For a lot of business owners, the temptation to stay in their comfort zone is strong. This is never inherently bad, as it is practical to calculate risks before taking them. However, there are just as many business owners that have the itch to take a leap of faith.
Growing your business portfolio beyond the reach of your home country is an example of one such leap.
Whether you feel like a big fish in a small pond or a businessman looking for a change of scenery, these three tips from Australian business tycoon Grant Kelley are sure to give you the boost that you need to take that jump.
Play to Your Strengths
This is the first important step before dipping your toes in the global scene. Like any other major business venture, it is important to know where your power lies. This does not mean you have to confine yourself to a specific field, but consider reviewing your portfolio to get a better picture of who you are as a businessman.
As an example, let’s consider Grant Kelly who has plenty of experience in real estate and corporate strategy. These were undoubtedly assets for when he first founded Holdfast Capital Limited in Asia, as well as the groundbreaking work he conducted in retail property developments in Australia. Though he expanded his portfolio across several countries, his background and acumen in a related field certainly helped make the jump easier.
Are you a veteran restaurateur? Consider opening up a new bistro concept overseas. In the field of hospitality? There is no shortage of stunning tourist spots around the world you can supply with unique accommodations. No matter what you choose to do, there is always a way to play the game to your strengths.
As you undertake a major change in your career, it can be tempting to go all in. Though a go-getter attitude is always a plus, it always pays to take calculated risks. This is especially for your first foray out of the local scene.
While the first tip is about your strength, the second lesson is about managing your limitations. It is worthwhile to note that acting within reasonable boundaries is different from letting hurdles restrain your potential.
Know how much you are willing to commit in the process. How much money are you investing? Are you prepared to relocate your life to another country? Your decision to do business on a global scale can be an exciting and massive undertaking. Despite the exhilarating experience, you must refrain from biting off more than you can chew. Be sure to crunch your numbers a few times to minimize losses and maximize rewards.
Have Multiple Streams of Income
When taking major risks, it is always a good idea to have a safety net. Having multiple income streams can provide a sense of security even when things don’t go according to plan.
Your source of revenue can come in many forms. It includes passive income or retainer work for consultancies, mentorship engagements, and freelance commissions. Investments are always good for securing assets. It ensures that you have funds that continue to appreciate value over time.
Consider These Excellent Pointers
These three tips are excellent lessons from Grant Kelley’s business journey. Consider taking these pointers by heart if you decide to conduct business across a global platform.