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Ways to scale: Break into new markets

Jen Robson (North East LEP)

Created by Jen Robson (North East LEP), 23rd May 2018

3 MINUTE READ


There are many ways to scale, depending on what you need, what you want and why you’re scaling. Our ‘Ways to Scale’ blog series covers five key development areas that will empower you to scale.

In the final article of the series, we look at how to identify and access new markets, along with some of the common barriers identified in the ScaleUp Institute 2017 review for the North East, and suggest how you might overcome them. Enjoy reading - we hope you’ll use this article to turn your scaleup potential into scaleup performance!

Entering new markets
Glocalisation is the buzzword here - distributing your goods globally but adjusted to suit the consumers and users in their local contexts. Expanding into a new market is exciting and can be wonderfully lucrative. However, you’ll also need to consider different rules and regulations, resolve potential language barriers and deal with customs. So what can you do?

What to do
You may want to begin trading in an entirely new marketplace, or start importing or exporting products. Alternatively, you might consider a new business structure such as franchising, working with resellers or entering into a partnership arrangement.

Barriers

Typical barriers to entering new markets include facing tougher competition and positioning your products or services correctly in an expanded marketplace. Maintaining market responsiveness can be challenging and there can be difficulties associated with importing/exporting goods and managing new suppliers.

How to overcome the barriers
There is a wealth of support available in the North East for SMEs interested in exporting.

Conclusion - Take a leap of knowledge not faith
In conclusion, whichever route to scaling you choose to follow, you need to evaluate your business’s needs for scaling up, assess your own capabilities and limitations, expand your skill set and adopt the management practices and leadership behaviors essential to retaining the top job in a much larger company.

Our Scaleup toolkit can help you make these assessments. It also offers a wealth of resources, support and advice for you throughout the scaleup process.


Jen Robson (North East LEP)

Created by Jen Robson (North East LEP), 8 months ago, [last edited 5 months ago]


Tagged under Scaleup Scaling Export