
New Businesses Can Still Expand Globally—Here’s How
How did your country report this? Share your view in the comments.
Diverging Reports Breakdown
New Businesses Can Still Expand Globally—Here’s How
These three strategic first steps will prepare your sales strategy for international success. To thrive internationally, lead with curiosity, collaboration, and respect. Embrace near-sourcing in emerging markets to work with small-to-mid-sized businesses to produce products or services closer to your target. Smaller companies in Latin America and the Caribbean are often overlooked due to the relative wealth and relative cost of entering the market due to their relative size and size of the market at the time. For example, a U.S.-based company might work with a start-up in Jamaica to co-develop a product, distribution channel, or pilot venture in the Caribbean. It’s often more expedient and affordable to forge cross-border partnerships closer to home for it to be more effective and cost-effective for your business to grow internationally. It can also lead to faster delivery timelines, more competitive pricing, and stronger value propositions when entering new markets. It’s a responsibility. Global growth is a strategy, absolutely, but beyond that: it’�s a responsibility, too.
It’s a small world after all. As technology advances and communication flourishes, the world as we know it is shrinking.
This is opening up new markets for smaller players. While international expansion is a top priority for 97 percent of U.S. companies, the majority face costly missteps. More than 80 percent have lost business due to weak localization strategies, and three out of four struggle to maintain product integrity and brand consistency across borders. These stats are proof that while access is great, selling across borders requires much more intention. Having a smart, targeted strategy to reach new customers and convert demand in unfamiliar markets is key to international success. Here are three things I’ve found are instrumental foundations for selling into a global marketplace.
Featured Video An Inc.com Featured Presentation
1. Master your local market first If you’re eyeing a specific area of the global market to move into, here’s a tip before you get too far ahead of yourself: assess your own market first. If you haven’t already dominated your current market, you need to do that before you start to expand into other countries—or at least have a plan to do so. Fortunately, it’s pretty easy to assess where you are in this process. Investopedia explains, calculating market share is straightforward: Choose a period to examine (Q1, last year, etc.)
Add up your own sales over that period of time
Divide it by industry sales for that same period The percentage of a good market share can vary based on each industry. Usually, 10 percent or more is good, but often lower than that is still healthy.
Do your research and understand what success at home looks like. Then measure your company against that metric. Look specifically at your local sales funnel—conversion rates, customer acquisition costs, and retention metrics. These KPIs can reveal whether your go-to-market strategy is scalable in new geographies. You also want to calculate your market share to ensure you are either a strong player or have a path toward market domination in your local region. A proven sales engine at home increases your odds of replicating success globally, especially when navigating unfamiliar buyer behaviors and competitive dynamics. 2. Build cross-border relationships with intention When businesses are ready to expand internationally, one time-tested strategy still proves more valuable than any tool or tactic: relationship building. Yes, technology certainly facilitates global outreach and makes communication much easier. But it’s the depth of human connectedness and a willingness to understand each other that is the true undercurrent of sustainable growth.
Bringing business into a new country involves much more than just logistics and learning a new language. Local regulations, customer expectations, and communication norms can be vastly different depending on the culture. Cross-border relationships can help leaders navigate this complexity with humility and insight. In fact, 83 percent of global firms follow this practice, embedding cultural understanding into their sales strategies, not just for translation or pricing, but to authentically connect with diverse markets. This kind of understanding doesn’t happen in isolation. It comes from listening to people who know the landscape. That’s where relationship-driven networks become essential. One example is Entrepreneurs Across Borders (EAB), which focuses on building connections rooted in trust and mutual respect. Their work brings seasoned entrepreneurs into conversation with local founders in emerging markets like Jamaica, creating space for shared insight, support, and long-term connection. For EAB, these relationships aren’t about extracting value; they’re about building upon the individual skills and resources that each side brings to the table. That kind of collaboration often leads to shared ventures, culturally relevant offerings, or simply a better understanding of how to operate with respect and impact.
Global growth is a strategy, absolutely, but beyond that: it’s a responsibility. To thrive internationally, lead with curiosity, collaboration, and respect. 3. Embrace near-sourcing in emerging markets Especially after the pandemic, businesses have been forced to rethink their outsourcing strategies. Today, it’s often more expedient and affordable to forge cross-border partnerships closer to home. If you look for it, you can often find small-to-mid-sized businesses to work with right in your target market. “Near sourcing” refers to relocating production or services to a nearby country that’s closer to your target market. For sales teams, near-sourcing can support faster delivery timelines, more competitive pricing, and stronger value propositions when entering cost-sensitive or time-sensitive markets. Continuing with the previous example, a U.S.-based company might work with a startup in Jamaica to co-develop a product, share a distribution channel, or pilot a joint venture.
Smaller countries in Latin America and the Caribbean are often overlooked due to the size and relative wealth and business capacity of the region. However, they often offer higher degrees of entrepreneurial fervor and better ROI for American companies. As you near source, stay attuned to cultural differences that affect the buying process, from payment preferences to communication norms. For example, in the U.S., we tend to sign up for subscriptions like they’re going out of style. In a place like the aforementioned Jamaica, most people would rather pay once a year. This can set different expectations and timelines as you work with partners from various communities and lifestyles. Don’t go further afield than you need to.
Near-source business partnerships whenever you can. Remember to invest in understanding how each potential partner and their culture operate, too. Preparing strategically for global expansion Entrepreneurs think big. Modern tools enable them to go big. The only thing standing between most enterprises and the global market is a strong strategy. Dominate your local market first. Build connections second. Embrace near-sourcing third. These strategic building blocks can help SMBs confidently take their first steps into global sales, setting the stage for revenue growth that crosses borders and builds lasting market presence.
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.
Source: https://www.inc.com/shama-hyder/new-businesses-can-still-expand-globally-heres-how/91233162