The Ultimate Checklist for Fundraising and Expanding Into New Markets

 

Expanding into a new market for any business, small or big, is no small feat, especially if it’s a market that is entirely different from your original operating market. But with the right strategy, you can tackle this challenge successfully. This year we are celebrating our 10th anniversary, and throughout this journey, we’ve helped most of our clients secure their foothold in new markets. Today we’re sharing our battle-tested checklist to set you up for success in a new market.

  • Know Your Numbers Inside and Out

Before you start knocking on investors’ doors or plotting market expansion, have a firm grasp on your financials. We’re not just talking about revenue figures – you should understand your unit economics, customer acquisition costs, and growth projections in microscopic detail (Other important Key Metrics). Investors will smell uncertainty from a mile away, so come prepared.

  • Research Your Target Markets Thoroughly

More often than not, companies launch new products only for the product to not gain any traction and ultimately fail. Microsoft’s Zune is a perfect example – despite the company’s resources and tech expertise, they failed to understand what made the iPod so appealing to consumers. Assumptions are a dangerous territory for any new business. You should always take the time to research and understand the local context. 

Make sure you understand local consumer behavior and preferences. What works in Belgium might fall flat in Ghana. Dig into the competitive landscape and identify potential partners or acquisition targets. We’ve seen too many companies learn these lessons the hard way.

  • Build Your Funding Strategy

Different stages of growth require different funding approaches. Early-stage companies might benefit from angel investors who bring industry expertise, while more established businesses might want to explore venture capital or private equity. Create a clear roadmap of how much capital you need and how you’ll use it. Remember – investors fund plans, not dreams.

  • Get Your Story Straight

Here’s something many founders miss: raising capital isn’t just about the numbers. You need a compelling narrative that ties everything together. What problem are you solving? Why is your team uniquely positioned to solve it? Why is now the perfect time to expand? Your story should make both emotional and logical sense.

  • Plan For the Local Regulatory Landscape

Nothing kills momentum faster than regulatory hurdles you didn’t see coming. Different markets have different rules around everything from data privacy to employment law. Map out these requirements early and build them into your expansion timeline and funding needs.

Remember, this isn’t a linear process – you’ll likely need to revisit and refine each element as you go. The key is staying flexible while keeping your core objectives in sight.

Want to learn more about how we help companies navigate fundraising and market expansion? 

Please email us at derrick@paslglobal.com, and have a direct chat with our Lead Consultant.