Did you know that 87 per cent of Americans will take the chance to work remotely when it’s presented to them? That’s the reality many businesses are facing, according to this survey.
The other reality of remote work is that it can help your business quickly expand overseas. This eliminates many boundaries you would otherwise face, meaning a wider candidate pool for you to choose from. No matter your reasons for wanting to expand, it’s essential to keep a few principles in mind before you get started.
Read on to learn everything you need to know.
Eliminate Dependence on a Singular Market
If the pandemic taught us anything, it’s a problem of relying on a particular market for any business. Expanding internationally could mean the difference between success or failure for some companies during any significant event.
When you expand internationally, you allow yourself to access larger markets and more diverse demographics. That means you’re spreading your risk and income opportunities across multiple sources rather than just one, making it a lot easier to create change and face less of a chance of failure in the future.
At a minimum, it’s worth researching your industry throughout different markets to see what opportunities it could bring you in the future.
Favourable Economic and Political Incentives
Businesses have started evaluating higher risks they might face in light of the pandemic, especially when it comes to specific political and economic risks.
Suppose you’re considering expansion; research how other governments responded and their potential business incentives. It’s also vital to ensure they offer good healthcare accessibility.
Canada is a prime example of a great market to consider entering. Not only do they have a stable political climate and one of the most developed healthcare systems in the world, but the country can also provide you with access to an educated and diverse talent pool.
However, Canada is one of many countries with these attributes. It’s important to consider things like this before you choose to do business within a specific country.
No Need to Establish a Physical Entity
Traditionally, you could establish a separate entity overseas if you wanted to expand, but this can be different. Partnering with an employer of record makes the expansion process much more manageable. You’ll find that much of the burden is taken off your shoulders this way.
With this kind of access, you can access an international market and engage with the talent pool in a few days. You no longer have to wait on expensive processes or time-consuming applications. The best part is that you can leave that market just as quickly as you entered should things go awry.
Easy to Find the Assistance You Need
The best part is that finding the assistance you need regarding global expansion is simple. It’s crucial to ensure you’re partnering with the right people, but there are a few things you stand to gain by doing this:
- Market knowledge
- Access to company connections
- Decreased business risk
- Enhanced recognition
When you take the initiative to partner with a company that’s known across the market, it’s a lot easier to gain trustworthy access to the connections and talent you need. You also won’t have to worry about making the wrong move or taking the incorrect initiative, as you’ll have industry experts on your side the entire time.
Tips to Expand Overseas
What are some things you need to know before expanding overseas, though? Here are a few tips to get started.
Conduct an Audit First
The first is to take a solid inventory of the state of your business. Be honest here and ask yourself if you’re ready to leap into a new market. If you have any hesitations, wait.
Plan Out Your Hires
Whether you’re looking for one hire or multiple, it’s wise to plan things out before you move into a new market. Some countries have specific laws that might not apply in other areas, and you want to ensure you meet local compliance standards.
In some countries, you might have to register your contractors for tax purposes, while in others, you might not have to do anything. Working with an employer of record is a great way to ensure you’re doing this.
Know the Market You’re Entering
Finally, know your target market. What is the local culture like? Will the person you hire fit with your current team, or would it be better to enter a different global market?
Proper research will help you start on the best foot, and it’s essential to ensure you’re making a great first impression.
Ready to Start Your International Business?
Whether you’re looking to start your business internationally from the beginning or you’re simply looking for ways to help your business expand overseas, this guide can help you get started. No matter what you’re looking to accomplish with your new expansion, taking the proper steps can help you reach your goals, and so can working with the right company.
At Bradford Jacobs, we’re here to do exactly that. Contact us today to make your remote working dreams a reality.