SECRETS OF GLOBAL EXPANSION
From finding the right partner to adjusting your ofering to suit local tastes, expanding overseas is no walk in the park. Here are the issues you need to consider.
“WHILE IT TAKES UP RESOURCES TO RESEARCH A NEW MARKET, ESPECIALLY IN A DIFFERENT COUNTRY, A FRESH SLATE CAN PROVIDE TREMENDOUS OPPORTUNITY FOR INNOVATION”
The transformation from a local concept into a global brand requires a strategic, multi-faceted timeline with strict attention to planning and execution. Especially in the restaurant industry, a brand must be able to recognize and leverage its strengths, but also recognize and prepare for potential weaknesses that might make a concept a perfect fit for one market and a greater challenge in another. While this is true for any territory expansion, it is crucial when moving into new international markets that may lack significant brand awareness.
Taking a concept from its original roots and introducing it to an audience that may not have a frame of reference, and finding the right entrepreneurs to help make that a reality, is a sizeable undertaking. But being strategic in market selection and diferentiating a franchise opportunity is the first step to what can ultimately lead to a vast reward in making a leap across the globe.