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Are UK Businesses Losing Out by Not Having a US Presence?
The USA has long been known as ‘the land of opportunity’ – and rightly so. With a culture of energy, enthusiasm and directness in the workplace, and a lucrative market to tap into, UK businesses could be richly rewarded if they’re prepared to take the risk and branching out in America.
But, for those that have not yet stretched their legs what are UK businesses currently missing out on by not having a US presence? And how might they benefit from taking business stateside?
Access to a large market
First and foremost, access to the US is the key to success for many businesses around the world: the USA boasts one of the world’s largest markets, and is also known for its relatively low rate of tax. Furthermore, the US has the world’s best integrated national market: California’s GDP makes it the world's sixth largest economy, which just goes to show there’s a great deal of potential that UK businesses might be losing out on by not operating in the US.
Access to capital investment
Venture capital, investors and public markets are up for grabs in the USA, and there’s a high concentration of investors in San Francisco in particular. It’s likely that there are many UK-based businesses that might benefit from getting access to the kind of capital on offer in the US, but unless they’ve established a presence in the country, they’ll be missing out.
Access to talent and innovation
UK businesses could be missing out the chance to develop and improve. America is renowned for its talented software and tech developers, with places like Silicon Valley being home to the headquarters of 39 businesses in the Fortune 100, as well as a multitude of start-up companies.
It’d be a shame to not tap into that talent pool, passing over the opportunity to build relationships and connections with the pools of professionals, visionaries and entrepreneurs in the USA. In fact, there’s an easy way for foreign businesses to hire those talented US employees without even setting up a US entity first – all they need to do is use the services of companies like this one.
A chance to enhance a business’s reputation
Even UK businesses that have done very well at home have room to improve, and there’s nothing like cracking the US market to help customers and competitors take businesses seriously. UK businesses that are prepared to take a risk might find that they have enhanced credibility and an improved reputation – both at home and overseas – by succeeding in America.
An opportunity to capitalise on ‘Britishness’
Using a brand’s ‘Britishness’ can actually be a major asset in the US. ‘Britishness’ differentiates UK businesses from other businesses in the US, giving brands a unique selling point and allowing them to set themselves apart from home-grown competition.
While it’s easier for UK businesses to stick with that they know, there are many things they’ll be missing out on if they don’t venture to the US. A successful business is going to have to take risks, move outside its comfort zone and embrace a slightly different culture if they want to benefit from all the opportunities the USA has to offer.
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