Is it worth it to run a business in a large competitive market like the United States or England?
Are you located in another country that may have very little competition but worried about whether there are enough quality opportunities or revenue to sustain your business?
What you normally find is that most countries are usually behind current trends in the US and the UK when it comes to areas of business such as sales funnels, technology, marketing, etc. People from these markets are used to selling and being sold to every day, unlike other markets. An example may be that a $2,000 retainer for Facebook Ads campaign is pretty common in the US and the UK but that may be much more challenging in other markets.
If you currently reside in a more challenging market like Poland, Russia, Romania, etc., you will most likely find it more difficult to acquire higher quality clients with the budgets to accommodate most projects or services. What’s exciting about local markets, is that if there is a proven funnel in a larger market then it will definitely work in your local market as well. The downside will be that you may meet with more resistance since they aren’t used to these types of strategies or business services, especially with high revenue products.
There are a number of other factors to consider like if you are fluent in a language that isn’t widely spoken or whether you have an advanced level of skill in your particular area of business or industry.
Learn about these topics and much more here in today’s video: Advantages & Disadvantages of Competing in Large International Markets versus Smaller Local Markets
LISTEN HERE FOR AUDIO:
https://soundcloud.com/mattlaker-podcast/advantages-disadvantages-of-competing-in-large-international-markets-versus-smaller-local-markets
WATCH VIDEO HERE:
