Have you been thinking about taking your business operations abroad?
Global expansion naturally contains a degree of risk, making it seem daunting. However, most companies enjoy a range of benefits when they reach the international level.
While this action isn’t ideal for every team, it can help you unlock new potential, discover opportunities, and build your business exponentially.
Ready to achieve that progress you’ve been pursuing for so long? Today, we’re sharing some of the most powerful reasons why working abroad could be the wisest move you can make and how to put the wheels in motion.
Find New Business Opportunities
When you conduct operations in a different country, you have access to an entirely new market that might have been inaccessible to you before. It includes segments and niches that your competitors haven’t even accessed yet.
If you can be one of the first to reach these areas, you could see the difference in your bottom line. Indeed, nothing fuels company growth like getting in on the ground floor and building business trust with clients and partners who haven’t worked with anyone in your industry yet.
It is particularly brilliant if you’ve essentially saturated your market at home. After firmly establishing your presence in one region, it’s easier to branch out into new territories. There, you can find opportunities for further acceleration and momentum.
Start by conducting market research to determine where there’s a real need for the products or services that your business offers. Then, strategise ways you could enter those markets through global business expansion.
Leverage Different Tax Policies
Many countries have business tax policies that are more lenient than the ones in the United States. If you pursue remote business growth, you may be able to funnel a portion of your profits through those structures.
It can mean significant corporate tax savings, even if your business is small. You can then use that money to re-invest in your team, enhancing and expanding your operations even more.
Especially as tax rates continue to rise in the U.S., reincorporating your firm in a country that doesn’t tax corporations as highly can be an attractive option.
Grow Your Brand Reputation
Think about it. Reputation is all about who you know. If that’s the case, the best way to build your business reputation is to know more people! As you expand overseas, you’ll have access to entirely new teams, clients, customers, and partners.
These connections can increase your prestige and grow your presence. It’s hard to become a household name when sitting comfortably in one spot. The more you get out there, the easier it is for prospective customers to hear and learn about your brand.
As this opportunity comes your way, ensure you take full advantage of it. As you expand, take the time to listen to your new audiences and discover what they need and want. Take their culture into account as you develop new offerings, and make sure they know you’re incorporating their feedback.
Before long, you won’t just be a recognisable brand — you’ll be a trusted one.
There are many reasons why your business might be fizzling out at home.
Your local market might no longer be as interested in your products. Your labour and production costs might be too high to handle. It might be challenging to find and retain qualified employees.
If you’re struggling or closure is on the horizon, consider moving overseas before closing your doors for good. The tax benefits and revenue opportunities abroad can help you regain your financial footing, while the change of pace and location could revitalise your business inspiration. Sometimes, it only takes one move to make a world of difference.
Take More Business Risks
Compliance regulations can make it challenging to take many business risks. You might feel limited and restricted at work when there’s a ton of red tape in your way. Taking significant risks is usually off the table with so many basic terms to meet. It isn’t usually the case when you expand abroad.
If you can move your company into an area with more relaxed regulations, it’s much easier to innovate and grow. Some global economies operate with little to no interference in business operations, freeing your team to take many chances without fear of reprimand or reproach.
Appeal to a Wider Audience
As you expand, you’ll be able to produce more units. Each unit becomes less expensive to produce the more you put out.
While this can work wonders for your profit margins, the equation only works if the need exists. You’ll have to sell to a more significant number of customers before you can see any real cost reductions.
You can offer your products and services to a much wider audience when you enter new markets. It expands your growth potential exponentially, and you can finally enjoy those economies of scale.
A physical presence builds trust and enhances your exposure. It is especially true when you hire remote workers to live and work on-site in these new territories. Local customers will be more willing to buy from a brand they know and believe to be credible.
Long-Term Growth Potential
While establishing your business abroad might take a while, the work is worth it. Many countries offer resources that allow you to save a great deal of money, including lower labour costs and more efficient production technologies.
If your goal is to achieve short-term growth only, then the costs and risks of moving overseas might not be worth the effort. However, if you want sustainable, continued success, it’s worth considering if a global expansion is viable.
Is Working Abroad Right For You?
There are many advantages to working abroad. However, it might not be the best option for every company. Before making significant decisions, speaking with a qualified, experienced business consultant is best.
At Bradford Jacobs, we’re here to help our clients navigate every aspect of international expansion. We know the challenges and errors to avoid and the proper steps to take.
To learn more about our services and get started, feel free to reach out to us today!