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A small business blog featuring tips to help entrepreneurs succeed in the small business world. Topics include family business, human resources, marketing, money, networking, operations, ownership, startup, taxes and technology.
Expanding Your Business Overseas: Why and Why Not?
At some point in the self-owned business timeline, an entrepreneur will inevitably face the question of whether or not to jump in the deep end and go global. Some entrepreneurs, like myself and the photography business I started, don’t necessarily have the means or desire. I want to stick with my local market. Others, however, especially businesses who provide a tangible product rather than a service, could easily stretch their boundaries beyond the shining seas.
To some these may be excuses, to others, legitimate reasons to evade a risky venture:
• Language barriers.
• You may be unfamiliar with cultural practices and etiquette.
• You may be unfamiliar with local law and politics.
• Limitations of foreign labor laws.
• Time consuming and complex.
• Difficult to find a partner you can trust.
A list of reasons to overlook the risks in order to help your business grow:
• 95% of the worlds’ consumers reside outside the U.S. (according to the Office of the U.S. Trade Representative) – those are all potential new customers!
• Possible untapped market.
• Because if you don’t, your competition will.
• You don’t have to actually move overseas to do business there – the internet is your gateway to expansion.
• The risk, reward and challenge are appealing.
Whatever side you teeter toward, remember that going global doesn’t have to be a “right now” sort of thing. It’s always a possibility that you should consider, simply because you’re a business owner. If you are considering such an expansion, then there is a lot of work to be done before you begin. Be sure to check back the rest of the week as we continue discussing Expanding Your Business Overseas.
Related Small Business Buzz Posts:
Expanding Your Business Overseas: Labor Laws
Expanding Your Business Overseas: Protecting Your Product
Expanding Your Business Overseas: Money and Taxes
How You Know It’s Time to Grow
The Lawsuit Risks of Having a Website