For many business owners, the local market is simply not large enough. These growth-driven entrepreneurs want to go global.
While launching a business overseas does have its challenges, there are also tons of benefits to be gained. For one, you get to tap into new growth and expansion opportunities while reducing your dependence on the markets that you have developed in your home country. Also, if your business is struggling due to cyclical fluctuations in your local market, you can even out your sales by gaining exposure in markets with countercyclical fluctuations.
If you wanted to start a new business outside your home country, what industries should you focus on? Some niches have more profit potential than others, as well as lower competition. To help simplify your decision-making, we’ve put together our top three industries for new overseas ventures.
Ever since e-commerce became mainstream, the industry has continued to boom year after year. Its popularity has been boosted further following the spate of lockdowns that were imposed across the globe in 2020.
The huge presence of e-Commerce giants like Amazon.com and eBay can mean tough competition for your online store. So you might consider building distribution centers to service e-commerce businesses instead.
By creating a service where small businesses in that country can ship their products for storage and distribution, you’re not directly competing with the industry bigwigs while also providing a much-needed solution in the space.
2. Digital services
Games, e-books, cloud-based software, websites, marketing, streaming music — these are all types of digital services that you could offer in your new business. Because they’re digital, you might not necessarily need a brick and mortar store, however, you are still obligated to comply with the country’s business registration and regulatory requirements.
Another related industry you can tap into is business process outsourcing (BPO). If your company is struggling to cope with IT-intensive business processes, you could delegate these tasks to overseas employees. In the past, BPO was used solely by manufacturing entities, such as beverage makers to augment their supply chains. Today, BPO applies to the outsourcing of services, such as customer care and chat support.
3. New age technologies — Blockchain/Crypto
Blockchain technology and its resulting array of solutions have taken the world by storm. So much so that the adoption of these disruptive technologies is being discussed at the legislative level of many countries.
Unfortunately, many governments have imposed tons of red tape and strict regulations regarding businesses that offer these solutions. That’s why it makes sense to consider setting up your blockchain business in a country with fairer laws and greater ease of entry.
You need a business solutions consultant to succeed in any of these ventures
Starting a new business in a foreign country is no easy fit. You must deal with language barriers, local customs, global logistics, to name a few. But above all, you must figure out how to register the business and file taxes in accordance with the country’s laws. That’s where a business solutions consultant comes in.
At Accountants Without Borders, we help companies in and out of the United States with custom business solutions. With our professional consultancy services, you get to work with a dedicated team that is ready to provide expert assistance when you need it, particularly in the areas of tax consulting, planning, and tailored business strategies.
Our team can also help you navigate the nuances of expanding your business on the international level, as well as help you avoid common mistakes that can hinder your run to success.
Get in touch today
Whether you’re a US-based entrepreneur looking to launch a new venture in a foreign country or a business owner looking to commence operations in the US, we are here to help. Partner with Accountants Without Borders today and let us help get your venture off to the right start. Simply email us at email@example.com or reach us through our contact form for a quick consultation.