If you’re expanding your business into other markets, you'll need to navigate through a range of new market requirements and challenges.

Give your small business the best chance at success by developing a strong expansion plan. This plan should take into consideration factors including your market choice, growth costs and even your marketing budget.

Here are the six questions to start with as you build your own plan.

1. Which markets should you target?
There are many contributing factors to consider when choosing your target market. This includes working with local partners, or if you’re expanding internationally, to choose the right shipping solution or e-commerce business platform.

More importantly, find markets where you’ve identified customer groups who may be interested in your products or services.

2. Will you need to adapt your products and marketing approach?
Expansion is easier and more cost-effective when you don’t have to make many changes to your existing products or services. This doesn’t mean you can’t position your products differently to attract buyer attention. It should, instead, be included as part of your expansion plan as it will help you make decisions and investment choices down the line.

There are many different reasons why customers buy a certain product across different markets. So when you’re building your marketing plan, keep this in mind: one messaging that works in one market may not work in another.

So how can you differentiate your product or services in a new market? Consider the specific needs of your regional buyers and shape your product positioning accordingly. From the colors, features, to even competitive pricing, ensure these are catered for your specific market.

3. Are there additional costs involved?
If you’re utilizing e-commerce business platforms to expand overseas, you may need system updates to allow for new market activities, logistics changes and more. Some of these changes may involve one-off costs, while others need ongoing investments. A clear inventory of these costs can help you better forecast your profit margins and whether you’ll need to adjust your prices.

What type of costs are involved in logistics? They could range from set-up costs for distributors, warehouse leases and employees. There is a way to simplify this: work with a reputable logistics provider like FedEx. With both reliable shipping and delivery management service to support successful delivery completions, you can be rest assured your products will reach a new market without up-front investment.

4. Who are your competitors in these new markets?
An online search can reveal the businesses currently supplying these markets, allowing you to compare products, pricing and positioning. This information can help you work out how to position your own products to be competitive.

5. What delivery options are available in these markets?
Your existing delivery options and services might need to be supplemented with others to give your new customers the speed, price and returns options they expect. You could consider a combination of services, such as leveraging on both FedEx Express and FedEx Logistics services. This lets you ship in greater volumes to a holding location, which can reduce overall transportation and delivery costs without compromising reliability. 

Get more information and advice on our international shipping services.

6. What new rules and regulations do you need to know?
Crossing borders into new markets means your business will need to comply with new customs regulations. You’ll also encounter new tax requirements, restrictions on certain products and other rules that could require you to adapt your usual strategy.

Complementary information of these rules and regulations can be found at the FedEx^® Global Trade Manager and Document Preparation Center.

The lesson: plan ahead
Expanding overseas or entering into new markets can put your business on a fast learning curve. With the right logistics partner and a solid expansion plan, you can take your small business into new markets with confidence.