9th Nov 2016

What are the Risks of International Business Expansion?

There are numerous things to think about when expanding your business internationally. The thought can be a daunting one, and you don't know what you don't know - which is why there is an industry of consultants and organizations to help you navigate the minefields.

Lauri Merritt, Southern California Sales Director and Pauline Johnson, Senior HR Consultant at Radius Worldwide joined Hub Culture to discuss the risks involved when setting up shop in another country.

One of the biggest pieces of advice Pauline would give her clients is assuring you recognise yourself as a guest in the country you are looking to expand into. You need to be respectful of what the requirements may be and make sure you've done your research. It's extremely important to know about compliance, regulations and the rules, and to get some background on how that applies to your own business. The costs of this vary by industry, and can be difficult when a business is not yet generating high revenue through scale, but the consequences of ignoring these issues can be fatal.

In saying that, Lauri explains you can't always be an expert in every market, which is where companies such as Radius Worldwide come in. They can help advise you in how to scale and grow your business while minimizing risk.

Watch the full interview to hear more about Radius Worldwide and markets that may be particulary difficult to expand into.