The new year brings with it renewed energy and focused alignment to your goals for the coming year. You can make good use of this celebratory surge to sketch your roadmap for international business expansion in 2022. However, passion is no substitute for good planning. Today, we discuss cost-effective ways you can expand your business in foreign markets which won’t put a big dent in your company pockets.
Four Ways You Can Expand Internationally with Optimal Costs:
Become an SME : Subject matter experts enjoy a higher standing in the markets. Audiences flock to them. Customers inherently trust them. That is why becoming an SME in your chosen field is going to pay off in the long run. It is an automatic stamp of approval that will boost your conversion rates and help you build lasting associations.
It will help you save costs by giving you free eyeballs when you publish opinion pieces and blogs on your digital presence. You get shares and mentions on all the big social platforms, which starts a chain reaction that improves your organic reach to an extent that would’ve cost you thousands in paid advertising.
Invest in Media Marketing: Prices for media marketing and advertising are fairly reasonable (a social media marketing package starts as low as 12K INR per month in India). Moreover, you amplify your results by taking advantage of the organic spread of your media that can bring in the traffic you didn’t even know you could get. A higher return on investment is almost guaranteed.
Joint Ventures: Businesses are like puzzle pieces. The right one can fit in with the gaps in yours to move towards the larger picture. Partner up with an organization in your target country to round out your solutions/offerings with complementary services. This will help you provide more comprehensive answers to your customers’ problems.
The trick is to find a mutual benefit to both parties so it’s a win-win situation that helps everyone expand. Additionally, you get access to your partner company’s docket of clients. This means plenty of cross-selling and incentivized orders for each other.
Optimize your Human Resource Acquisition: The impulse is to get everything done in-house. There’s a conception that this will help business owners have better control on the work output. However, this does not bode will in an international business expansion strategy. You can save significant costs using tested and proven methods of international business expansion.
If you were to hire employees for every job function, train them to perfection, manage their salaries, and remain in full employee compliance, you’d have invited a host of overheads. Moreover, business regulations prohibit you from hiring in foreign markets unless you were willing to form full-fledged business entities.
So, for hiring employees / getting remote work done, you are left with 4 options:
- Freelance contractors, who are great for certain tasks like media marketing, which we’ve already discussed. But they may not be suitable for ALL avenues of your business as there are constraints of hardware support, time zone differences, and cost.
- Outsourcing, which works out well only if astutely executed. Otherwise, it turns out to be an expensive affair. Certain avenues of a company, like human resources, are primed for outsourcing. There are several benefits to HR outsourcing.
- Forming a subsidiary, which may not be part of your international business expansion plan. This option also comes with several complications of regulatory compliance and operational considerations.
- Partnering with PEO / EOR (Employer of Record) services. A Professional Employer Organization helps you hire resources in your target country by becoming their legal employer. This way, you get to utilize sharp and well-performing human assets in a target market without forming a subsidiary at the location.
Of these 4, PEO fares best in terms of cost, risk mitigation, and efficient handling of resources.
- PEO Services in India: India is a promising market to expand internationally in 2022. We have the capabilities to process the right employees in India for your business situated abroad. Going beyond just legal employment, we also manage their salaries, offer employee benefits, look after their accounting and taxation, and give them various HR benefits. All the while, you are in total control of how well they perform and how much throughput you can get from them.
The PEO industry in India is priced perfectly for businesses of all scales, making PEO one of the cost-effective ways of international business expansion in India. Know more about Remunance PEO offering to take an informed decision.
