Here is why you need to take your business abroad
I know you are probably scared, or at the very least, worried about foreign investments. Maybe you’ve seen your competitors, friends, or colleagues do it and failed, and now, even more than ever, you dread the idea of going overseas to invest your time and money. Fine, we understand you, and guess what; you are not alone. Indeed, many entrepreneurs’ hearts skip a little when they hear the phrase “move into a foreign market.” They worry about getting the right amount of funding needed, whether or not they will be granted a visa, how will they adjust to the new culture and system, is it worth the risk, and above all, is there even a market for them? While all of these worries are not unfounded, it is also important to note that businesses, whether at home or abroad, is a game full of risks, and provided the potential benefits outweigh the risk involved, then, it may be worth giving a try. As for the concerns about visas, potential markets, and funding, bear in mind the following points:
- Obtaining a visa is always dependent on your target country. And it is not as difficult as many might have you believe. Indeed, every country or region has its travel scheme, and while some may be rigid, trust me; some are relatively easy. If, for instance, you are targeting a European country, then, all you will need is an ETIAS application. You can check this website https://etias-europe.us/are-you-eligible-for-an-etias/ to see if you qualify for an ETIAS visa
- You will only discover so much about the availability of a market when you research about it. So before you conclude whether or not there is a market for you, be sure to do your research
- With the right business idea, strategic approach, and well-crafted business plan, you are always going to find investors, loans, crowdfunding, and other alternative funding sources to finance your foreign goal.
So, before you cast off the idea of going international, consider all the benefits – some of which will be discussed in the next couple of frames – it could bring your company.
Going into a foreign market unearths new opportunities
Moving into a foreign market allows you to make more sales, grow your revenue, reach more people, build your brand awareness, gain more people’s trust, and above all, become a more reputable brand. Did you know that there is a whole different world out there waiting to tap into the solutions your business offers? Without going international, how would you reach these audiences? Aside from the opportunity to raise your business revenue level, moving into a foreign market is a giant step in the right direction, which can only do your business lots of benefits if implemented well. Additionally, moving in on a niche that’s still less developed in another country before your competitors get, there could allow you to become a brand that country trusts. By the time your competitors catch on, you will have already become an established provider, giving you an edge.
Many governments provide incentives for business owners
One of the beautiful things about going abroad is the possibility of tapping into government incentives. Did you know that some countries provide tax breaks, as well as incentives, to encourage both small and medium scale businesses? While you may not be too concerned about these incentives in the first place, you will realize eventually the amount of difference they make in terms of your overall expenses, income generation, and annual turnaround. While many might have you believe that only underdeveloped countries provide these sorts of incentives, we beg to differ. In fact, according to a 2017 U.S. Congressional Budget Office (CBO) report, corporations in the U.K., for instance, pay an average corporate tax rate of 10 percent. Guess what; the U.S. rate, by comparison, is at 29 percent – the third-highest rate in the world. Just this one difference could save a business owner thousands of pounds.
Affordable moves with long-term profit potential
Many business owners often like to think that a move abroad is simply too extreme or not feasible enough for a small business budget. But neither of these fears is true in the right marketplace. Any digital business founder who has outsourced overseas knows what a huge difference reduced labour costs could make in terms of profit margins. While it may take longer to set up a business in a foreign country, it can be well worth the effort in the end in terms of saved labour costs and overall expenses. Reducing the costs of production and staff salaries by expanding abroad can give you the revenue you need to reach even higher business goals.
Perhaps lesser competitions
While you’ve had to struggle with several competitors in your home country over the years for the rather few audiences you have in the country, moving into a foreign country liberates you from having to make do with the little you are making back home. Not only does it present an alternative income stream, but it might also present little, if not zero, competitions.
Uday Tank has been working with writing challenged clients for several years. His educational background in family science and journalism has given him a broad base from which to approach many topics. He especially enjoys writing content after researching and analyzing different resources whether they are books, articles or online stuff.