If you’re wondering how to enter new markets and grow your company, watch this webinar with Niels van Deuren, founder of dutch scale-up HousingAnywhere.com
Entering new markets is one of the key strategies in business development. It allows you to grow your company when your current market is saturated or you want to take advantage of international opportunities. But it doesn’t come without its challenges.
We had a chat with Niels van Deuren, founder of Dutch scaleup HousingAnywhere.com, the leading student housing marketplace currently active in more than 100 cities worldwide. In this very conversation, he shares his mistakes when entering new markets as well as many practical tips.
Enter new markets' key takeaways
When is the best time to launch internationally and enter new markets? Of course, there is no written rule for that. It’s important not to go too quickly, but also not to wait for too long. You as a founder will feel when is the right moment to expand.
But this doesn’t mean you should act based on your instinct, instead, you must rely on data. When you’re entering a new market you need to do an analysis and find out what made you grow in your first market. For example, which kind of customers are there or who are the competitors? If there are competitors, analyze how strong they are, if they have funding, how big is their team, and so on.
The most important learning is that when you enter new markets you just have to dare to do it and dare to act. It’s very important that you don’t stress about limited funds. You can always borrow some money from your family, use your own savings or ask investors for money. Ultimately, it’s about growing your business and you can’t be scared of that!
More key takeaways:
- The importance of understanding different cultures
- How to create an international team and why is it important for new markets entry
- How to fit in local market regulations
To make it easier for you to navigate business development, we created The BD School:
The first platform is entirely dedicated to business development.
Our mission is to help ambitious BD pros and companies acquire the skills they need to be successful in their job.
If you’re looking for a complete course to help you advance your career, check out our Business Development Course.
And if you manage a business development team and need help making them more effective, visit our tailored business development training.