Business growth is something that should be in the business plan of every single wannabe company out there. If you are trying to plan how you want your business to be a success one day, then you need to consider how you grow. Growth earns you a bigger brand name, more profits and a much bigger customer base.
In all that planning you’re doing, have you ever considered going abroad? Even in the very early stages of your business strategy you can keep your eyes on the prize of going global. Even if you plan to start out with smaller loads, your business can go global and be a bigger name in the industry you are in. You need to research your regulations and taxes that you need to factor in, and you need to think about what areas could be outsourced before you go truly global. With this in mind, here are some of the most important reasons you should really consider dipping a toe in the whole ocean, and not just a local pond.
- You’ll Beat Your Competition. You are going to be in competition with quite a few businesses, and you need to capture the global market before your competition gets the first. Your business may be original and doing well locally, and if this is the case, you need to break the global market before anyone comes in to copy what you’re offering. Uber is the perfect example of this, as they expanded to many countries before more copycat businesses could own their industry. If you expand early, you won’t be overthrown by the competition.
- Find The Experts. One of the best reasons to go global is that you can cast a wider net with your recruitment. You’re going to be able to find employees all over the world at a better cost, and you’ll be able to find better experts who can answer your questions and tap into the product in their country. You can expand quickly with people working your brand name all over the world.
- Get Stuck Into Help. There are incubators, crowdfunding campaigns, investment contests and plenty of grants that will help you to utilize as much financial help as possible around the world. If you plan your strategy to expand worldwide, you are going to be able to find an offer of funding somewhere – it just takes research! Pitch your strategy to accelerators and watch your business take off.
- Offer More. When you take your business around the world you are going to be able to solve more problems for customers by expanding your range. If you learn what the problem is, you can learn to meet the needs of new customers and tweak your offerings accordingly. You will have a viable business targeted to a new audience, and you’ll grow your brand at the same time.
- More Money. It’s an obvious positive side effect of going global, but driving revenue growth is going to be something you can use to increase your customer-base, too.