Global Markets Are a Big Source of Revenue for Small Business Owners

Global Markets Are a Big Source of Revenue for Small Business Owners

Goods and services from the U.S. sold overseas reached $2.4 trillion as of 2014. You don’t have to be a multinational company making millions of dollars to do business overseas. Many small businesses are seeing the benefit of venturing abroad. In fact, revenues are on the rise for small companies that sell goods and services internationally, according to the 2016 American Express Grow Global Survey.

Of those companies surveyed that were exporting outside the U.S., 80% saw a boost in revenues after one year, while on average one-quarter, or 26%, attributed revenue growth to international sales. Additionally, as small businesses look to the future, they are optimistic about exporting. The Global Survey also revealed that over the next five years, about 76% of business owners expect that their revenue from sales overseas will increase by about 30%.

Doing Business Overseas

 

“Our research shows that despite potential challenges, many companies still see international business as an important growth opportunity,” said Ed Marsh, export advisor to American Express in a press statement. “Through our Grow Global program, we know that getting started can often be the hardest part, but when businesses get on the path to global sales, they realize exporting has organizational benefits beyond just revenue growth.”