The world is much smaller than it used to be, and there’s really no reason to just stay within your country’s borders if you want to start a business. Here are just 5 reasons why you might want to start a business elsewhere.
1.) Several countries actively encourage startup investment
While your own government’s support for your concept might be spotty or non-existent, many other countries actively try to encourage investors to start businesses in their home turf.
While most simply offer the usual tax breaks, some, such as Singapore, try to make it possible to set up a business in a matter of days. Many of these countries also offer other types of perks for investors, including vastly-sped up visa or citizenship processes, and mixers with both local and international business and thought leaders. Other countries, like Chile, even go the extra mile by providing equity-free capital and office space.
2.) There may be untapped markets for your concept overseas
Taking your business overseas may, in fact, be the only way you are able to help your idea succeed. Your idea may not be viable back home, perhaps because the market is too small for you to turn a profit, or because it doesn’t serve an immediate need. Things might be much different back in other countries, however.
Heinz beans, for instance, is an American product that is immensely more popular in the UK than it is in America. Same can be said for American instant coffee brands. American cars are immensely popular in China, and almost nowhere else but America.
3.) You can use proven models in unserved markets
You may use Uber regularly, but you may not have heard of services like Grab, Bitaksi, or Cabify, services virtually identical to Uber that operate in other markets overseas. Brilliant ideas often take time to gain acceptance across the world, opening up myriad opportunities for startups who are able to adapt the core concept to different markets.
It won’t necessarily guarantee success, however. Different markets often have very different needs and behavioral patterns from what you are familiar with, back home, and adapting to a local market can be just as hard as coming up with a new idea, to begin with.
4.) You will be exposed to new ways of thinking that may benefit you in your next ventures
Your venture may not necessarily be successful, but you will definitely learn a few things by starting a business in the context of a culture different from your own. Different cultures have different ways of thinking, and it’s possible that the insights you will gain from your exposure will allow you to see your own culture and others in a different light. This can be especially valuable for building any new enterprise in the future.
5.) Your money can go further
Your overhead and other expenses might be significantly cheaper outside your home country. This isn’t just the case when you’re starting a business in a developing country. This can even be true when you’re moving to a city with a higher cost of living than your own. For instance, London has a cost of living more expensive than most American cities, but salaries for developers also tend to be lower.
Regardless of your reasons for starting a business overseas, be sure to get comprehensive international insurance from Now Health International. Having an international insurance policy allows investors and other long-term expats to easily find quality medical care, wherever their business takes them.