It is important for companies to take a number of factors into account when considering entering a foreign market. Growing companies may eventually face the prospect of global expansion, as the demand for their products or services rises internationally or to meet other business needs. The right approach at the right time can provide significant opportunities if this natural evolution is handled correctly.
There are five reasons why you should consider expanding internationally if you've been thinking about it:
The opportunity to attract international investment: if you take your business abroad, you may be able to access opportunities not available in UAE. For example, many governments offer incentives to companies to do business in their territories.
Having an overseas branch can allow a company to establish credibility in the marketplace and establish brand recognition. For example, entering a market like UK can result in improved visibility, especially for companies that start in less-developed countries.
Take advantage of an overseas market: by leaving your competitors' saturated market for a new location where they don't operate, you can gain a competitive advantage.
Manufacturing or production of goods at a cost-effective price is a common practice among companies and is often done in countries with lower labor and infrastructure costs.
Having access to more talent offers the ability to localize your business and better suit the needs of your new market. Employing local talent who speak native languages and come from diverse backgrounds leads to a sustainable business model.