Business expansion is exciting and a sign that you are doing incredibly well. In this day and age, it isn’t uncommon for companies to open new offices in different countries as part of their expansion. There is no denying that expanding overseas has its advantages and for anyone who is considering moving their office or opening an additional office abroad Blackthorne has put together a list of the reasons why you should bite the bullet and go for it.
Tap into new markets
To put it simply, for many companies, the international expansion offers a chance to reach and impact on new territories. Moving your business to another country will also give you access to untapped markets. Think carefully about where you move to and conduct appropriate market research to look at which country might be right for you. Ensure you also research into the current climate for your products or services in a given country.
Being able to offer a service or product that is less common in another country before your competitors get there before you is always a bonus. This will give you the opportunity to become a brand that the country trusts. By the time that your competitors catch on, you will have already become an established provider, giving you an edge.
Additional investment opportunities
Of course, the additional investment opportunities that foreign markets can offer shouldn’t be overlooked when considering international expansion. For example, many companies are able to develop new resources and forge important connections by operating in global markets.
These investment opportunities will also increase your business’s exposure. Greater brand recognition across the world can potentially facilitate further expansion in the future. Not to mention the fact that it can also help you gain more respect from customers and businesses in your market as they will be more likely to view you as a major player in your industry.
Governments incentives
Part of what makes going abroad so affordable, even for small businesses, is the opportunity to capitalise on government incentives and tax breaks. Many countries around the world offer irresistible incentives for companies looking to expand their operations internationally, as it brings new business to their countries.
Different countries will be able to offer you different things, some of which will work well for your company and others that may not make as much of an impact. Take the time to explore all potential government incentives and the tax breaks of moving to another country to see where is best for you and your company.
Access to new talent
Another excellent benefit of taking your business overseas is that you will get access to a new pool of potential employees with unique skills and fresh mindsets. In many cases, international employees can offer companies unique advantages in terms of increased productivity, advanced language skills, diverse educational backgrounds and much more.
It isn’t uncommon for companies to find new employees that have skills that are almost impossible to find in your home country. This then gives you an edge on other companies in your field that have not yet ventured overseas.
Long-term profit potential
Ultimately, most companies expand overseas to bring in more profit. The majority of decisions made in business are done so with money in mind and a huge decision like this is no different. Numerous huge successful business owners have already moved their headquarters or factories to other countries so, it is clear to see that it works.
The saved costs and better bottom lines are a real incentive to companies contemplating the move. On average, when opening an office overseas the reduced costs of production and staff salaries can give you the revenue you need to reach even more markets, produce new products or expand your company further.
Making the big move
After taking into account all of the benefits of expanding or moving overseas they greatly outweigh any negatives and it is almost always worth the risk. Of course, moving or opening an office abroad isn’t as straightforward as it is in the United Kingdom so you might want to consider working with a team of experts who can make the process much easier.
Blackthorne is here to assist you with all of the important legal aspects of the move. They can be your Importer of Record (IOR) and ensure that you meet all import and export guidelines required by the UK and the country you are moving to. Our IOR services include ensuring that your company abides by all export compliance and that any fines, duties, fees and levies that are part of the import get paid. You can trust that with their help your overseas move will be simple.
