The world is becoming smaller than ever, and you should be looking for ways to expand your business into the emerging markets around the world.
Some of them may be familiar to you, but your reasoning for entering the market must be solid as well. Let’s take a look at three of the best opportunities so that you can make an informed decision about where to move your business next.
It is no surprise that China has the greatest market potential of any emerging market today, if it is still to be called emerging. However, what you may not know is the lead time for expanding into China. You will need six months just to get through the red tape even if your business is completely ready for expansion in every practical way.
You will also need to invest in an international regulatory compliance officer or consultation company to keep up with the constantly changing regulations within the country.
With all of the attention on so called “emerging markets,” many people are overlooking the obvious choice of expansion into the UK. Unlike the bureaucracy of China, you will experience perhaps the fastest bureaucracy of any country that you expand into.
The common language and the cultural similarities create a bond between companies that move between the US mainland and the motherland; the only hiccup to worry about is immigration sponsorship if this becomes necessary!
In 2012, the World Bank itself actually called Singapore “the easiest place in the world to do business,” and that narrative continues to this day. Business registry in the country can be done easily through an online platform.
The human resource pool in Singapore is among the best in the world, with a labor pool of talented people who are backed up by a full network of employment services with the sole purpose of matching them to foreign business opportunities. The country is also an emerging market with a rising middle class, so you will be able to sell what you make domestically as well.