Go Global: 6 Key Benefits of Expanding Your Business Internationally
The success of your business can be subject to factors you might not even be aware of. For instance, your business might be enjoying great success locally, and certainly you’re enjoying that success. You might even be considering expanding. However, have you ever stopped to consider that your business might do even better if you were to go global?
Once a small business reaches its peak, doors open for more profitable operations through expansion, and the internet makes international expansion easier than ever before. While this opportunity isn’t for everyone, it just might be for you.
Of course, you will want to do your homework before you make such a move. You’ll need to consider whether there will be a market for your products in the new country you’re considering expanding to, for example. Also, you’ll want to ensure that you have sufficient resources and staff to expand in this way. Additionally, take into account regulations in the country you’re considering expanding to, as well as the different customs and expectations of your new customer base.
However, the other side of that coin is that without expansion you risk losing big profits that might otherwise be yours. Consider the following benefits of international expansion for your business.
RELATED ARTICLE: EXPORTING INTERNATIONALLY: A BEGINNERS GUIDE
1. You Could Gain a Completely New Customer Base
While human beings are pretty much the same on the inside, the effect of upbringing and environment can generate completely different perceptions, ideals and preferences. As a business owner, you can set your business up in a new country to take advantage of these differences.
You’ll be bringing in fresh new products and services, possibly previously unknown in this new locale, and you just might find an enthusiastic new customer base. At the very least, you’ll have a brand new opportunity to present and market your business, and that could be enough to get your own juices pumping again.
2. Your Product Could Satisfy an Unfilled Need
What if your company provides a product or service that no other company is currently providing in your potential new international market?
Even if your product or service itself is not completely new to your international customers, the quality of what you offer might be higher than they’re familiar with. And if your business were to provide a solution that currently didn’t exist at all in your new market, your business could enjoy a period of unprecedented growth.
If you’re worried that shipping your products overseas could be a hassle or that the cost of shipping might cut too deeply into your profit margin, rest assured that pricing plans can always be worked out. It just might be that you’ll be able to offer your new international customers a great deal on your quality products or services when you go global.
Consider, too, that the more people who know about your company and what you offer, the better it is for your business.
3. Escape from Your Local Competitors
Expanding outside of local borders could help your company get away from competitors that are making life difficult back home. If you have to share the market with cutthroat rivals, go global. International business could allow your company the relief of tapping into a brand new market.
4. Work with New Investors
Just as you’ll gain a new customer base by expanding internationally, you’ll also be able to attract new international investors. With new investors come fresh ideas, too, so stay open to the possibilities.
5. Learn a New Culture
One of the fun advantages of expanding internationally is that you’ll get the opportunity to travel to your new market. Learn the language, if you don’t already speak it. Immerse yourself in a different culture. Sample a novel cuisine. Become acquainted with unfamiliar customs and expose yourself to exotic experiences.
6. Gain Access to New Talent
You could decide to set up shop in your new international location. If you do this, you won’t need to rely completely on the internet to conduct business with your new market. What’s more, you’ll get the opportunity to work with talent culled from the local scene. New ideas and innovations could be the result, benefiting your business in ways you might never have imagined otherwise.