Have you heard of Slack? It's a widespread messaging tool that facilitates business communication. We at Corefy use it daily, along with other 12 million active users across the world. In January 2021, Slack was acquired for $27.7 billion, and in 2012, it didn't even exist.
Isn't it astounding to understand that many of today's most renowned, profitable, and globally omnipresent businesses started as pet projects not so long ago? The journey they made has been primarily facilitated by the possibilities of the internet combined with well-crafted business expansion strategies.
This guide is all things expansion. We’re going to cover everything from basic things to know about international expansion to regional specificities and the payment landscape of almost every part of the world. Let's get started!
Many companies believe that entering a new market would unveil new opportunities, help attract more customers, and earn more money. According to a survey by VelocityGlobal, more than half of tech businesses in the US and the UK named growing their customer base as one of the main reasons to enter new markets.
For some, taking their operations global is a must to remain competitive. Scaling up and acceleration of operations is the second most crucial factor for the majority of companies.
Besides these reasons that are on the surface, numerous others are not that evident. For instance, expanding to access talent is also a common practice in the tech field. Interestingly, this reason was mentioned by American companies 10% more often than by British ones. In today's uncertain time, some businesses plan expansion to diversify their portfolio and alleviate the risks, namely the threat of trade barriers. Merger and acquisition deals account for a considerable share of respondents' answers, too.
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