International expansion into Bulgaria – the necessary steps

Internationalising businesses in Bulgaria — the necessary steps. Our practical experience enables us to state that, unless a consecutive series of specific business steps is followed, an entrepreneur is very unlikely to obtain tangible benefits from internationalisation. A systematic approach to an internationalisation strategy is essential: never be drawn into ventures by a friend of a friend who has carried out, heard about or implemented an international investment programme. 1) Select a team of professionals able to guide, support and advise the entrepreneur at every stage of this sensitive process. 2) Assess the company's business strengths and short- and medium-term production capacity to determine the resources to allocate to foreign markets. This involves: a. An analysis of assets, earnings and finances based on at least three years of financial statements. b. A business plan: an essential tool for planning international development, describing every aspect of a project and assessing its feasibility and economic attractiveness. Without an objective, professional assessment of the foundations for internationalisation, the subsequent stages cannot be monitored and followed according to a logical framework and will be left to undefined, unplanned variables. 3) Study and research the target country and market on the basis of the needs identified in the initial programme, assessing the strengths and weaknesses of the chosen market. 4) Identify potential partners (corporate agreements, joint ventures, commercial and/or distribution agreements, financing agreements, supply and/or subcontracting agreements, etc.). 5) Implement the project on the assumptions in the initial investment programme, monitoring and checking each step. 6) Assess and assist with obtaining finance, aid and grants, if needed. 7) Provide financial and/or commercial assessment and assistance in foreign countries after implementation of the programme. Too often, Italian entrepreneurs begin internationalisation by incorporating a company abroad without a clear, feasible project verified by qualified professionals. By skipping the initial steps, which are essential to successful internationalisation, they make their venture highly likely to fail completely. Allocating the financial resources needed for initial programme planning will enable a serious entrepreneur to avoid losing far more on ventures based on personal beliefs formed from fragmentary information and misleading assumptions. Thinking that one can do business abroad with little financial commitment merely because one has chosen a developing, low-cost country, and waiting to start earning abroad before investing, is the first step towards the failure of an international business idea.