It no longer takes people weeks to reach their abroad destination. Rather, they can now arrive in just a few short hours. Small businesses also have a unique advantage in this technology age — the ability to easily go global and make everywhere their target audience.
However, having an international small business is much easier said than done. There are many things to consider, such as differences in culture and language, but don’t fret. Your team at MGA is here to help you overcome these obstacles and gain the full benefit of your international business opportunities.
Nearly 2 billion people shop online worldwide, making the internet one of the easiest places for global expansion.
Having your international small business online is cheaper than setting up physical shops in each individual country. And if one place doesn't work out, you can switch to another without hassle.
Also, there are no extra rent and utility expenses other than the ones in your own home or office.
You don't always have to go far to expand abroad. Marketing to nearby countries can save you both time and money. This is an excellent option because you will likely already know the language and culture, making it easier to communicate with your audience.
Finding and marketing to your target audience is key to having a successful business, and when going abroad, there are no exceptions to this strategy.
To connect with a new culture, you need to localize and be relevant to them.
If you prefer to advertise yourself, learn the customs of your country of interest and consider picking up the language to reduce translation errors. If you don't have the time to invest in localizing yourself, consider hiring a professional translation service that specializes in the area.
Working with well-known, trusted companies that have already gone global can benefit your international small business in its global expansion. Some companies will automatically translate your listings to a foreign language.
Lightweight products are the way to go for international small businesses. They can lower shipping costs, making your product more affordable for faraway customers.
If your product is already small, but expensive, consider getting insurance for your package. Some shipping companies will automatically offer free insurance up to a certain amount.
If your product is heavy and expensive to ship, it may be more profitable to stay local, especially if your country already has a thriving market.
If making your small business go global becomes too expensive, consider surveying your local target audience to gain a better understanding of their interests.
This will help your small business stand out, even if it can't go global yet.
International business opportunities are fantastic for growing your business, and with technology getting more and more advanced, new lands are becoming even easier to expand to.
To help you prosper, grow, and become a leader in your field, MGA continues to stay apprised of the ever-changing business and regulatory landscape, nationally and around the world. As international accounting experts, you will find us leveraging our knowledge and expertise to your gain — our ultimate goal.
We can help you understand the taxation and reporting required for operating outside of the U.S., or we can offer you advisory services on the challenges you are facing and map out a way forward, together.
Click here to read how we are helping other global companies grow.
If you’re a small business owner who is looking for international business opportunities, we can help.