If you are limiting your business to Japan, you are missing out. An overseas expansion will pump new life into your business.
While expanding your business to a location abroad seems daunting, the benefits of tapping into a new market are worth it.
Here are 4 reasons why your business should be expanding your company overseas.
Access to a Global Talent Pool
By expanding into either the United States or China, you will have access to a new, diverse talent pool. Your new talent pool will have different languages, experiences, and education.
They will also have inside knowledge of the local culture and cultural norms. Having this knowledge can prevent you from committing cultural taboos and sabotaging a potential business opportunity.
Showing respect to the local culture will be noticed and appreciated. By respecting others’ cultures, you are respecting them.
Government Incentives
Many governments offer incentives for companies looking to set up shop in their country. Sometimes these are offered at the federal level, but many local cities or state jurisdictions may also offer their own incentives.
These incentives could include the ability to receive grants or loans. Often they include tax breaks too. Some of these incentives may only be for specific industries or have specific requirements, so having a business consultant can help you navigate these incentives.
A New Set of Customers
Expanding to an international market gives you immediate access to new customers. These customers may not have heard of your products, but they may be open to trying them.
It’s also possible they are not familiar with your competitors’ products either, so they may not have existing brand loyalty. Expanding overseas is your chance to be the first to market in a new region.
New customers equal new revenue streams. You can establish even more new revenue streams if you find a gap or niche in your new market and sell to it.
Expanding Overseas Leads to Another Opportunity
By expanding overseas, you will have access to new markets that could prevent your business from stagnating. Even if you have been successful in your home territory, expanding to a new market could grow your business.
Consider the U.S. market. It’s the world’s largest consumer market, with an annual GDP of $20 trillion. Even if your business has been successful in other markets, expanding to another market such as the U.S. could lead to a boom in your business.
Ready to Expand to an International Audience?
At Glohai, we can help you with expanding overseas to an international audience. We have experience with helping over 150 companies bring their products to the U.S. or China markets.
We offer business consulting services to help you establish your brand in the U.S or China. We can also help you with developing a local sales channel. If you are looking to outsource marketing, we can help you with that too, providing you with a custom website and internet marketing. Schedule a consultation today.
