Global expansion can open up major opportunities for your business - from cost savings to talent retention to fostering new relationships. Once reserved for companies with significant financial clout, these benefits are quickly becoming more and more accessible for start-ups and SMBs too.
In this article, relocation service provider PerchPeek investigates the B2B solutions that make international expansion accessible for small-medium businesses.
COVID-19 Has Not Halted Global Expansion
With high levels of uncertainty during the COVID-19 pandemic, you would be forgiven to expect that companies previously planning global expansion would hit the breaks as a result of lockdowns. Not only did social distancing measures mean drastic changes in operations, but many businesses also had to reassess their top strategic priorities with a laser focus on cash preservation, while maintaining customer experience and employee engagement.
However, according to recent studies, most businesses haven’t been deterred by the impact of the pandemic and they're still moving forward with international expansion. In fact, only 37% of companies shut down their international growth plans due to COVID-19.
Interestingly, almost 80% of global employers are considering remote hiring. With so many service-sector staff working from home, questions have been raised around whether everyone even needs to be in the same country as their business HQ. As a result, the creation of entirely new workforces abroad is highly plausible.
How You Can Start Your International Expansion Journey
Over the past decade, the financial, cultural, and logistical barriers to global expansion have been significantly reduced by globalization, improved information sharing, and better support for new companies trying to enter foreign markets.
Below, we share some of the most accessible international expansion options to help start-ups and SMBs get started.
Support for Creating a New Workforce in Your Target Market
One of the key benefits of operating in a new market is access to top international talent. While hiring talent abroad can be really challenging, there are simple solutions available to help your business overcome these barriers.
For example, Omnipresent is a global employment services provider dedicated to helping companies access and hire remote talent worldwide. By supporting businesses in onboarding, payroll, and benefits management, Omnipresent ensures they have the necessary tools and support required to build international teams compliantly.
Partnering with Omnipresent is a simple and affordable way to create new workforces in your target markets for international expansion.
Support for Relocating Team Members to Your Target Market
Sometimes relocating existing employees is the best solution for companies who want their experienced leaders on the ground during expansion.
However, this process can be extremely lengthy and costly, especially if you choose an unreliable and inflexible relocation agency for support. After all, a terrible moving experience could mean losing your best talent!
PerchPeek is a new game-changer in the market, making relocating employees much easier. The PerchPeek app helps guide employees through every stage of their move from their own sofa - at a fraction of the cost of a relocation agent. PerchPeek also has 200 global experts available to give advice on new locations, from neighborhoods to electricity bills to visas.
As well as massively reducing the stress and anxiety of international moves, moving your team into new markets is far cheaper and quicker than it use to be if you get the right support.
Support for Setting up Your IT team in Another Country
One of the easiest functions to access and manage from another country is your IT team. Many companies operate their developer and internet support teams in East Asian and Southeast Asian markets like Taiwan and the Philippines, where there is strong connectivity and relatively low costs.
Companies like Distributed offer pay-as-you-go access to high-quality tech teams and vetted developers from around the globe. They source their best-suited talent based upon your requirements, making your next digital project hassle-free.
Support for Entering the US Market
Businesses that want to expand to the US market often face a daunting task in terms of administrative setup, compliance laws, and tax requirements. This has previously made entering the US market a very challenging prospect, despite its major financial attraction of valuable business partners and well-paying customers.
Luckily, there are companies out there that can help businesses like yours enter challenging markets like the US. For example, Firstbase.io helps start-ups with incorporation in the US by offering support in venture capital, managing legal and regulatory strategy, and providing knowledge on how to best utilize the start-up “infrastructure” of the US.
When it comes to entering new markets as a smaller business, teaming up with trusted partners is the way to go.