I’m going to be brutally honest, most people don’t understand all the amazing opportunity in this world.
Hell, most people will never comprehend all the glorious things that happen beyond country borders because they grow up in a close-minded society that caters only to domestic attitudes.
This way of thinking inspired me to start this blog, and it inspires me every day to pursue my goals and teach others about all the great opportunities they are missing out on, both personally and professionally.
Due to my love of business AND travel, I will be focusing on the benefits of international business.
Whether you are a freelancer, entrepreneur, or have an established business looking to expand, exploring foreign markets can make your business exponentially more successful!
You have access to a wide variety of developing markets, you can save a shit ton of money from tax benefits, and have a brand that comes to the top of people’s minds through global brand recognition.
Below are five key reasons you should start thinking about doing business abroad.
New Market, More Customers
Expanding operations to new places can attract a whole new customer base because the product/service you are offering may not be available in another country if it is perhaps not in the way you are offering it.
Just because the USA has an established fintech industry doesn’t mean other countries have one also. Thailand for example is currently undergoing tech startup growth meaning the opportunity to capture a new market is ready for the taking. This is the main reason most large companies engage in foreign direct investment (FDI), the international landscape can catapult their product to the top in new markets.
Access To Different Talents
There are talented people all over the world, not just in your domestic country. Did you know people from different countries think in their own unique way and have their own mindset?
People in Japan for example focus on fixing a problem rather than blaming a specific source and as a result, are typically calmer than an American. Thai people tend to be very good at customer service due to the kind-spirited nature of the culture. Having diverse mindsets allows companies to tackle problems and solutions in a multitude of ways.
Ah yes, another important reason to venture abroad in your business. Offshore tax benefits greatly reduce costs that companies would otherwise pay is based in their home country. Take for example the USA, it has a corporate tax rate of 21%. This means a $1 million profit would actually amount to $790,000. That $210,000 goes to the government UNLESS you operate in a foreign country with lower rates. Cayman Island has a corporate tax rate of 0%!
While traveling in Laos I met a French couple who does high-end graphic design based in the Cayman Islands. They are able to travel the world large in part to having to pay no taxes. I know money isn’t everything, I even stated that on the home page of this website, but saving 10, 20, or even 30% of profits is (excuse my language) ****ING great. Another common tax haven is Ireland having only a 12.5% corporate tax rate.
Strong Brand Recognition
If you were given a choice between purchasing an Apple iPhone or a phone made by a small company with no recognition which one would you choose? My guess is you would most likely select the Apple iPhone because Apple is a reputable brand, you know what you’re getting.
Some of the greatest companies are so successful because their brand is recognized worldwide meaning they have successfully penetrated foreign markets.
Don’t just say “British people really love my product” but rather “British and Vietnamese people really love my product.” The more people that respect your business the more reputable it’ll be which will ultimately lead to success.
Even if people view your product in different ways, the fact that they view your brand as a major player shows your credibility and strength.
Entering a new market is one thing but being able to truly understand different cultures allows everybody in the organization to relate to different cultures.
Why is it important to understand other cultures in business? Because to satisfy a new customer base you must adapt to their way of life. McDonald’s doesn’t just sell hamburgers in Thailand, they put Thai flare into their Thailand locations.
The Ronald Mcdonald statue in the storefront bows, the menu has local Thai favorites which ultimately sets it apart from the competition.
Understanding the business culture can lead to an appreciative group of customers who are willing to come back time and time again.
Your opportunity for success doesn’t end in your own country, it is simply where it begins.
Listen, I get that not everybody is suited to pursue a lifestyle involving international business. Some of you have families or other responsibilities which require you to stay where you are and that is no problem. But it’s imperative that you understand all the amazing places and people all over the world because someday you may have the opportunity to better yourself and your company.
What You Can Do Right Now
I want you to simply think of countries that interest you. Places you have already traveled to and places you aspire to travel to. If you have never traveled and don’t plan to then here is my advice: get you ass in gear and travel RIGHT NOW!
You will never know what opportunity you are missing if you never have experienced it. Once you discover a place you love this will create a gateway for your business.