6 reasons why going global is a smart choice for any small business owner
On the face of things, the concept of going global can seem daunting.
I get it. ‘Global’ seems like a big word, doesn’t it? It can sound like something reserved for big brands, not an option for small business owners like you.
Perhaps you’re hesitant because you don’t speak any foreign languages or you think you don’t have the money it will take to launch your business in another country.
If you want an excuse to just stay within your comfort zone, selling to your national market, you won’t have any trouble finding one.
But the truth of the matter is, there are so many advantages of going global as a small business. And tapping into those advantages involves far less time and money than you might think.
Have you been on the fence about whether taking things international is the right choice for you and your business?
In this article, we’ll dig into six reasons why going global is a smart choice for ANY small business owner – including you.
Reason #1: By going global you diversify your business
Often, business owners think that to diversify their business they need to offer a new product or service. But on top of that, or instead of that, there’s another route you can take.
Selling to more than one market is a great way of making sure all your eggs aren’t in one country’s basket.
If you’re only selling to your domestic market, then you’re putting yourself at risk in times of crisis.
But if you’re also selling internationally, then you’ve got a buffer should your sales at home fall off a cliff thanks to a tricky political or economic situation.
The pandemic has been a wake-up call for us all. We never know what’s coming around the corner, so make sure you’re giving your business the best chance of riding out any future crisis.
Consider targeting other regions with a better or more stable economic situation.
In Germany, for example, despite the pandemic, the overall private assets of Germans increased by 7% in 2021.
Reason #2: Going global is easy in our digital globalized world
The internet has its downsides, but when it comes to growing a business it’s a dream come true.
Growing a business on a global scale has never been easier.
Thanks to the internet, social media and modern technology, it’s possible for any business, even those made up of just one hard-working person, to sell to an international audience.
Reason #3: By going global you can easily scale your business
Every business owner reaches a point when they decide it’s time to scale their business. To take things to the next level.
And there are various ways you could go about that – but selling internationally is often one of the best and simplest options for solopreneurs and small teams.
One of the advantages of going global as a small business is that you’ll be able to sell what you already have to another audience.
You don’t have to reinvent the wheel, constantly come up with new product ranges or new business ideas to generate more income. You simply target a much bigger audience.
Reason #4: Going global requires only moderate investments with a huge potential ROI
Going global isn’t as expensive as you might think.
The main investment involved in taking your business across borders is hiring a translator to get your copy and content done. In addition to the costs involved for any ads you want to run in your new target market.
Want a ballpark figure? The cost of translation will probably be similar to what you spent on your original copy and content in English.
And when you consider the potential ROI involved, you’ll start to understand what a lucrative opportunity taking things international could be.
Reason #5: Going global could give you more free time
I wouldn’t mind betting that a large part of why you started your small business is that you wanted to be your own boss and have a better work-life balance.
But it’s so easy to get so involved in your business and so carried away with all the ideas you have that you forget why you started in the first place, and end up working all the time.
Going global is a great way of still allowing your business to grow without working 24/7. As mentioned in reason #3, you can simply sell existing products and services to more people.
Another of the advantages of going global as a small business is that increased revenue will give you the financial flexibility to outsource more work or build a team to do things for you.
So you can start to take a step back and enjoy the results of all your hard work.
Reason #6: Going global can make you feel more fulfilled and motivated
Small business owners are usually dreamers, and we never sit still for too long. We’re always thinking about our next project.
If your business is just ticking along and doing well on your domestic market, you might be starting to get itchy feet.
Starting to sell internationally is a great challenge, that isn’t too stressful. It’ll put a spring back in your step and help motivate you to keep up the excellent work.
At this stage, I think the question isn’t so much whether you can afford to take your business global, but whether you can afford not to.
Diversify your business and make it more resilient. Boost your profits, take the opportunity to improve your work-life balance and enjoy the thrill of a new challenge.
All without investing nearly as much money, time and energy as you might think.
Get the process kickstarted now, and you’ll be reaping the benefits before you can say ‘diversification’.