Expanding your business to another country can be the next step to great success for your company. A lot of companies have seen a massive increase in profits when exporting their product to the right country. It’s not something you want to do overnight but if you have an established and stable company, you should definitely consider your options. Going global can help you out in the following 4 ways.
It can be overwhelming and intimidating to enter a completely new market in a country you don’t know that much about, but that’s what actually makes it such a good idea. You’re probably not the only one who feels this hesitation to enter into unknown territory and that reduces the competition by a large deal.
Innovation
You will get a lot of new ideas by being exposed to a new culture in a different environment. Statistics have shown that a lot of business owners make significant changes to their product, or create a better one, with their new inspiration. You’re likely to come up with ideas you would have never thought of otherwise and can put them into practice in your home country too.
The concept of getting new impulses by going global, can be so beneficial that it might even make sense to move abroad for this reason alone. Markets for certain products can be hugely different from one country to the other. A great example of this is the start-up environment of Silicon Valley.
The stories of successful businesses that started out from the Silicon Valley area are countless. It’s a very inspiring place to be in and there’s a good chance you might be pushed into a direction you would have never thought of going before.
Spread your risk
It might sound risky to expand your business to a distant country that you’re not too familiar with yet. However, the truth is that it can be one of the best ways to make your business grow.
When a period of economic downfall hits and you’re selling fewer products in your home country, your headquarters abroad might still be doing very well. There will always be outside influences slowing down your sales but by being based in different countries, your total profit will suffer a lot less from it.
If you choose a country that has reversed seasons to that of your home country, you’ll balance out the effects of the winter and summer periods. This is especially true when you sell season sensitive products like winter coats or swimsuits. It can take away the peaks in your sales and generate a more steady income.
Access to new skills
Another overlooked benefit of moving your company abroad, is that you’ll have access to employees with a different type of skillset. Educational instruction is different in every country, which has its advantages and disadvantages.
You might find that the workers in the country you’re moving to, possess a skill that is hard to find somewhere else. This could very well push your company to a higher level. People in one country can be known for their great work ethics while in another country, they might be more creative. Find out where they have the skills you’re looking for and act accordingly.
Sell more products
There’s no better way to grow your business then by selling more products. Going global can give you just that.
96% of the total world population is living outside of the US. This means that you’re limiting yourself to 4% of all the people in the world by if you’re not expanding outside of the US.
You might learn from market research that there’s no market for your product or that the competition is very weak. This makes it more interesting to enter this market. You’ll have to do extensive research beforehand and go through a lot of paperwork but a significant increase of your customer base can very well be worth it.
We at accurants experienced first hand about small business going global. Originally accurants started out as a service for US based customers however once we started getting customers outside US, we are ramping up to support customers across the globe.
With Invoicing, Time Tracking, Project Management, Expense Tracking, Mileage Log, Accounting, CRM (Customer Relationship Management) and Taxes, accurants provides the most complete solution to run your entire business, saving you time and money.
accurants is a SaaS (Software as a Service) application which enables all your employees to access your company’s data from anywhere, anytime and any device. Getting started with accurants is easy, try 30 days for FREE and explore all the features, use the software tools to see if they meet all your business’s requirements.