There’s an old adage which suggests that the grass is always greener on the other side, and this is reflected by how many people to relocate their businesses overseas. The U.S. is a popular destination for UK entrepreneurs, for example, but an estimated 40 million Americans currently relocate overseas every single year.
Still, North America boasts a powerful economy and a huge consumer base, whilst its relatively lax regulatory standards appeal to business-owners from across the globe.
If you want to relocate your venture to the States, however, there are various difficulties and hurdles that require careful consideration. We’ve addressed some of these below, whilst asking what steps can be taken to overcome them?
1. Immigration Laws and Legislation
Whilst Donald Trump’s tough stance on immigration is well-known, he continually speaks positively about the impact that skilled overseas workers have on the nation’s economy.
However, America’s immigration laws are some of the most stringent on the planet, and the fact remains that you’ll need to apply for a visa and meet various criteria before launching a business in the States.
To help you meet this criteria and comply with international law, we’d recommend that you liaise with immigration experts such as Withers Worldwide.
By working with a firm of this ilk, you can prepare fully for your international relocation whilst ensuring that you comply with the necessary requirements imposed by the U.S. government.
2. The Cost of Relocation
Another key concern is the potential cost of relocation, not least because the cost of living fluctuates wildly from one country to another.
In fact, each state in the U.S. has a variable cost of living, whilst you also need to factor in the logistical costs of establishing your business overseas and targeting a brand new target audience.
Typically, cosmopolitan metropolises such as New York offer the best environment for businesses to succeed, but the cost of living in this city are more than twice the U.S. average. So, whilst you may be able to target cheaper cities depending on the nature of your business, it’s crucial that you perform an in-depth cost analysis and strive to reduce your expenses wherever possible.
Above all else, try to minimise costs in line with your projected turnover and profitability figures, as this will enable your firm to remain profitable as it expands into international markets.
3. Targeting the Right Markets
As we’ve already touched on, America is an incredibly diverse nation, from the financial powerhouse that is New York to the rust-belt states in the deep south.
This diversity creates wildly different consumer markets, which must be considered alongside pricing and the varying costs of operation. It also provides an opportunity for you to refine your relocation plans, primarily because you can select specific target markets and consumer profiles that enable you to optimise sales.
This can translate into higher profits, and a significantly superior return on your marketing investment.