Expanding into new territories in the recruitment industry is relatively straight forward with advances in technologies and the limited infrastructure required. But before you jump in, you need to appreciate the risks involved and only by carrying out research will you minimise your exposure. Don’t be fooled in to thinking financial losses will be minimal as they can be significant if you get it wrong. You’ll need to:
- Understand the overseas market; who are your competitors, the size of the market and the demand for your services, how will your offering be positioned, what are the channels to market.
- Research demographics and contemplate the regulatory environment.
- Incentivise key staff to lead the expansion as you don’t want them to leave half way through.
- Assess corporate structures and what will the group look like.
The UK market is far more sophisticated than the majority of markets around the globe but if you are successful in the UK, you will be able to roll out those services abroad. As a first port of call, you may wish to consider whether you can tap in to the target market from the UK. Can you service clients here and use that experience to gain an understanding of the opportunities available before expanding?