Forget everything you think you know about taking your business overseas. It's not just for big businesses, and it won't break the bank.
In fact, it's a smart and impressively cost-effective way to reach new levels in your niche.
Branching out of the United States can allow entrepreneurs to break into untapped markets and expand their companies in ways that aren't possible within national borders.
Before you cast off the idea of going international, consider all the benefits it could bring your company.
It helps you unearth brand new business opportunities.
Moving your business to another country will give you access to untapped markets outside the United States. Moving in on a niche that's still less developed in another country before your competitors get there could give you the opportunity to become a brand that country trusts.
By the time your competitors catch on, you'll have already become an established provider, giving you an edge.
Conduct appropriate market research to see which country might be right for you, as well as the current climate for your products or services in a given country.
In China, for example, some of the most popular markets right now include fashion, jewelry, beauty accessories, vitamins, and trendy snacks. Weigh the risks vs. rewards of entering a new overseas marketplace before making the move.
Many governments provide incentives for business owners.
Part of what makes going abroad so affordable, even for small businesses, is the opportunity to capitalize on attractive government incentives and tax breaks.
Corporations in the UK, for example, pay an average corporate tax rate of 10 percent, according to a 2017 U.S. Congressional Budget Office (CBO) report.
The U.S. rate by comparison is at 29 percent -- the third-highest rate in the world. This difference alone could save a business owner thousands of dollars.
Many countries offer other incentives to attract small businesses, such as Malaysia's federal portal that helps business investors find ways to save money.
In New Zealand, companies can incorporate their businesses in just one day and register a property in two.
Norway's government is active in communicating digitally with small business owners, making registering and complying with tax laws more easy and straightforward.
The bottom line is, explore all potential government incentives and tax breaks of moving to another country to see if it's right for you.
You can make affordable moves with long-term profit potential.
Many small business owners think a move abroad is too extreme or just not feasible for a small business budget. Neither of these fears is true in the right marketplace.
Any digital business founder who has outsourced overseas knows about reduced labor costs and how it can help profit margins. This has inspired thousands of American business owners to move their headquarters or factories to other countries already.
While it may take longer on average to establish a business overseas, it can be well worth the effort in the saved costs and better bottom lines over time.
Reducing the costs of production and staff salaries by outsourcing or expanding abroad can give you the revenue you need to reach even more markets, produce new products, or scale your company.
It can breathe new life into the company.
Thanks to business-friendly laws in countries such as New Zealand and Singapore, doing business in other nations is easier nowadays.
While you should always work with partners on the ground in your new country as well as expert advisors to help you navigate the red tape of making a move, in certain countries you'll find that favorable small business laws help rather than hurt your ability to relocate or start new offices.
If you're not experiencing the success you thought you would in the U.S. market or you simply want to mix things up at your current company, consider going abroad.
The tax incentives and revenue potential at the very least can breathe new life into a business operation that may have been stagnating. It can even give you new passion for the work you're doing. It also might be the move that brings about decades of future success for your brand. You won't know until you try.