How Strategic Planning Can Eliminate New Venture Risks
Starting a new venture involves many risks, especially when it is in a foreign country. For Brazilian entrepreneurs looking to open or expand a business in the U.S., there are many fears and uncertainties that can be overcome with strategic planning. Here are the 4 most common fears Brazilian entrepreneurs encounter and how to prepare for them:
Not Finding Investors. Seeking investors for your business should typically occur long before you attempt to expand your business to the U.S. But if you are looking to develop more strategic partnerships, one tip we recommend is to participate in business events and fairs where you can meet new people and strengthen your networking.
Not Having Enough Customers. Even if you have a strong business strategy and the market research to back up your venture, you may still fear that you won’t attract enough customers. One way to overcome this problem is to invest in marketing and branding before you launch your business in the U.S. A knowledgeable marketing team that understands the new market will help you gain visibility and adapt the marketing materials you need to the right language and culture. With their help, you can also attract customers through the appropriate online channels.
Too Much Competition. While fearing that your product or services won’t succeed in the extremely competitive U.S. market is valid, there are many ways you can prepare for success. First, it is important that you educate yourself in the specific market you want to compete in. We recommend you consult someone who is an expert in the market or can offer valuable advice to your new venture.
Possibility of Failure. The fear of having to file bankruptcy because your business has failed is a common fear for any entrepreneur. While there is no way to fully eliminate risk completely, having a strategic plan in place will assist in avoiding and compensating the potential obstacles that accompany new ventures. The first step to overcome the possibility of failure is to prepare and conduct as much research before putting your business plans in motion.
Starting a business in the U.S. can be financially rewarding if you have the right resources, expert counsel, realistic expectations and plan for potential obstacles. Contact us today to learn how we’ve helped numerous entrepreneurs like you avoid the complications of starting or expanding a business to the U.S.
