Securing a first client in a new market is a significant milestone for any company. Breaking into new markets can be daunting, but with the right approach, it's possible to quickly be successful. Three key strategies to help you land your first client in a new market.
If you are looking to expand your business internationally, you may make mistakes.Accept them, don't be afraid to move forward as it's all about change.
However, some common mistakes can be avoided if you are well-informed. Thanks to our team of experts who have successfully expanded their own business(es) internationally we have identified the following 3 mistakes:
Who has never heard of that popular algorithm, the one that determines if your publication will be spread over to a maximum of people or if it will be drowned among many other posts? There are no less than 2 million posts published on LinkedIn every day, 830 million members and over 58 million registered companies. How to reach your targets in that ocean of publications? 4 points to consider having the algorithm work to your advantage:
The first round of fundraising is run through private individuals like friends and family members (called "love money") or individual professional investors (business angels), who not only inject fresh money, but also often bring in their expertise and their network. The company founders then proceed with a new, larger round of financing to expand the company in its initial market. This is called Series A, and is carried out with professional collective investors. [...] Many inexperienced founders are tempted to sign the Term Sheet as provided by the investors, without discussing the terms. This may put them in an uncomfortable position when the final subscription agreement is negotiated.
Briefly, investors want to see what your chances of success are before making the decision to invest in your project. A complete and well-conducted market study will allow you to gather in a single document the answers to all the questions of your potential investors: who are your target customers? Who are your competitors? Are you meeting the demand in this new market?
Put yourself in the position of future investors...