Why Now Is the Best Time to Expand Your Business Into the US
At Alariss, we pride ourselves on providing our clients with top-tier advice in expanding into markets both overseas and locally. We strive to bridge business operations and practices across borders to contribute to an ecosystem that is internationally-focused and constantly evolving.
We are excited to see our clients aligning themselves with this spirit of expansion and growth. Especially in an age when businesses are operating more and more on a remote basis, attaining this is more possible than ever before.
With this, we are excited to see our clients becoming increasingly interested in expanding into the US market. There are several reasons why now is the best time to expand into the US market.
Image from Xero
First of all, you may be wondering why now would be a good time to expand anywhere. Indeed, the state of the world amid the COVID-19 pandemic has been comparatively unstable. However, with the continued rise in vaccination rates and reopenings around the world, we believe that the potential for an inevitable bounce back may be likely. The pandemic accentuated the negative impact of relying too much on a single physical market. Expanding internationally could provide your company with a diversification that provides your business with the opportunity to access a larger target market and spread your risk rather than relying solely on one area.
In addition, the widespread establishment of remote workplaces around the world has resulted in businesses shifting their operations and communication online. This allows companies to operate around the clock rather than be confined by a given space. With this, Velocity Global’s State of Global Expansion 2020 report highlights the main HR challenges businesses experience when expanding internationally, including recruiting internationally, employee immigration, long-distance communication with clients, managing different payroll processes, and more. Now that businesses are widely operating remotely, the problems that arise from long-distance communication and employee immigration have been mitigated.
Why the US: Growing Economic Potential
You may be more convinced to expand now. As for where, here are a few reasons why you may want to consider the US– the largest economy in the world. According to Foothold America, Companies who are willing to expand into the US market have the potential to reach new customers, diversify risk, leverage resources, and potentially increase profits. In addition, the US is an attractive choice for British and other western companies; the US is already the top importer of British goods in the world, accounting for almost 15% of total UK exports (Foothold America).
A Hub for Business
Outside of economic conditions, the US is also home to some of the world’s most prolific businesses, with locations such as Silicon Valley serving as the headquarters for almost half of all leading companies in the Fortune 100 list, including Stripe, Dropbox, Slack, and more (Forbes). In addition, the US operates at the forefront of technological advancement, including advancements in aerospace, military equipment, pharmaceuticals and biotechnology, and IT operations, giving rise to longevity in long-term business advancement. This gives rise to a general trend in a diversity of sectors continuing to grow and allows for an ideal place to consistently innovate and compete with other global companies (Foothold America).
Finally, you may find it beneficial to expand your business into the US because there is a great deal of risk capital in the US compared to other countries overseas. Funds allocated for high-risk, high-reward investments may make it more plausible to raise money at an exponential rate for a growing business (Foothold America).
As we observe more businesses engage in expansion and growth irrespective of geographical location, our team is ready to support clients interested in expanding now. With its sizeable economic potential and status as a global business hub, we believe the United States would be an excellent place to start in today’s market.