If you are feeling as if your business is going pretty well this year and you need to find a few ways to grow it and thrive, one of the things you can consider doing for yourself and your business is going international. When you choose to take your business across borders and to other parts of the world there are always benefits to be had, and today we are going to take a look at just a few of these.
1. Increase sales
If you are currently doing well with your business but you feel as if you have reached your peak for your chosen country, it can be hard to know how to fix it and make sure you can expand further. The easy answer is to take your business across to a new country where you can expand and build a new audience. As soon as you take your business across the world you will be in front of more people, and more people always means that you can make more sales.
2. More profits
One of the good side effects of taking your business across the world to new places is the fact that you will be able to get supplies cheaper by exporting and importing, and you will be able to manufacture your products for a smaller cost. The beauty of doing this is that you can keep your prices the same and then in turn this will mean that your profit margin is increased. It will be a good thing for you and it allows you to sell and make a larger profit every time.
With all of the craziness with different economies around the world right now, it can feel like a struggle to stay afloat at all when you want to thrive in the business world. With Brexit and Trump there will always be issues politically which can affect your business, but if you run your company internationally you are less likely to be affected by anything which happens. This keeps you secure and protected which can be a huge blessing in disguise.
Following on from the point above, if you always make sure that you are working through multiple channels and within more than one market you will be able to stay afloat for longer and this will bring you stability as a business. You won’t have to worry so much about what happens in one area or with one product because there are different regulations all over the world so you can always benefit from wider reach.
When you take your business international and you start to do business in more than one place, one of the main things which you will see is the difference in markets around the world. Every country carries out business in a different way and they also have a different market strength and different needs. By doing business in more than one country you will notice that you are much more able to come up with new ideas and change the direction of your products to suit your audience.
6. Fit into a gap
A lot of the time when you enter the market in a country such as the US, you will notice that there are thousands of other companies doing the same thing as you and this can make it hard to make your voice heard over the white noise. However when you decide instead to go into a whole new country, you might notice that the market is radically different. Not every country is equal in their supply and demand and this means that you could be one of the only, if not the only, supplier of your chosen service or product. This can make a massive impact on your ability to do business and it can be exactly what you need to help you grow a little more.
7. Exchange rates
One of the things which you will always have to consider when you are looking to sell products and buy supplies is the different in exchange rates between countries. Of course if you are able to buy a product from a lower exchange rate country then you can get the item cheaper, and this can work the opposite way around when you look to make a profit. If you are able to sell the same product at the same price: I.e $100 and £100, you will make a bigger profit with the UK sale because their currency is worth more. This means if you can do this around the world and keep the price the same, you will stand to make much more of a profit.
8. Educate yourself
There’s more to building a successful business than looking for the best way to make a quick profit, sometimes the benefit of going international is the skills you will learn. For example if you were to start selling products in Germany you would likely learn about technology and engineering which could help you to expand your product range and maybe even improve what you already sell. The UK can be great for technology and creativity so it will allow you to nail your marketing plan… every country has their own merits so make sure you try out some of their methods.
9. A new audience
The beauty of going into a whole new area or a country with your products is the fact that you will be putting it in front of brand new people. When you are feeling stuck in a rut with your business there is nothing better than finding a wider audience to sell to because they will be new to your brand and will likely be more interested. You will be able to gain a bigger reputation this way and this is one of the things which can help you to grow and thrive as a brand. In the end you will have a huge audience who is stable and who will support you.