Are you looking to expand your business globally? Whether you’re a large, small, or medium business, you require a leap to step beyond a stagnated customer base. For this, you need to devise a strategic international business idea to enter the global market. Such opportunities arrive in a digitised global economy, as the hyper-connectedness of today’s global market makes it a productive zone for growth, bolstering higher profits.
Now, you may wonder how to tap into the potential of this global space? This article will introduce you to cracking international business ideas to expand your horizons.
7 Innovative International Business Ideas to Unlock Global Opportunities
These international business ideas will have your creative juices flowing and make global markets profitably accessible to you:
1. Franchising
Franchising is where you tie up with an already existing or well-established brand and open up their outlet/franchise in your country, city, region, or area. KFC, Starbucks, Gelato, and McDonald’s are good examples of renowned international brands with multiple franchises all over the world.
Having a franchise spares you from the work you need to put in to create brand awareness. It gives you an edge over other brands in the market. All you need to do is invest in and manage the franchise, as the business owning the brand name helps you set up, and does the marketing for you, relieving you of this burden. These businesses may also offer to send trained employees, recipes, products, and more.
2. Export-Import (EXIM)
Exporting or selling products in foreign countries and importing or buying products to sell in your home country are two of the world’s oldest ways to enter the international market. With the advancement in technology, digitisation, and eCommerce, it’s easier today to have this profitable business. The OECD expects global trade in goods and services to go up by 2.3% this year and nearly 3.3% in 2025.
However, it may take a lot of in-depth planning and resources to materialise this international business idea. You’ll need to create a strong supply chain to sustain this venture in the long run.
Start by researching hot-selling or in-demand products, such as electronics, organic skin care products, gourmet foods, etc., in the countries in which you want to establish your business. Once you start selling them, you may require a warehouse as the business grows. You must keep up with the regulations and policies of other countries, get appropriate trade licences for customs clearance, and pay the necessary taxes and tariffs.
But there’s also a hassle-free way to manage your export-import business. You can collaborate with an experienced and well-reputed shipping company to do all the tiring paperwork for you and provide you with end-to-end international shipping and fulfilment solutions.
3. Outsourcing Business
Businesses today want to work smart and not hard. They tend to outsource various functions, from logistics and manufacturing to marketing, to reduce their burden and costs. According to Qubit Labs, about 45% of small enterprises outsource tasks to access the capabilities and technologies that support innovation.
Hence, outsourcing corporate or manufacturing operations is a great international business idea. For example, Microsoft outsources a huge portion of its software development and IT services to Indian firms, General Electric (GE) outsources IT services and financial services to Indian firms, American Express outsources various customer service and financial processes to Indian BPO companies, and the list goes on.
This shows how much potential the outsourcing business holds and how likely it is to thrive in an interconnected world.
4. Herbal Cosmetics
Capitalise on India’s renowned ancient herbal heritage and export natural skincare and beauty products. According to a report by Allied Market Research, the Asia-Pacific region will most likely witness the highest growth rate in the organic cosmetics market, making India a strategic location for production. Moreover, experts expect the Ayurvedic market, a subset of the herbal cosmetics market, to reach US $4.7 billion by 2026, growing at a 9.5% CAGR from 2019-2026.
So, this business idea would prove to be lucrative. European and North American consumers are increasingly demanding clean beauty products, with 73% of millennials willing to pay more for sustainable products, according to a Nielsen survey. Tie up with Ayurvedic experts and manufacturers to come up with a range of organic cosmetics with therapeutic properties of Indian herbs and botanicals. You could use famous Indian herbs like neem, turmeric, aloe vera, and tulsi in your products. Indian brands like Forest Essentials and Biotique are some great examples of this business.
5. eCommerce Garments Business
The garments or clothing industry is growing by the day as new global fashion trends penetrate countries. With the ease of eCommerce, you’d see Indian customers adorning European or American fashion or Westerners wearing Indian kurtis/kurtas and suits, and so on.
People want to experiment and have access to worldwide fashion trends. We’re currently glaring at a USD 645.21 million global eCommerce apparel market size, set to reach around USD 1221.03 million by 2031. This demand gives you a huge opportunity to make massive profits out of this international business idea.
You can start selling anything from t-shirts, shirts, and dresses to more innovative or designer outfits online. Your eCommerce store can expand to international markets with the help of established international shipping companies that give you global reach and the power to cater to thousands of international orders easily. This might invite an investment of INR 50,000 at least, increasing depending on the type of apparel you sell. You can either create your own designs or buy clothes from wholesalers and sell them under your label.
6. Handicrafts
Another profitable international business idea is to market and export traditional Indian handicrafts representing India’s rich cultural heritage. The Export Promotion Council for Handicrafts (EPCH) has seen a 30% increase in the demand for eco-friendly and sustainable handicrafts.
Moreover, a report by Technavio reveals that the global handicrafts market will go up by USD 514 billion during 2021-2025 due to high demand for unique, handmade products and the rise of eCommerce retail platforms.
Join hands with the local artisans to create and export handcrafted products, like pottery, woodwork, textiles, and metalwork to international markets. Some classic successful examples of Indian brands in this line are Fabindia and Jaypore.
7. Essential Oils
An NCBI survey reveals that aromatherapy is among the most widely used natural therapies reported by consumers in Western countries, indicating their strong inclination towards these products. So, exporting essential oils made from Indian plants and herbs is a promising international business idea.
Essential oils like lavender oil, peppermint oil, eucalyptus oil, tea tree oil, and lemon oil are leading the market within Aromatherapy Oils Market holding over 53.7% market share by 2023 because of their widespread appeal. Moreover, experts expect the high-demand essential oils segment to grow at a 9% CAGR from 2020 to 2027. This indicates a high chance of you making good profits from this business. Indian brands like Kama Ayurveda have been leveraging this market for a long time.
Collaborate with local distillers and farmers to produce and export quality essential oils to wellness enthusiasts, aromatherapy practitioners, and cosmetic manufacturers around the world.
Conclusion
A highly digitised global market gives you the opportunity to implement many lucrative international business ideas, filling your pocket with handsome profits. You need to go through a product development and marketing stage to establish your brand, including offering a quality product range, weaving an engaging brand story, using digital marketing activities, and more.
However, you may face a few challenges like quality control, supply chain management, and regulator compliance while shipping internationally. Fret not! A reliable shipping company with end-to-end overseas shipping and fulfillment solutions like ShiprocketX can relieve you from that burden, facilitating stress-free international shipping for your business.
