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Five key considerations to successfully expand your business into the US

30/11/2017

At a glance

In our latest #ThinkSeries blog, we highlight some of the key considerations when looking to expand your business into the US.

Up to this point, you have successfully grown your business in the UK, and now you are looking at exciting opportunities to expand abroad. For many entrepreneurs and business leaders, growing their business into the US is the ultimate achievement and the next step on their road to success.

Despite the perception of protectionism and bureaucracy, the US is still a great place to do business. Backed by a regulatory environment that is conducive to entrepreneurialism and innovation, as well as a predictable legal system, it has created an environment in which business can thrive.

think series Memery Crystal Event U.S.

We understand that expanding your business into new markets comes with degree of caution and trepidation, so before you take the giant step across the pond, here are a few key things to consider:

1 – Know your local US market

  • When companies enter the US they often think that business will be similar to operating in the UK. But the US is a big place with several regional micro-economies of its own. Make sure you have done the necessary analysis of your local markets. Be aware of the differences in state versus federal legislation when setting up a business. This applies to everything from tax to employment law, through to access to investment and talent.

2 – Get local advice

  • Establishing, growing and securing funding for businesses in the US often comes with its own local nuances. Make sure you have local advisors who can help you register in the right state, establishing relationships with investors can give you additional credibility as the “new kid on the block”.

3 – Fill your coffers

  • It won’t come as a surprise to know that getting started in the US is often expensive. It is vital that you have planned your cashflow and are sufficiently funded. In addition, banks will traditionally ensure they mitigate their own risk by demanding certain funding is secured before they agree to open accounts.

4 – Protect your intellectual property

  • Make sure all your patents and IP cover the US market – which is fast moving and highly competitive – especially in the technology space. Having the right protection for your key business assets and IP is critical, as is ensuring that you have the right advice to put that process in place.

5 – Have a clear point of difference

  • Business in the US can be very partisan – which is why it can be a challenge to break into the market – but the pot of gold at the end of the rainbow can be huge. Ensure you have a clear differentiation from your competition – know what your USP is compared to local companies.

To find out how Memery Crystal can help address these considerations, sign up to our next #ThinkSeries event on January 30th. We will be hosting the second of our #ThinkSeries panel discussions with participants from the US investment market, talking about expanding your UK business into the US. Sign up here.