For many local companies, the city limits can feel restrictive.  Expanding internationally presents many opportunities, but that expansion may not be as easy as it sounds. The Global New York Chamber of Commerce, a recently launched organization dedicated to empowering NYC businesses to go global, shared why going global should be part of any business plan. Let’s have a look at:

1. Unexploited Market Potential: New York City enjoys a great consumer base, but it’s a finite one. Expanding internationally opens doors to a massive and diverse customer pool. Let’s say a local craft brewery reaches beer lovers in Japan, or a Brooklyn-based fashion designer showcases their latest collection in Paris. The Global New York Chamber of Commerce may offer valuable resources like market research reports to help identify promising international markets that align with brands and products. 
2. Diversification and Risk Mitigation:  Relying solely on the local market exposes businesses to the urges of the local economy.  Global expansion allows companies to diversify their customer base and revenue streams, mitigating risk in case of an economic downturn in New York City.  The Global New York Chamber of Commerce is looking to connect brands with international trade finance specialists who can help manage the financial aspects of the brand’s global operations. 
3. A Channel for Innovation: International markets expose your business to new ideas, trends, and ways of doing things, which is something businesses don’t automatically think about. Collaborating with foreign partners can lead to co-creation and innovation in product development, marketing strategies, and operational efficiency. The Global New York Chamber of Commerce can facilitate connections with international businesses in any brand industry, encouraging cross-cultural collaboration and knowledge exchange.
4. Enhanced Brand Reputation: A successful journey into the international marketplace isn’t just about increased sales but elevating a brand’s reputation to a new level.  Imagine the value associated with a Brooklyn-born kombucha brand gracing shelves in health food stores across Europe or an innovative co-working space concept attracting international attention and investment.  Suddenly, that local business transforms into a recognized player on the global stage.

   This international recognition signifies not just a brand’s existence but also several key attributes that are highly attractive: Quality, innovation, and growth potential.

   The Global New York Chamber of Commerce understands the importance of effective brand positioning in the global marketplace.  By investing in a well-defined global marketing strategy, brands will be able to amplify the positive impact of their international expansion, transforming NYC business from a local success story into a globally recognized brand. 

5.  Access to a Global Talent Pool: Finding skilled workers in a competitive city like New York can be challenging.  Expanding internationally opens doors to a wider pool of talented individuals with diverse skill sets and perspectives. 

Beyond Resources

The Global New York Chamber of Commerce goes beyond simply providing resources.  They offer a supportive network specifically equipped to help NYC businesses across the complexities of international trade. Here are some ways the chamber can help you achieve your global ambitions:

Mentorship and Advocacy: advisory boards, involving industry veterans and business leaders, provide invaluable mentorship and advocacy for companies pursuing international expansion.

Tiered Membership Plans: The tiered membership plans are intended to accommodate the specific needs of businesses of all sizes and sectors, ensuring a scalable approach to accessing assistance.

Cultural Exchange Programs promote cross-cultural understanding and collaboration between NYC businesses and international counterparts, fostering innovation and building lasting connections. 

Taking the First Step

Going global shouldn’t be an overwhelming step of faith.  The Global New York Chamber of Commerce ensures you will be offered the tools and support you need to enter that exciting world of new opportunities confidently.  By employing their resources, expertise, and network, your NYC business can unlock its full potential and start to explore new horizons. 

The world is full of great opportunities.  With the right support, any NYC business can grow well internationally.

Published by: Khy Talara