Thinking about expanding your business overseas? Here are eight destinations to consider
Ready to expand your business to overseas markets? Here are some destinations to consider.
Thanks to the internet, social media, professional employer organisations and lenient trade laws, it’s probably easier than ever today to expand your business into new international territories.
But which ones? With so much of the world up for grabs when considering new overseas markets, which countries should you choose?
When thinking about expanding your business internationally, you need to consider a number of factors. There are many companies who specialise in helping businesses expand overseas. But to get you off to a start, here are eight destinations you might want to add to your consideration list.
How McDonald’s became a global success
Before we examine these eight destinations, let’s look at a company who has managed to successfully expand into international markets.
Today McDonald’s is a successful global brand operating over 35K stores across over 100 economies. But did you know that this business heavyweight was a small food business about 60 years ago?
So how did McDonald’s grow to become the powerhouse that it is today? Here are six things it did that we can all learn from when eyeing up overseas markets.
McDonald’s food packaging, quality of recipes, and cleanliness haven’t changed since 1955.
2) Brand presence
McDonald’s have built a well known and consistent brand presence across the world.
3) Adapting to customers’ tastes
Wherever McDonald’s 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 – but without losing their own brand.
4) Community engagement
One of the reasons why McDonald’s has succeeded globally is 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 care about their neighboring communities’ business.
Where should you consider expanding to?
If you want to successfully expand your business internationally, it’s wise to borrow a leaf from McDonald’s book: 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 globalisation 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.
4) The UK
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.
7) The USA
If you aren’t operating in the US already, then you might want to add it to your list. 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.
Photo by Brad Helmink