These business concepts for international businesses can get the creative juices running and allow global markets to be profitable for you:
Franchising
Franchising is the process of joining up with an established or well-known brand to launch their franchise/outlet in your city, country, or region. KFC, Starbucks, Gelato, and McDonald’s are examples of well-known international business brands that have numerous franchises throughout the globe.
The franchise you choose to purchase frees s the time and effort you would have to put into building brand recognition. It offers you a competitive advantage over competitors in the market. All you have to do is buy your franchise and oversee it since the company that owns the name assists you in establishing the business, and also handles the marketing on your behalf, removing the pressure.
They may also provide the opportunity to send employees trained and recipes, as well as products, and many more.
Export-Import (EXIM)
Selling or exporting goods in other countries, and also importing or buying items to sell in your country of origin, are among the oldest methods of entering the market on a global scale. With the development of technology, digitalisation, and e-commerce, it’s becoming easier to be a successful business. The OECD estimates that the global trade of products as well as services will rise by 2.3 percent in the year ahead and close to 3.3 percent by 2025.
it will take some time, preparation, and funds to implement this idea of international business. It is essential to establish an efficient supply chain to ensure the success of this project over the long term.
Begin by researching popular or demand-driven products like electronic devices and organic skincare products, as well as gourmet foods. These are the markets that you’d like to start your business in. When you begin selling them, you might need a storage facility as your business expands. You should keep track of the laws and regulations in other countries, acquire proper trade licences for customs clearance, and pay all the required fees and taxes.
There’s also a simple method to run your export and import business. You can work with a reputable and experienced shipping firm to handle all the paperwork burdening you, and offer complete International shipping and fulfillment services.
Outsourcing Business
Today’s businesses want to be smarter and less overly. They are more likely to outsource various aspects, from logistics and manufacturing, to marketing, to lower their costs and burdens. As per Qubit Labs, about 45% of small companies are outsourcing tasks to gain access to the resources and technology that enable the development of.
Therefore, outsourcing manufacturing or corporate operations to a foreign company is an excellent international business concept. For instance, Microsoft outsources a huge part of its software and IT development services to Indian companies, General Electric (GE) provides IT as well as financial and customer service to Indian companies, American Express outsources various financial and customer service processes to Indian BPO firms, and the list goes on.
This highlights the enormous potential for outsourcing and the likelihood of success in an increasingly connected world.
Herbal Cosmetics
Profit from India’s famed tradition of herbal medicine and export natural beauty and skincare products. According to a report from Allied Market Research, the Asia-Pacific region is expected to have the fastest growth in the market for organic cosmetics, thus making India an ideal place to produce. In addition, experts predict to see the Ayurvedic market, which is a part of the market for herbal cosmetics, will grow to US $4.7 billion in 2026 and grow at a rate of 9.5 percent CAGR between 2019 to 2026.
Thus, this business plan is likely to yield a profit. European as well as North American consumers are increasingly seeking out products that are clean and natural, and 73 percent of millennials want to spend more money on environmentally friendly products, as per the Nielsen survey. Connect to Ayurvedic specialists and companies to develop an array of organic cosmetics containing the therapeutic qualities of Indian plants and herbs.
It is possible to incorporate the well-known Indian plants like neem, aloe vera, turmeric, and tulsi to make your products. Indian companies like Forest Essentials and Biotique are excellent examples of this type of business.
eCommerce Garments Business
The industry of clothing and garments is expanding every day as the latest trends in fashion are embraced by nations. Thanks to the convenience of shopping online, you’ll see Indian customers sporting European or American fashions or Westerners sporting Indian suit jackets, kurtis, and so on.
People are eager to try new things and are able to access global trends in fashion. There is currently a US$645.211 million worldwide eCommerce clothing market size that is projected to increase to approximately US$1,221.03 million in 2031. This is the chance to earn huge profits from this global business idea.
You can begin selling everything from t-shirts, clothes, and shirts to more creative or stylish clothes online. Your eCommerce business can expand into international markets through the assistance of reputable international shipping firms that provide you with worldwide reach and the capability to handle hundreds of international buyers quickly.
It could require an investment of INR around 50,000, and increasing based on the type of clothes you offer. You could either design your own garments or purchase garments from wholesalers and offer them under your own label.
Handicrafts
Another lucrative international business concept is to export and market traditional Indian handicrafts, which represent the rich heritage of India’s culture. It is said that the Export Promotion Council for Handicrafts (EPCH) has witnessed an increase of 30% rise in demand for sustainable, eco-friendly handicrafts.
A report from Technavio reports that the world handicrafts market is expected to increase by 514 billion dollars in 2021-2025, owing to the demand for distinctive, hand-crafted items and the growth of e-commerce-based marketplaces for retail.
Work with artisans of the region to make and export handcrafted items, including woodwork, pottery, as well as textiles, and metalwork, to markets around the world. The most successful examples of Indian brands that fall into this category include Fabindia as well as Jaypore.
Essential Oils
An NCBI study has revealed it is true that aromatherapy has been identified as one of the frequently employed natural therapies used by people in Western nations, indicating the strong attraction to these kinds of products. Thus, exporting essential oils derived from Indian herbs and plants is an attractive international business concept.
Essential oils such as peppermint oil, lavender oil, eucalyptus oil, tea tree oil, and lemon oil lead the market in the Aromatherapy Oils Market, holding over 53.7 percent of the market until 2023 due to their wide popularity. Furthermore, experts predict that the essential oils cate, gory that is in high demand to expand at a rate of 9.9% CAGR between 2020 and 2027. This suggests a good likelihood of making a profit from this industry. Indian brands such as Kama Ayurveda have been working on this market for quite a while.
Partner with local farmers and distillers to make and export top-quality essential oils for aromatherapy, wellness specialists, and cosmetic makers all over the world.
Conclusion
The highly digitalized global market allows you to develop a range of profitable business strategies for international markets and earn impressive income. You must undergo a product development and marketing phase to establish your brand. This includes offering a premium product range as well as weaving a captivating brand story using digital marketing strategies and much more.
There are some challenges, such as quality control as well as supply chain management, and compliance with regulators when shipping internationally. Fret not! A dependable shipping service that provides all-inclusive worldwide shipping and fulfillment solutions, such as Ship rocketX. We can ease this burden and facilitate stress-free shipping to international destinations for your business.
