(ThyBlackMan.com) Nowadays, it’s become easier for businesses to expand their bases to different areas of the globe. Going global has indeed become quite a trend, especially for businesses which are more focused on the online market rather than the traditional marketplace. If you have an enterprise and a website, you can easily develop an e-commerce platform which allows you to send your products abroad and gain a global customer base. But whilst the idea of ‘going global’ is attractive (and easier than before, thanks to the digital age), it still makes more sense to focus on your local market first, especially during your first year of operations.
Why it makes sense to begin locally during your first year
Even though the prospect of a global customer base is infinitely appealing, you still have to find ways to lessen your risk as a start-up business. Keep in mind that jumping right into the global arena can expose your business to more risks and difficulties, and you certainly wouldn’t want that at all. In order to stay away from risks and problems, it is better to start locally first – test the local waters so you can have a better feel for your industry, and then after you have gained more experience and information, you can begin to tap into your global audience. If you try to tackle a global audience right away, who knows what kind of pitfalls you can get into when your business hasn’t even got off the ground yet?
You want to ‘test’ the local atmosphere first before you take on the 
national or international market as you don’t even know if your business plan will be successful or not. If you try breaking in to the local arena first, you will not only lessen your risk – you will also be able to suffer fewer losses if you don’t succeed, allowing you to recover more quickly and learn from the experience as well.
Developing a local base helps you improve your hands-on knowledge
If you decide to focus on your local community first, you will be able to gain a more minute understanding of your target market. This hands-on understanding and knowledge will then help you become more insightful and add to your experience as a business owner, resulting in better decisions in both the short-term and the long-term. In addition, with more insights into your local market, you can also develop a stronger and more solid reputation and foundation in your community, which you can always fall back on if things don’t work out in your global plans.
Help your local community – and its economy
When you decide to concentrate on your local community, you will undoubtedly be helping it improve in more ways than one – particularly when it comes to its economic atmosphere and opportunities. If you succeed as an enterprise in your local area, then you will automatically be giving your local community and its economy a boost as well. This economic boost can then result in increased capital for your entire community, which would also result in a better market for jobs and careers and increased revenue for other small businesses in the area. And, if you decide later on to expand your business, your local community will be better able to provide you with not only the financial resources but also the right people to help your business grow bigger.
Building your business locally is a good plan for many reasons. And if you need a boost in your cashflow and your financial resources, you can always seek help from a locally-based business such as Ultimate Finance (visit www.ultimatefinance.co.uk for more information), which offers cashflow solutions that include asset finance, construction finance, factoring and invoice discounting, and a lot more.
Staff Writer; Craig Grant
