Expanding your brand internationally may seem like a daunting task, especially for small business owners. However, it can be a great way to increase your customer base, diversify your revenue streams and take your business to the next level. University Canada West points out that global expansion is practically a must for small businesses in Canada, given our nation’s relatively small population. It makes up just over 38 million of the 8 billion people in the world.
“By staying in a domestic market, Canadian small businesses are losing out on potential customers, revenue and sales – and even placing themselves at risk,” warns the UCW website, “Small businesses that export are more diversified and less dependent on a single market, reducing their business risk and reaching new customers across the world.”
Why else should small business owners consider expanding their brands internationally?
It will provide you with access to new markets.
Expanding your brand internationally can open up new markets for your products or services. You may find that there is demand for your products or services in other countries that you hadn’t considered before. By expanding your brand internationally, you can reach a larger audience and increase your customer base.
It offers a diversification of revenue streams.
If you’re currently dependent on one market or region, expanding internationally can help you reduce your risk and increase your revenue potential. By tapping into new markets, you can spread your revenue across different regions and reduce your dependence on any one market.
It increases your brand recognition and credibility.
By expanding into new markets, you can grow your exposure and build a global reputation for your brand. This can help you attract new customers, build trust with your existing customers and increase your market share.
It offers you access to more talent and resources.
You may find that there are skilled workers or specialized resources that are available in other countries. Utilizing their talents can help you grow your business. By expanding internationally, you can tap into these resources and benefit from their expertise.
It gives you a competitive advantage.
By establishing a presence in other countries, you can differentiate yourself from your competitors and offer unique products or services that they may not be able to provide. This can help you attract new customers and increase your market share.
It spurs innovation and growth.
By entering new markets, you may be forced to adapt your products or services. This will be necessary to meet the needs of your customers in those markets. Ideally, this will lead to new ideas and innovations that can help you grow your business internationally.
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