Expanding your business often means exploring new markets in which to operate. Here are three emerging cities around the globe that will help your business grow and make a smart investment for your company’s future.
Sao Paulo, Brazil: This major international city is strong in economic clout and ease of doing business, says Business Insider. On the flip side, it’s a bit weak in technology readiness, health, safety, and security. However, it’s considered stronger overall in many areas than even its nearby cousin Rio. Yes, Rio boasts huge offshore oilfields, amazing beaches, beautiful scenery and a great outdoor lifestyle, but São Paulo is considered more of an economic hub that meets many business needs. Whether you’re in the oil and gas industry or the retail industry, this is a strong market in which to establish yourself overseas.
Madrid, Spain: Strong in intellectual capital and innovation, Madrid Spain is a growing hub of activity that’s attracting a variety of companies. Thanks to its ease of doing business and its role as the city gateway, Madrid is the manufacturing capital of the country, with industry mainly clustered in the Catalonia area. Spain has always been known for its industrial sectors such as food, textile, electronics production, machinery, automobile plants, railroad foundries and workshops, electrical engineering and industrial equipment plants. While its weaknesses lie in demographics and livability, this does not stop businesses from expanding here from overseas.
Beijing: Boasting high economic clout, this city gateway is thriving in transportation, finance, insurance and telecommunications. China certainly has the infrastructure in place to handle the job, with 80 social networking sites, 900 million mobile phone subscribers and more than 500 million Internet users. In addition, the entrepreneurial spirit is alive and well here in Beijing, allowing them to move quickly and act locally. The Chinese are also deeply protective of the business relationships they’ve formed built on many years of trust. You don’t see that as much in America. Business people in Beijing tend to take their time making deals. Things work effectively here but they don’t happen overnight as they do here in the States. That’s because they are motivated by other concerns over economic efficiency. That could be anything from filling a quota to gaining employment in the local community.
Every country is vastly different in how they do business. If you’re looking to expand your business overseas, you must do a lot of research. Of course, part of that is learning the local language so you can communicate effectively. Without knowing the language, you can’t expect to thrive anywhere else but your home turf. Even if you don’t expand your physical business to another country, you still need to know the language of countries where you plan to export your products.
Take that first step with BRIC Language Systems. We can help you learn Mandarin Chinese, Brazilian Portuguese or Spanish.