How to Expand Your Small Business Overseas

Are you ready to expand your small business internationally? There was a time when doing something of this magnitude would have been unthinkable for a small business owner. The advances in communications technology have made it possible for even relatively new upstart ventures to take their operations to the global level alongside the large corporations. Importing, exporting, outsourcing, forming a strategic partnership and manufacturing overseas are features of doing international business available to small businesses based in the U.S.

In an article posted on CNN Money by Alessandra Bianchi, the author says, “The number of startups venturing overseas is skyrocketing. One recent study found that the number of multinational companies has swelled from 7,000 in 1975 to approximately 40,000 today. In addition, the net income of U.S. companies from operations outside the States now accounts for about half of income earned at home, compared to just 10 percent in 1950.”

Start the process of taking your small business international by contacting the U.S. Export Assistance Center to get information on what’s out there in the world in terms of countries and foreign businesses ready to work with U.S. businesses. There will be various fees involved with obtaining this data. Look for the countries that offer what you need and carefully examine the regulatory environment of those countries. If you are looking for international suppliers, it is wise to get references and even go so far as to travel to meet the manufactures face to face. You’ll need to brush up on the business practices and customs of the country you are travelling to in order to present yourself professionally and with diplomacy. The U.S. Department of Commerce and the U.S Foreign Agricultural Service can give you a list of international trade shows where you can also meet potential partners in person.

Add a section to your business plan that details the steps involved in conducting business with your foreign partners that covers all logistics, costs, legalities and communications required. After researching the available options, you may wish to consult with other small business owners that do international trade to gain their perspectives. If part of your international expansion requires additional funding, contact your business loan lender to learn about acquiring business financing for international expansion.

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