In terms of actual size, the world is the same size it has always been. However, in terms of the human potential to reach across the world, the continents have never been smaller. It’s as easy to talk to someone on the other side of the planet as it is to someone who lives next door to you; the internet and technology have, without a doubt, shrunk the world.
Despite the era of globalization, some business owners often find themselves hesitating when considering the idea of international expansion. This is despite the fact that, in terms of growth, international expansion makes all the sense in the world. A new marketplace means a new customer base from which you can generate profits, and potentially push your business to the heights you want to see it achieve— yet you may still find yourself baulking at the idea.
If you have contemplated global business expansion before and always found yourself shying away from the idea, then you’re going to want to read on. Below are a few of the most common reasons business owners are resistant to the idea of overseas expansion, as well as what you need to know about overcoming those obstacles…
Worries over language barriers
If you’re going to expand your business overseas, the idea of having to potentially conduct business in a language you don’t speak might sound daunting. However, this obstacle is incredibly easy to overcome; with a wealth of translation services on the market, you can jump those language barriers without a second thought. It’s also worth noting that there are plenty of Anglophone countries you could expand into also, so language shouldn’t be considered a problem for overseas growth.
Concerns over bureaucracy
When you expand into a new country, there is an undeniable reality: you will have to meet compliance requirements for an entirely new set of laws and regulations. There is no way of sugar-coating that this is going to be a difficult process, but there are plenty of systems and services available to help you make the transition with minimal effort. It’s also helpful if you target your first expansion into the European Union, as all member states have the same rules and regulations, so you only have to adapt once and you’re then able to sell to 27 different countries!
Some business owners worry that if they try to expand globally, they will lose focus on their core market here in the USA. While this is a legitimate worry, it’s also extremely unlikely. For most companies, an overseas expansion will involve hiring new staff to run the expansion on their behalf. If you go down this route — and it’s advisable that you do — then you’ll be able to keep an eye on domestic operations, while employees overseas work on bringing your business to the new market.
As the above points make clear, expanding your business globally is possible, and there is always a solution for any problem you anticipate global expansion would bring to you.
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