Going global isn’t easy. It takes a lot of research and planning, as well as a dash of good old creativity. However, there are many opportunities for expanding your business into a global market, and it’s a great – and achievable – way to find another niche. Let’s take a look at some the reasons why you should consider a bite into some foreign marketplaces.

1/ Extend product lifespan.

Whatever country you are located in, at some point sales could start to stagnate. It’s the natural way of things in business, and plateaus will always happen. However, if your product is unique to your country of origin, there is a genuine opportunity to extend its lifespan by moving it abroad. You will need to research the market first, and your product may need to be adapted slightly. But those opportunities exist, and if you are smart you will seek out ways of grabbing them.

2/ Opportunity to diversify.

An entirely new marketplace will also give you the chance to diversify. You could plan to bring a product to a different country, for example. But in your research stage you could discover that a complimentary product is also unavailable in that country. And that means you could go straight in with an appetizing proposition.

3/ Reduce risk.

Business markets are just like the stock exchange. And, as any top investor will tell you, it’s important to spread your risk when playing in shares and bonds. Moving into a global market will help you cover your risk against local problems in your industry. You will significantly reduce dependence on your current markets by spreading your risk. And that could be the difference between failure and success.

4/ It’s a global market, anyway.

The Internet has opened up trade across the world. So it has never been easier to test the water, and the only real issue is the fluctuating currency rates. However, there are many services that can help you make your transition. An international exchange broker, for example, can help you find the best currency rates. And, most importantly, it will stop you from losing money on an ever-changing exchange rate.

5/ One long season: counter seasonal fluctuations.

‘The sun never sets on the British Empire’, goes the old saying. And the same applies to global businesses. This is especially true if you are a seasonal business. You can make sales during the summer in one country, and follow the sun to your other territory all year round. You will take advantage of the opportunity to maintain consistent cashflow all year round.

6/ Brings new skills to workforce.

Different countries are good at different things. And that can only be a good thing if you want to expand. Employees from foreign countries could help you find new ways of working that you have never considered before. And those sort of skills could have enormous benefits for your company in the future.

As you can see, there are plenty of advantages to taking your business abroad. Not only can it lead to more profits, but it can also help you develop new markets. It’s a lot of work, make no mistake, but if you can plan carefully there is no reason you can’t do it. Bon voyage!

Being a small business doesn’t necessarily mean you have to think small. Technology now makes it possible for many small businesses to expand globally. Take advantage of the skills and market other countries offer.

Doing business around the world can seem a long way from doing business in your current city or town but once you take that calculated risk, you will find better ways to sell even more or provide services across the ocean.

Contributor

This post was submitted by a contributor. Check out our Contributor page for details about how you can share your ideas on starting a business, productivity or life hacks with our audience.