Tips For Expanding To An International Audience

At some point, your company’s acquisition of new customers might level out. Generating new business has always been a priority, but now it’s more important than ever. So what can you do to reach more people and attract more customers? If your business previously only focused on a specific region or country, you should consider marketing your products or services internationally. Here are some tips on how to get started:

(Curated from Tech.Co)

Learn New Languages

Companies with translation services are 1.5 times more likely to increase their revenue than those that don’t invest in different languages.

“Language is the first entry-barrier when it comes to entering new markets. People are more likely to buy a product when information is presented in their own language. Therefore, adapting existing products to new markets through translation and localization management is key for global growth and decision-makers become increasingly aware of its growing importance. Businesses that start localizing to sell abroad tend to grow faster and most business success stories have a strong concept of going international early on addressing an international audience.”

Adapt To An International Audience

Your business needs to go beyond catering to different languages. Adapting your products and services for different cultures will help increase revenue.

“Translated content can reach new potential customers, allowing them to learn about your products. However, translation itself is not enough. Success in emerging markets requires adaptation to local conditions, attitudes and values. It is more than than e.g. just translating a product’s user interface. Businesses localize products in order to overcome cultural barriers and to create a more culturally relevant customer experience. This results in customers being more likely to spread the word about the product. Businesses that localize content, therefore see improvements in market share, engagement and revenue.”

Expanding to appeal to an international market won’t be easy. If your business is successful in your native country, that’s no guarantee you’ll find success elsewhere as well. Reaching new users on an international scale is a great way to acquire new customers and increase revenue.

Is your business up to the challenge?

How To Get Your Startup Acquired

Image by Ken Teegardin

The majority of startup companies fail within a year or two of launching so many entrepreneurs see having their startup acquired by a larger company as a huge success. In order to get a larger company to buy your startup, you have to make sure they notice you. Here are a few things you can do to get your startup company on the market:

(Curated from Tech.Co)

1. Make Your Startup Noticed

First, you have to market your young business well enough for large companies to take notice. If they don’t know about your startup, they can’t acquire it.

“If you are planning to have it acquired it is important that you market it as much as possible. In that way, you bring it to the attention of companies that could potentially acquire it. Effective marketing will attract many such potential acquirers to your startup. This is advantageous because it allows you to choose the one with the best terms.”

2. Be Good At What You Do

Your startup won’t be desirable unless it has an excellent product or service. You want companies to be interested in you because you are a potential threat to their already established products or services.

“No matter how good your marketing is, it will not amount to much if your startup’s products and services are poor. Potential acquirers often go for startups whose products and services are likely to give them a competitive edge over their rivals.”

3. Work With Many Buyers

You’re more likely to fulfill your vision for your business if you have leverage. Working with several potential buyers simultaneously will give you leverage over the large businesses.

“Buyers usually have more leverage on many terms of the startup acquisition. By keeping negotiations open on many fronts, you strengthen your hand in the negotiations. As potential acquirers compete for your startup, they make their terms better thus allowing you to get the best deal.”

4. Know What You Want

If your startup is going to be acquired by a larger company, make sure you know what you want. Knowing what you want for the future of your startup is will help you determine which buyers are more compatible with your vision.

“Chances are high after your startup has been acquired you will be absorbed into the acquiring company as an employee. If you don’t have a similar vision you will find it extremely difficult working in the new environment. Having a clear vision for your startup allows you to choose companies that share that vision.”

What advice do you have for entrepreneurs allowing their startups to be acquired by large companies?

How To Plan A Company Holiday Party

Not everyone has a party planning committee as efficient as the one on The Office so what can you do to ensure your company throws an enjoyable holiday party for employees? Here are a few tips to keep in mind as you plan holiday festivities at work:

(Curated from Pittsburgh Business Times)

• You want your holiday party to be inclusive and considerate of everyone’s holiday traditions. Different people will have different traditions so it’s better to keep your holiday party a generic, all-inclusive celebration.

“The festivities should be as inclusive as possible. It is better to host a party to celebrate the holiday season than a party to recognize one specific holiday.”

• One of the best ways to keep your party running smoothly is to prevent excessive alcohol consumption. If the company decides to serve alcohol, you should consider hiring a professional bartender. Allowing employees to serve themselves could result in a messy situation. You should also make sure your employees don’t drive after consuming alcohol.

“Alcohol is a common source of trouble at company gatherings. It can lower inhibitions and lead to questionable judgment, which can be an unfortunate combination at a work function.”

• When decorating for the party, leave out the mistletoe. After a few drinks, you don’t want your employees to lose their inhibitions and act on the implications of this holiday decoration. You can also remind employees that company policies are still in place during the party and no misconduct will be tolerated.

“It is a good idea to take steps to prevent harassment or similar inappropriate conduct.”

• If you’re planning games or other forms of entertainment, you should keep them workplace appropriate.

“Keep the entertainment professional and non-controversial — avoid embarrassing employees with unflattering slide shows or roasts, hiring a vulgar comedian, or a DJ to play inappropriate music.”

• Last, don’t make your company party mandatory. You want your employees to attend of their own accord and have fun. You also don’t want to pay them to attend.

“If attending the company party is mandatory, you may be opening up your business to a host of Fair Labor Standards Act (FLSA) and state wage and hour claims. Plus, nothing kills holiday cheer like disgruntled employees who feel forced to be somewhere.”

What suggestions do you have for throwing a successful company party this holiday season? Please share your ideas in the comments!

Image by Cliff

Turn A Small Business Into A Sustainable Enterprise

You can use startup accelerators such as the Riverside Center for Innovation to help you grow your business or business idea into a sustainable enterprise. Here’s why you should seek advice from an economic development company such as RCI:

(Curated from Tech.Co)

• Making connections and networking with others within your chosen industry is an essential step to generating success for your business.

“For entrepreneurs who live outside Silicon Valley, it’s tremendously valuable to be able to connect with like-minded entrepreneurs and investors in your area. If you haven’t had a chance to get involved in your local startup scene, this will be an excellent opportunity to do it. Most entrepreneurs find that simply being exposed to insightful mentors makes the experience worth it, although there are many more benefits to participating in an accelerator. You might come away with new friends, potential partnerships, and possible investors, all of which will benefit your startup.”

• RCI will teach you how to answer the questions you haven’t thought of yet or even consider options you didn’t know you had. If you have a very specific idea of what you want out of your startup, you might be limiting your business before you’ve even begun.

“Accelerators can encourage you to think bigger about your startup by breaking free from imagined limitations. An accelerator can teach you more about your product or service and help you answer important questions about your company, like ‘who is my target audience?’”

• Working with a startup allows you to use all of their resources and expertise. You can practice your pitch with experts and receive useful feedback before approaching investors.

• Participating in a startup program such as those offered by RCI gives entrepreneurs the opportunity to work near other startups and to scope out the competition. You can learn what other entrepreneurs are doing differently and what works for them.

“Even if the products and services are vastly different from your own, you’ll take away some important lessons and learn from others’ mistakes. Conversely, other startups will be able to learn from your pitches. It creates a really educational environment that can spell success for smart entrepreneurs who are willing to listen.”

How else can startup accelerators help you turn your business into a sustainable enterprise? Contact us to find out!

Image by neetalparekh