As we move into 2021, uncertainty with regards to travel and restrictions still remain. This should not however be a barrier for companies looking to start with their international expansion between Singapore & the UK. In the past year the world has had no choice but to embrace a new remote style of working, this is for companies with not only domestic operations, but internationally as well. With this uncertainty bring new opportunities for companies to expand, we have included our top tips for entering a new market below.
Do your research
With Singapore and the UK having many similarities from a legal and regulation perspective it is made easier for companies looking to start doing business in the respective country. That being said, it is worth checking the rules and regulations for the specific industry you are operating with. Speaking with key stakeholders on the ground to see how things work is vital for developing a deep understanding of the market, laws, opportunities and risks that you will be undertaking once you have made the entry.
Develop a high & low level market entry strategy
Expanding into a new market needs clear and realistic timelines and strategy. We suggest mapping out a high level market entry strategy which includes key dates and goals that you intend to achieve. This could be from when you register your subsidiary to when you expect to secure your first client. Once this is defined you can then look to develop a more detailed market entry strategy plan and execute this accordingly. The detailed plan can include specific details such as a financial breakdowns (do you have the resources to execute), identifying your potential clients and mapping out a detailed sales plan and also determining your HR requirements and employee acquisition.
Local support is the best way to make your expansion to Singapore or the UK as smooth as possible. Gaining insights from stakeholders such as advisory firms, government agencies, potential clients, business partners and associations before you make your move allows you to hit the ground running and really understand the inner workings of that market. Strategic partnerships from a collaboration and advisory perspective are key for a successful move.
As with any major business decision, risk plays a huge factor. As mentioned above, developing a detailed market entry strategy and connecting with the right stakeholders can help to mitigate this risk however it is all down to the execution. Make sure that your plan is detailed, have confidence on your execution but also be open to change. Turbulence across the globe seemed to be the theme for 2020 and we see this continuing into 2021, keep yourself updated on the events in both the UK & Singapore and make note of any major changes in regulations / restrictions that will directly impact your market entry strategy.
UKSGBridge is here to help companies with the expansion between the UK & Singapore. We help companies reach their desired market by advising on their market entry strategy, connecting them with key stakeholders and supporting them as they go through the 3 main stages of international expansion. Reach out to us to see how we can help.
This post has been written by Shiv Thakker for UKSGBridge Limited, and represents his views only. The copyright for this post subsists with UKSGBridge Limited, and parts or the whole of this post may be reproduced with permission from UKSGBridge Limited.