Globalization is an especially compelling concept for business owners to consider. Instead of appealing to one market in your own country, you could appeal to quite a few on an international level. With the rise of social media, virtual assistants, and call answering services, it’s now possible to relocate your entire company to just about anywhere in the world.
Why it’s a Great Idea
Moving your business might sound like a lot of work, but the benefits you’ll receive in the long run will pay you back for that expense tenfold. Here are a couple of key reasons why you should consider making the move:
- You might find clientele for a product you’d otherwise written off.
- There are talented employees available at lower wages in other countries.
- You won’t have to pay the cost of relocating U.S. employees if they can do their job from home and you can communicate with them via Skype.
- Higher exposure in smaller areas might allow your business to corner a market.
What to Consider When Choosing
Here are some important facts to consider when choosing potential destinations:
- Economy. If the economy is poor, your business is going to suffer.
- Political Climate. Governmental land seizures in countries like Zimbabwe can be detrimental to business. In others, political conflict makes doing business dangerous and fruitless.
- Market Power. Research well in advance whether your product or service is applicable to the market the country.
- Work Eligibility. Whenever conducting business overseas, you need to first do research to ensure that your workers will be legally employable. Work visas/work permits and other legal hurdles may arise, so it’s best that you prepare yourself beforehand.
- Language. Make sure your chosen country speaks a language you and your associates understand or can translate.
- Timeframe. In certain countries, like Australia and New Zealand, it takes less time to set up a business than in others. According to the ease of doing business index, many of the Asian countries—Singapore, Hong Kong, Malaysia, South Korea—make it quick and easy to establish business due to low regulations and relatively few obstacles.
Considering the above factors, there are a few countries that are great for relocation with regards to business:
1. Ireland
The unemployment level in Ireland is so high that overseas companies are actually providing its residents with more jobs than local companies. This represents a great opportunity for lower costs and higher skilled employees.
2. New Zealand
In New Zealand, you can set up a business within as little time as three days and with very little struggle. According to Forbes, it’s one of the fastest growing economies of 2013 and has very little red tape or political corruption for business owners.
3. Hong Kong
Hong Kong is largely free of red tape issues which plague foreign investors and business owners with a GDP of $263 billion in 2013. This growth signifies a strong economy with great opportunities for foreign business owners.
4. Turkey
Business in Turkey is currently booming and the financial sector is stronger than most countries while recent reforms have seen a decline in corruption and taxation on foreign business owners.
So, do your research and check out some of those top countries. In the long run, this kind of move will benefit your company because you’ll be exposed to new markets which give you the potential to grow your profit margin. Bon Voyage!
Ashley is a freelance writer and an occasional guest-blogger in topics related to business, marketing and social media. When she is not working she likes to travel and read as much as she can. If you have any question feel free to leave a comment or contact her at ashle.williamson@gmail.com.