When companies are thinking about growing their business and expanding internationally, they often think of the United States as their number 1 destination. There are many good reasons to go west, but be prepared…don’t get burned.
America is often called ‘The land of Opportunity’ and there are indeed genuine reasons for foreign companies to expand into the US market. With its population of 325 million people, Americans are also the world’s biggest spenders, which makes the US the largest market to grow your business. The country also offers a business – friendly environment for entrepreneurs and it is at the forefront of innovation. On top of that companies operating in the US have access to a wide range of investment sources. Its well- educated, English- speaking populace makes the country an attractive place. An after all, it’s America!
But if you are thinking about growing your company into to the US market you also have to be careful because you will also face challenges. First of all, be prepared for some serious competition, not only to sell your products or services, but also to attract the right talent or to raise money. This is especially true for places like New York or Silicon Valley where the competition is ferocious. The US is also a very large and complex country, which should be treated as a series of regional markets, with varying characteristics, customer expectations, regulations, tax laws…. And don’t underestimate the culture difference between Europe and the US. Even with English as a global language, it’s easy to fall into cultural traps and understanding the differences is increasingly important in a global economy.
So if you want to expand your business into the United States, you need to be prepared. A solid investigation, the right strategy and strong execution are necessary in order to be successful in this challenging market.
For more details about this topic, read my whitepaper Welcome to America