When it comes to expanding your business venture beyond your home country, the idea can seem daunting.
It’s the dream for most businesses, but when tasked with the reality, it can feel like you’re wandering into the dark without a lantern. After all, you are considering expanding your business into countries you don’t know, in a culture that is alien to you.
Nevertheless, global expansion is the goal, and the US and Europe are common goals for most Brit entrepreneurs, but why not think a little more adventurously?
After all, if you’re going to be taking such a huge leap, why not take it somewhere there’s real profit to be made: emerging markets.
Not convinced? Think it’s tough enough to expand, never mind into a potentially unstable market? Here’s why emerging markets could hold the key to your business success.
The Emerging Markets You Need To Know About
The BRICs have been the central focus for emerging markets for some time now. BRIC is an acronym for Brazil, Russia, India, and China; identified as the markets that are truly going places. If you want to target your business to countries that are really beginning to build their economic fortitude, then the BRICs are hard to overlook.
There are other markets to consider, too. Bangladesh and Pakistan are offering more and more to the clever overseas entrepreneur, and are undergoing radical transport and infrastructure improvements that you might want to take advantage of.
Business Success Always Involves Risk
Sure, the idea of shipping to China or opening offices in Bangladesh might be scary; it’s a world you don’t yet know. However, business is always going to involve an element of risk. Curing your risk aversion is essential if you really want to make it in the business world.
If you’re not willing to take those leaps and test the waters in a new marketplace, then you’re always going to be running behind the trends. Being truly innovative and expanding into areas with little investment is risky, but it could pay dividends.
What Waiting Can Cost You
Here’s the crux of the matter: someone is going to invest in those markets. Some company with a clever founder at the helm is going to grab onto an emerging market and dominate it.
If you wait a couple of years, you’re going to miss the chance to establish yourself as a leader in these new countries. Someone has got to be first, and will reap the rewards of being so– why shouldn’t that person be you?
Expansion is never going to be simple; it’s never going to be stress-free. If you’re going to go through all of that worry and work anyway, why not make it in a market where there are still fortunes to be made?
Business bravery is often rewarded with success, so if emerging markets are where the future is at, you need to ensure your business is there too.