Should You Offshore Your Business?

Running a business by its bootstraps or without using outside funding is not a task that young, ambitious entrepreneurs whom I know dream of taking up. However, simply going to the bank and getting that break you know you deserve isn’t the scenario that most of us encounter. Gathering the requirements alone may cause terrible headaches plus the fact that you would wait for the decision of the bank may give you enough ulcers to last for a lifetime.

Finally, you get enough capital to get on with your dream business. Maybe you asked financial help from friends, family or you even saw a sack of money with your name on it right outside your house. The important thing is, you can’t wait to get started. As you trudge the often solitary path of the entrepreneur, you realize that it isn’t at all what it seemed. You may have experienced more highs and lows than a kid riding a roller coaster for the first time. However, because of your perseverance, dedication, patience and hardwork, you find that indeed your business is growing. Sure, it didn’t pick off right from the start but in time it did and now, you finally see some development.

With development comes the next question of whether it is feasible to offshore your business or not. One of the things you need to keep in mind is that travel expenses aren’t cheap. If you’ll keep it local, you’ll save on your travel budget and maybe spend the money on other essential tools of the trade, all in the spirit of increasing your business profits. But when you think about it, going global is not an expense you’ll likely regret. Here are some advantages that you might want to consider:

·         Your business would not be inhibited by local boundaries which mean sales and revenue increase. You have a chance to grow at an international level and you know that your business have a fair shot at success as others.

·         You’ll get access to cheaper labor and materials which would let you give a more competitive price than your competitors.

·         You would have the opportunity to resell or offer products that are otherwise unavailable to either your own country or the country you will be exporting to. You would fill a need that was otherwise just a fantasy.

Businesses, even the small ones takes place at a global level and getting a piece of that pie may not be easy but the path to success isn’t laid with a carpet of roses anyway.