Expanding your business: Where is the next perfect destination?
If you aren’t contented with the size and scope of your business, perhaps it is time you started thinking about expanding it to overseas markets. The internet, social media, professional employer organizations, lenient trade laws, and favorable business environment on nearly all continents of the world have made global business expansion easy and convenient.
When thinking about expanding your business internationally, you need to consider how big the economy is in your target market. Your destination should be ripe for your niche and the laws favorable for business growth. One of the ways of knowing which destination suits you best is to liaise with a reputable professional employer organization that operates in multiple economic blocs. The second way is to read this post to the end.
McDonald’s is a successful global brand- the envy of many aspiring business owners and leaders. It currently operates over 35K stores across over 100 economies. But did you know that this business heavyweight was a small food business about 60 years ago? How did it grow to become the powerhouse that it is today?
- Consistency: Food packaging, quality of recipes, and cleanliness haven’t changed since 1955.
- Brand presence: McDonald’s brand presence is impeccable across the world.
- Adapting to customer tastes: Wherever this food brand opens shop in a new economy, they ensure that the foods are sold in a manner relatable to the target market and that they respect the cultures of the natives.
- Community engagement: McDonald’s has succeeded globally due to their involvement in philanthropy and community service. Their customers from across the world relate to the company at a personal level because the company has made it their business to mind about their neighboring communities’ business.
Bottom line: You will need to borrow a leaf from McDonald’s when expanding your business to the international stage. Know your target market, give them what they need, and keep them engaged. That said, here are some of the places that you should consider expanding to:
Hong Kong, to be precise, would be a great place to expand due to its low friendly trade laws and massive growth opportunities. The city doesn’t impose cumbersome trade tariffs for international businesses, no crazy taxes, and the importation policies aren’t as tough as other East Asia territories.
As the most innovative country across Europe, you definitely cannot afford to ignore Sweden in your globalization venture. The country is currently making a huge investment in the medical, transport, and tech industries, something that you can greatly benefit from.
Ranking 13th in the list of the largest economies in the world, Australia is ripe for communication tech infrastructure, fashion, construction, and e-commerce, among other industries. The country is politically stable and the people here are very welcoming.
- United Kingdom
This goes without saying: The UK is a hotbed of business opportunities. The tech adoption levels here are crazily good and the workforce is the most educated and skilled across the world.
If you have a thing about the shipping and maritime world, Denmark is a prime place to try. This country boasts of the lowest corruption index and most flexible employment regulations, making it easy for you to enter and conquer. The employees’ wages aren’t constraining at all.
The food and beverage industry is prime here. The country is strategically positioned for shipping and other international trade dealings. What’s more, Switzerland is among the richest countries in the world and boasts of the most research-intensive universities world over. You will have the right people to employ.
- The Unites States of America
If you aren’t operating in the US already, then do it right away. It is the largest economy in the world, people are progressive and ever ready to consume new products and services, and the authorities are supportive of business growth. The energy provisions, transport and communication infrastructure, as well as proficiency in the English language make it easy for new entrants. Some of the sectors that are worth investing in include Energy, transportation, agriculture, and transportation.
We close our list with Luxembourg because of the government’s genuine effort to offer traders a suitable, pro-business environment. Over 51 percent of this country’s population has graduated from colleges and universities. The transport and communication sectors are pro-business as well.
Source: Sophie Jones