When the time comes to grow your business into new overseas markets, you do so with the knowledge that the risk-and-reward ratio is high.
But if you make the right choice and do so at the right time, the general feeling is that the opportunities will far outweigh the threats – making your business relocation much more effective.
There are several factors you need to consider before taking the plunge.
- What are the economic conditions in the target country – thriving or in a downturn?
- What is the political situation in the target country – settled or volatile?
- What are the logistical challenges in the target country – can you move there without a hitch?
Also needing consideration are other variables, such as the ability to form your business through the transference of money and the hiring of staff. As far as international money transfer is concerned, some operators allow you to send and receive funds from overseas safely and without fees – read TorFX reviews for one example of that.
That is just a very brief general overview of what to consider when identifying possible target countries where you could expand your business. Here are three contenders that you should be considering.
One of the world’s fastest-growing economies, India also boasts the sixth-largest economy in the world with a GDP of nearly $3trn every year.
The genesis for that was a period of economic reform in the 1990s. That helped to drag India out of the doldrums to become one of the most exciting and diverse economies on the planet.
India is growing at such a rate that, if its growth continues, it could challenge China’s authority in the Far East in the coming years. That suggests the country should be on your hit list of possible nations for business expansion. India’s manufacturing, production, and I.T. services are just three sectors that are thriving.
A large population, backed by reduced taxation, increased consumer spending, and a government that is welcoming to overseas corporations, makes India a prime location for business expansion.
The world’s sixth-largest economy, France remains in the European Union’s single market. That has some benefits for would-be business owners in the country, with supply chains and staff at all levels easy to come by.
There are 67 million people in France, so a vast potential customer base awaits you, and there’s a talented pool of employees available. More than a third of people of working age have a bachelor’s degree. And, for overseas workers, there is the French Tech Visa, which is a scheme designed to give qualified international workers in the technology sector an opportunity to live and work in the country.
With a generous approach to corporate financing, France is a thriving hub of business success.
If you want to expand into a country that is primed for significant economic growth, Ethiopia could be a prime contender.
It is ‘cheap’ for businesses to move into the East African country, and the government there is trying to enhance the economy beyond a heavy reliance on agriculture – hence why firms in a wide variety of industries are setting up home there.
The figurehead for the growth has been the Prime Minister, Abiy Ahmed, who has been crucial in liberalizing Ethiopia from a political and economic perspective. One of his missions has been to cut poverty in the country, giving people more disposable income to spend, and massive investment has been made to improve the infrastructure – improving the supply chain in and out of the nation.
One of the fastest-growing economies in the world, there are risks attached to moving into Ethiopia as it remains something of an unknown quantity. But its economy is set to grow as much as 7% in the next three years, according to some forecasts, and that could be a sign of things to come.