with an evaluation of your position in the domestic market. This directly impacts your ability to operate across borders. Do you have enough prospects at home to sustainably support an international expansion? We will examine your strengths and weaknesses.
• Taking the step abroad also means having to face new regulations. You will probably need to adapt to them. Are you ready for that? Understanding what is permitted and required in a new market is essential for successfully expanding your business internationally.
• Review your entire production chain to determine whether your company can effectively take on the foreign market. While it is encouraging to see demand for your products or services increase, you must be able to produce and deliver everything. Your new customers must remain satisfied. This may require more staff, more capacity and more headspace among all your employees. Only an honest look at your situation will keep everyone moving forward safely as you expand your business abroad.
• There are many possible scenarios for doing business abroad. Whatever foreign activity your company embarks on, whether exporting, importing, local production or opening a new site, the safety of your investment comes first during your international expansion.
• Speaking of safety, as a responsible business owner, you naturally consider the potential profit. While what you earn is important, what it costs you is equally so. That is why we examine your financial situation together before you commit to expanding internationally.

What can I expect on the other side?

Sometimes, you want to grow beyond what the Belgian market can offer. If that's the case, it's crucial to choose your foreign market carefully and examine it thoroughly before taking the leap. This means doing more than just testing the water.

BNP Paribas Fortis Trade Development has the expertise to help you assess the viability of your project in foreign markets and guide your international expansion. We take into account several criteria:

• Choosing a country or a specific market means your company will face a whole new set of requirements that must be met in order to succeed. These include not only rules and certificates, but also how foreign consumers view your product when you expand your business abroad.
• Finding the right local partners is no simple task. We can help you find the right partners through our network. The clearer your understanding of your needs and the more precise your objectives and requirements are, the better we can identify the right partner in our network to support your international expansion.
• Budget, planning and timing: you need a detailed cost estimate, various scenarios suited to each situation, and a timeline for achieving everything. We adapt all of this to the specific situation abroad, ensuring your international expansion remains realistic and financially sound.

You can rely on BNP Paribas Fortis

At BNP Paribas Fortis, we understand that entrepreneurs have many questions when preparing international expansion. Are you planning to import or export, looking to expand your existing international activities, or searching for new opportunities abroad? If so, contact your relationship manager. They will be happy to put you in touch with a specialist in international expansion and export advice.