For most companies, entering a new overseas market is a key step towards expansion. If you wish to expand to international markets to bring about new opportunities and further your impact, local freelancers may be the key to doing so. This article will shed light on why local freelancers are part and parcel of an expansion strategy. It will also highlight benefits local knowledge can provide for your organization.
An Effective Expansion Strategy
It’s no secret that we live in a global world. In recent years, the trend towards global interconnectivity has boosted the world economy. It’s contributed to its growth from $84 billion in 2020 to an estimated $127 billion by 2026. For those driven by both profit and purpose, you can harness some of this momentum by expanding your operations.
Freelancers bring diverse skills to the table. When they’re sourced locally, they also have local knowledge, perspectives, and cultural practices.
When you hire global talent, you’re opening up your teams to individuals who know the local ins and outs. They can provide a shortcut for the usually-lengthy process of market research. Perhaps most importantly, they also come with a level of trustworthiness that may not be achieved with international representatives. When it comes down to it, they can support all aspects of expansion.
New Networking Opportunities
If a company decides to hire globally, the freelancers that they work with can also bring about a local network. This has the potential to lead to more effective target segmentation and enhanced market opportunities. It can also be a valuable source for discovering partnerships and building relationships in the new market.
Simply put, local freelancers can open doors to opportunities that would remain difficult to access if it weren’t for them.
Building the Right Team
When it comes to entering new markets, there are few things more important than having the right team. While platforms like Work For Impact can help you reach local talent, that local talent can, in turn, help you find additional people and opportunities to support your team-building efforts.
By collaborating with a local freelancer, you’ll gain access to local customs and insight. This can shed light on what might be essential to continue building a team there (payment structures, legal requirements, etc.). Not only that, but they may be able to recommend fellow freelancers, saving you resources during the recruitment process.
On-the-Ground Opportunities
Hiring local freelancers and entering new markets can also work in tandem. This might entail you visiting the region in which you plan to expand and meeting local freelancers in person. Your expansion can allow for some of the personal connection that’s usually lacking in relationships with freelancers.
Doing so can provide even more insight into the cultural workings of the specific area. It can also help you and your new freelancer(s) feel more invested in the project. Bringing together marketing specialists, graphic artists, writers, and designers in person can bring about an excellent opportunity for briefing or brainstorming. Having several freelancers local to a specific place can enable some of this collaboration, even if you don’t have the opportunity to be there yourself.
Creating Impact Far and Wide
As a socially-minded organization looking to enter new markets, you can better support communities near and far by working with freelancers located in them. Not only will you access the voice and perspective of the area you’re expanding to, but you can support the community, too. You’re putting money into the local economy and sending a message that there’s value to be captured there.
Supporting talented individuals in low-income countries was one of the most important aspects for Younity, Europe’s largest spirituality-based platform. As highlighted in a WFI Case Study, when they entered new markets, hiring local freelancers saved them money. It also helped them build a team in record time and contributed to their mission of making the world a better place.
Curbing Brain Drain
Your involvement with local freelancers can also help to prevent “brain drain.” This occurs when talented individuals leave a small or regional community, to instead seek employment in large cities.
India—one of the most well-known countries for reversed brain drain—also has one of the highest numbers of freelancers. Supporting freelancers in the markets that you hope to enter can pave the way for more talent to grow and stay there.
Entering New Markets With Local Freelancers
Between navigating local labor regulations and payment preferences, building your team, harnessing local opportunities, and supporting global communities, there’s really no reason not to seek out local freelancers when you want to enter new markets.
In fact, it’s never been easier to connect with talented individuals all over the globe, and with support from technologies like the Work for Impact platform nothing will stand in the way of you hiring, managing, and optimizing your remote workforce. Check out the benefits and impact of hiring local freelancers through Work for Impact.