Why You should Start a Business Overseas

Today’s world is different and more connected than ever before. Most businesses in the West do not think of sourcing products or selling to overseas customers.

Why You Should Look Outside the West

Westerners tend to be provincial and consider their country the best, thus not looking outside. The job market in the West is not so great for young, unproven talent. The cost of hiring new graduates in Hong Kong can be 40% less than in the West.

There is excessive competition in the West. Emerging markets are much less competitive and open to new ideas. Focusing on a core audience makes sense, but demographic changes make the rest of the world attractive.

Challenges for Entrepreneurs in the West

The cost of doing business in the West is high, including the cost of living, taxes, and hiring staff. In Kuala Lumpur, for example, you can hire English-speaking staff for $1,000 a month and eat for as little as $3 a day.

Opportunity exists where you least expect it. The world’s emerging markets are crying out for more options, better service, faster fulfillment, and greater product selection.

Opportunities Outside the West

Consider starting and basing a business overseas. It will give you the flexibility to live cheaply, hire affordable labor, potentially save on taxes, and tap into fast-growing markets.

One of the biggest obstacles people face when moving or starting a business overseas is adjusting to a new culture. Avoid being dogmatic and assuming that another country is worse than where you come from just because they do things differently. Mastering this can greatly increase your chances for success.

Adjusting to a New Culture

The biggest challenge in moving or starting a business overseas is knowing how to get started. Identify a region of interest to you and go there. Conduct market research and a personal inventory of which countries are most appealing to you. You will be able to spot opportunities with ease, and it may surprise you.

How to Get Started Overseas

Opportunities are abundant in emerging markets like Cambodia. Local pharmacies in Phnom Penh wasted substantial real estate that could be repurposed for other uses. A venture capitalist had just invested in a regional start-up that was opening smaller footprint drug stores in Cambodia based on that very idea.

Opportunities in Cambodia

No matter how unsophisticated your business experience may be, you should be able to spot opportunities with ease.

There are many emerging markets worth checking out, including Cambodia, Vietnam, and Indonesia. These countries offer fast-growing markets, affordable labor, and lower costs of living. Identifying a region of interest and doing market research is key to starting a successful business overseas.

Which Countries are Worth Checking Out?

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