Is your business ready for uncharted territories? Expanding internationally or into new markets is an exhilarating prospect. But what does it really take to make that leap?
We sat down with Peter Parker, who navigated his UK-based media firm into the pet food market, to uncover the insights, surprises, and wisdom he gained along the way. Whether you're a seasoned entrepreneur or just starting to dream big, Peter's experiences offer valuable lessons that can guide your journey.
When Peter Parker, a seasoned professional working in New Zealand for a UK-based international media firm, embarked on an expansion into the pet food market, he faced unexpected challenges. The company's experience in flower, feed, and aquaculture markets seemed like a solid foundation, but the new venture brought unique hurdles.
Peter's biggest insight was the crucial role of human resources. Expanding into a new sector required more staff than anticipated, and retention became a challenge. He said, "Just the human resource was the biggest challenge for us." Having the right staff from the beginning would have made the expansion smoother and less stressful.
Peter's company had an international online school with experts in aquaculture and milling sectors. Their experiences were valuable, but the transition to the pet food market revealed limitations. The lack of dedicated pet food experts made the move more complex.
Peter emphasized the importance of having dedicated knowledge and local contacts in the new market. He noted, "If we had have had greater connections in that market, it would have been an easier transition." This insight highlights the need for specialized expertise when entering new markets, something that might not be immediately apparent.
Peter's story is one of success, but not without its struggles. His biggest piece of advice? Have enough dedicated staff and specialized resources before taking on a new endeavor. However, he also emphasized the importance of determination and adaptability, stating, "Nothing ever lines up perfectly. You're never going to get the perfect condition. So you just need to go for it."
Expanding a business into new markets or internationally is an exciting but complex journey. Peter's experience underscores the importance of human resources, specialized knowledge, and the courage to take risks. While careful planning is essential, so is the willingness to dive in, even when conditions aren't perfect. It's a delicate balance that can lead to success, as Peter's story illustrates.