So you want to grow globally. Great! Are you ready to navigate trade policy, compliance requirements, financing, and logistics across borders? If not, don’t stress – midsize businesses often find it valuable to partner with experts who operate in the places they want to go.
Where Should I Go?
India and China have been the fastest growing major economies recently, and the opportunity pool is still expanding. Internet use in many parts of the world is rising rapidly. Developing nations are bypassing landline phones and moving directly to the mobile world, opening a big range of e-commerce opportunity. With growing middle class populations in Africa, Asia and the sub-continent, companies focused on those markets will reach a burgeoning new group of consumers who haven’t had time to establish strong brand loyalties.
India’s middle class is predicted to reach 475 million by 2030—nearly one-third of the projected population—and a recent report by the Boston Consulting Group predicts that India will be the third-largest consumer economy in less than ten years.
Companies planning on exploiting these opportunities will need to know the rules of the road in each country they target. That includes understanding the nuances of each individual market, as well as local trade requirements, taxes, intellectual property and other laws, plus logistics and financing.
The good news: help is available. One of the best and most efficient ways for midsize companies to ensure they’re complying with local customs and regulations is to find partners to lean on for advice, support, and services, raising the prospect that they’ll succeed globally.
Global resources for midmarket companies
There are a number of valuable resources to help midsize companies identify potential partnerships. Export.gov is one place to start. Also, the U.S. Commercial Service of the Department of Commerce, which operates in more than 100 U.S. cities, is an excellent source of market intelligence. It can connect you to the right locations, help you find buyers for your products, and develop relationships with distributors and local business people.
Your state’s Department of Economic Development can also help: DEDs operate trade offices in Asia, Europe and the Americas to help businesses establish critical relationships with distributors, agents and other parties in new markets.
By working with the right partners, international business can lead to big business. As Laura Lane, president of global affairs for UPS, said, “When it’s easier to trade, more trade happens. We are working to ensure the importance of a robust trade agenda is understood by all, because it will drive competitiveness as well as job-creating business opportunities for companies of all sizes, and especially small and mid-sized businesses wanting to grow globally.”
Ready to go international? See how partnering with UPS can help you operate and compete on a global scale.