Go Global Or Go Home:
Go Global Or Go Home: Why The Global Marketplace Could Expand Your Small Business
Just think about how much the nature of small business has changed over the past 30 years. There was no such thing as ‘go global’. Your average high street in the ‘80s was rife with small businesses, boutiques, “Mom ’n’ Pop” convenience stores and quirky independently run restaurants.
The current business landscape is very different, beset on all sides by pervasive chain restaurants, internationally recognized brands and retailers and (of course) a Starbucks on just about every street corner. Talk about Go Global!
In this climate, it can be daunting for a budding entrepreneur to plant their flag in the ground and make their mark on the business map.
The good news is that while it’s easy to presume that the rise of globalisation, facilitated by digital communications, has muscled small businesses out of the market, there are still ample opportunities for smart entrepreneurs to make a living (and even a fortune) by thinking big and catering to the global marketplace. So why not go global?
The benefits of going global
Not all small businesses are suited to the global market but you may be surprised just how well your business can survive and even thrive by broadening its reach to a global scale. Consider this removal company that works internationally.
That’s a great example of a typically regional business expanding their reach without changing their operations.
Whether you’re just starting out or a veteran small business owner feeling constrained by the whims of the local market, there are some undeniable benefits such as…
- You can reduce your dependence on the local market and its inherent peaks and troughs.
- You can extend the shelf life of your products and services by exposing them to new markets.
- You’re less likely to be destabilised by seasonal trends or demand cycles. Tapping into other markets with complementary demand cycles can increase your growth all year round.
- Your understanding of different business cultures and practices will be enriched, making you a better entrepreneur.
Is it right for you?
If you own a small sandwich bar next to a bowling alley, you’re unlikely to benefit from a global reach so you wouldn’t go global. The practical and logistical implications of sending a turkey ham sub to New Delhi are just plain prohibitive. If, however, you can see your business faring well in the global market it’s worth asking yourself some searching questions first:
If, however, you can see your business faring well in the global market it’s worth asking yourself some searching questions first:
Will the product appeal to the target culture?- Cultural norms play a huge part in the success or failure of a given product. Market research is crucial in understanding the cultural values of your intended marketplace and how amenable they are to your product. Hey, if McDonald’s can have a presence in the middle of Israel’s Negev desert, the possibilities are endless.
Will the target market understand my product or service?- While there’s a whole lot of value in being a trailblazer that bursts on the scene with a new and exciting product, it comes at a cost. Going into an unknown market cold is highly risky unless you’re prepared to invest heavily in consumer education to acclimate the local market to your business presence.
Could I go globla and live there?- Unless you can manage your business remotely across the globe, you’ll have to live in your new country of operations at least for a while as you build your business’ infrastructure.
Still, with some foresight, research and imagination you’ll be astonished at how far you can grow the reach of your business. Yeah! Go Global!
Insanely Clever Marketing 