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A unicorn company is a business with a value exceeding one billion dollars. These are often tech companies, and they have started expanding into the global market. These companies usually require an international business translator such as inWhatLanguage to localize their services, business content, and products to their targeted international market.
Unicorn companies are expanding to different locations across the globe, and this has made the demand for the latest technology a global priority. Since this market is continually expanding, companies need to be proactive regarding the potential opportunities for growth becoming available globally. One of the main reasons a unicorn company seeks global expansion is because they want to increase their revenue and sales. There are numerous additional reasons as well. These reasons are discussed below.
The Market Expansion
Despite the size of the country, a business resides in, most businesses will only attempt to target a small percentage of the globe. This means the business is limiting both their revenue and sales. When a business remains in just one county, the outcome can easily trigger a glass ceiling effect. This can become instrumental in preventing the business from gaining their fullest potential. This is because when a company places themselves on the international market, they not only increase their knowledge of the market, but they open themselves to a much higher percentage of the available markets.
After a business has become established successfully, the likelihood of their services and products becoming appropriate for other regions is high. This is provided the country has a demand for these services and products. Sometimes a companies services and products will decrease in a specific region. When these same products are taken to a different part of the globe where they have not yet been released, it can result in a new popularity for the services and products. The key to making this happen is often a good international business translator with both experience and expertise in this area.
The Ease Available with New Technology
Most countries are currently using the internet heavily. This makes communication with the people of the world much easier. Email, LinkedIn, and Skype are good examples of how businesses can successfully seek out and create international partnerships. Business operations can be run from throughout the world, despite where the companies are located. Communication through the internet enables businesses to establish and retain constant contact. Prior to the internet, it was almost impossible to have a business if it was not based locally. This was because the business incurred a lot of expenses with constant travel. The internet enables employees and business owners to send an email internationally, and the recipient will receive the message almost instantly. This establishes a solid basis for communication.
The Access to Cheaper Materials and Labor
In the best possible scenario, a company would be able to find and use all their materials and labor directly from their home country. Unfortunately, this is generally not realistic. When a company outsources their employees from a variety of countries, the result is usually the payment of a much lower hourly wage. Additionally, the business does not have to pay for paid time off or benefits for the employees including health insurance. This dramatically reduces the costs of the business while simultaneously, and substantially increasing the revenue. When a company expands into a low-cost country, they acquire high-quality production and help. They also save money that can be used to pay other costs.
The Creation of a Brand
When a company expands globally, their access to information is dramatically increased. They can ensure the public is aware of the services and products they are offering. Once this occurs, the companies expansion enables them to establish a worldwide brand. When a brand has true strength, it can create, emphasize or completely change the reputation and look of a business. A company recognized on an international basis usually gives the appearance of being more successful and established than any of the businesses remaining strictly national. This will usually result in a dramatic spike in the sales and revenue of the company.
The Stability Factor
It is of incredible importance a business is prepared for unexpected events in the future to feel stable. This is one of the most significant benefits of expanding on an international basis. If there is an issue in one region, there are still numerous regions that will remain operational. This will enable the company to continue operating and have a consistent revenue.
The Continuous Production
As new technology continues to come to light, the capabilities of the internet will expand with this technology. The fastest and newest types of technology are in extremely high demand. Along with this demand, is the pressure on all businesses to have a large supply of their services and products available, and keep up with the demands of the consumer. One of the key benefits of a company outsourcing their labor is they are able to produce a lot of products because of the changes in time zones. The employees in one region may have completed their workday, and gone home for the evening. There are still other regions where the employees are working because they are in a different time zone. This means service and manufacturing can be continuous throughout the 24 hour day.
The opportunities discussed above are just a small percentage of the reasons tech unicorn companies have begun immigrating and expanding in different countries across the entire globe. The bottom line is an international business expansion is capable of increasing revenue and profits while providing numerous benefits. These benefits go a long way towards ensuring the long-term future and benefits for any business.
Localization is key if you want to succeed in any global market. Localization is changing a brand to fit a local region, culture, and language. Just because your products and services work in the U.S. does not mean it will work internationally