Have you been wondering if your business should go into the vast U.S. market?
In today’s blog post, I’ll show you how to start your journey on the right foot, from researching market potential to pitching investors & clients.
Why?
Because the US offers a thriving business landscape, with a healthy economy and a bigger, diverse customer base that you can tap into.
Unfortunately, many European entrepreneurs underestimate the complexities of entering the US market.
Why they struggle:
- Cultural differences: Business etiquette, communication styles, and negotiation tactics are more different than they anticipate.
- Overwhelming regulations: Although regulations are often less strict than in Europe, the labyrinth of U.S. laws & regulations can be intimidating when you start to explore them.
- Building a local network: “It’s not what you know, it’s who you know.” Without a local network, it can be harder to get funding, hire the right talents, and have access to key resources.
- Misunderstanding the market: If you misunderstand customer needs and preferences, you’ll likely waste valuable resources and miss opportunities.
I have a good friend and collaborator who always says “It’s not easy, but it’s possible.”
With the right approach, you can navigate these challenges and pave your path to success in the U.S.
Step 1: Research like a pro (in 30 minutes or less!)
- Target the right tribe: Head to Google Trends (https://trends.google.com/trends/) so you can identify top US cities or regions with the highest interest in your product or service. This will help you narrow your focus from the giant U.S. market to a specific spot.
- Evaluate your competition: Research your top 3 American competitors. What are their strengths and weaknesses? How can you offer a unique value proposition compared to them? Careful! “We bring a ‘French touch’” or some other nationality-based value proposition is very rarely a strong argument. There are TONS of foreign businesses in the U.S. so this will not help you stand out.
- Get to know local regulations: Schedule a consultation with a U.S.-based business lawyer who specializes in your industry. You’ll get a clear understanding of key regulations you’ll need to comply with. And even though this consultation will likely cost you, it’s a good investment to avoid problems later.
Step 2: Build your U.S. dream team (without the headache!)
- Leverage online platforms: Join LinkedIn groups focused on your industry and location. Network with potential advisors, partners, and future employees. Start building your network NOW, even if you’re not yet established in the U.S.
- Attend industry events: Search for upcoming conferences or trade shows in your target U.S. market. These events are goldmines for connecting with potential customers and collaborators. Plus, having that face-to-face connection can accelerate your business discussions.
- Think outside your home network: Don’t just rely on European connections. What most people don’t know is that you can reach out to U.S. universities with strong programs in your field. This allows you to tap into the talent pool of recent graduates eager to break into the industry. They may also be easier to connect with, as they are just starting in their career, but can still give you tons of insights into the U.S. market/industry and way of doing business there.
Step 3: Craft a pitch that wows U.S. investors (Tonight!)
- Focus on the “Why”: In one clear sentence, articulate the core problem your business solves for U.S. customers specifically. What opportunity did you see in the market, and why did you decide to solve that problem?
- Data is king: Back up your claims with compelling statistics about the US market opportunity. Investors want to make money on their investment of course. Storytelling is great to hook them in, data is what gets them to invest. Americans like numbers!
- Show you understand local culture: Don’t ignore the fact that you’re a foreign business. Own it! But address any potential concerns about cultural adaptation of your product/service to the U.S. market & American customers. Showcase your team’s U.S. advisors or team members (if you already have them) to show that you have local “guides” giving you U.S. market expertise.
There you have it!
By taking these actionable steps, you’ll be well on your way to conquering the US market.
Feeling empowered to conquer the U.S. market?
Share your biggest takeaway from this article in the comments below!
My mission is to create a community of European entrepreneurs ready to bring their excellence and rigor to the audacious American market, where they can grow faster and bigger than they imagined.
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