Expansion Strategy

Goal

• Develop strategy to make sure expansion is successful.

Key Elements

• Marketing plan
  • Develop a comprehensive marketing and promotion strategy to raise awareness of the company and target key customer segments.
• Location recommendation
  • Pick the location where you will put a stake in the ground.
  • Key considerations for location are where customers, talent and partners are located, quality of life, and commuting to and from.
• Regulation
  • Understand the regulatory environment and what you need to be in compliance.
• Legal
  • Understand if you need to set-up an entity, get visas, your intellectual property and americanize any existing contracts.
• Financial
  • Do you need a bank account, accounting/bookkeeping, funding?
• Human resources
  • Understand hiring, compensation, benefits, headhunters.
• Pre- and post-launch timetable
  • Understand the timeline before and after launch.
• Prep launch team
  • Having existing team members help with the launch materially increases the likelihood of success.
  • Target individuals, senior & junior, with a commercial orientation, that may move over a six month timeframe.

Steps

• Marketing Plan
  • Goal: Create brand awareness, generate demand, and establish a strong market presence.
  • Details
    • Target Audience Analysis: Understand demographics, buying behaviors, preferences, and needs of potential customers.
    • Market Research: Identify key competitors, market trends, and potential barriers to entry.
    • Channel Strategy: Decide on online versus offline marketing, use of social media, content marketing, PPC campaigns, and other channels relevant to the U.S. market.
    • Budget Allocation: Determine how much will be spent on each marketing activity.
• Location Recommendation
  • Goal: Choose a location that aligns with business goals and offers the best advantages.
  • Details
    • Market Analysis: Understand where the majority of your potential customers reside.
    • Talent Pool: Research areas with a rich talent pool, especially if you need specific expertise.
    • Cost Analysis: Compare rental costs, wages, taxes, and other operational costs in various locations.
    • Infrastructure & Amenities: Look for good transportation, reliable internet, and other essential facilities.
• Regulation
  • Goal: Ensure all business operations adhere to U.S. laws and industry standards.
  • Details
    • Industry-specific Regulations: Understand and comply with any specific regulations related to your business type.
    • Licenses & Permits: Identify required business licenses and permits.
    • Consumer Protection Laws: Ensure your products/services comply with consumer safety and protection laws.
• Legal
  • Goal: Protect business interests and operate within U.S. legal frameworks.
  • Details
    • Business Structure: Decide whether to set up a subsidiary, a branch, or another business entity.
    • Visa & Immigration: Understand visa requirements for employees moving from other countries.
    • Intellectual Property: Ensure protection of trademarks, patents, and copyrights in the U.S.
    • Contracts: Make sure to americanize any contracts you expect to use in the U.S.
• Financial
  • Goal: Set up a robust financial structure for smooth operations and growth.
  • Details
    • Banking: Establish a U.S. bank account and understand banking regulations.
    • Accounting & Bookkeeping: Ensure understanding of U.S. accounting standards and tax obligations.
    • Funding: Explore potential funding sources if needed, such as venture capital, angel investors, or loans.
• Human Resources
  • Goal: Build a strong team and ensure they are well-taken care of.
  • Details:
    • Recruitment: Understand U.S. hiring practices and where to find potential candidates.
    • Compensation & Benefits: Research standard compensation packages in your industry and location.
    • Cultural Training: Ensure that employees relocating from other countries understand U.S. work culture and practices.
• Pre- and Post-launch Timetable
  • Goal: Have a clear roadmap for expansion activities leading up to and following the official launch.
  • Details
    • Milestones: Set clear, measurable milestones for both pre- and post-launch phases.
    • Monitoring: Regularly review progress against the timetable to ensure you're on track.
• Prep Launch Team
  • Goal: Ensure a successful launch by involving experienced team members.
  • Details
    • Team Composition: Identify individuals with experience in U.S. market expansions or similar projects.
    • Training & Onboarding: Ensure the team understands their roles and the specifics of the U.S. market.