Expanding a business into a new market can be both exciting and scary. The United States is a popular destination for companies looking to expand their offices due to its sizeable market, diverse workforce, and stable political and economic climate.
However, expanding into the US also presents unique challenges that companies must be aware of to succeed. In this blog post, we will provide tips for companies looking to expand their offices into the US and discuss the differences between the US office market and the European market.
1. Research the market
The first step in expanding your business into the US is to research the market thoroughly. You will need to understand the legal and regulatory requirements for setting up an office in the US, the cultural differences between the US and your home country, and the competitive landscape of your industry in the US. We recommend having a trusted partner like ourselves too to help you with contracts and the legalities of expanding your business abroad.
2. Choose the right location
The US is a vast country, and the office market varies significantly from region to region. Some cities, such as New York and San Francisco, have extremely high real estate costs, while other regions, such as the Midwest, have lower costs of living and doing business. You will need to consider factors such as access to talent, transportation infrastructure, and the cost of living when choosing a location for your office.
3 .Understand employment laws
The employment laws in the US differ significantly from those in Europe. For example, the US does not have a statutory minimum amount of paid vacation days, and the laws around overtime pay are complex. You will need to familiarise yourself with the relevant employment laws in the state where you are setting up your office.
4. Build a local team
This is essential to the success of your office expansion. You will need to recruit local talent who understand the market and can help you navigate the cultural and business differences between the US and your home country. You may also need to provide training to your existing employees who will be working in the US to help them adapt to the new environment.
Challenges in the US office market
Expanding into the US office market presents unique challenges that companies must be aware of to succeed. Some of the most significant challenges include:
1. Immigration laws - The US has strict immigration laws that can make it difficult for foreign nationals to work in the US. You may need to apply for visas for your employees, which can be a time-consuming and expensive process.
2. Real estate costs - Real estate costs in the US can be high, especially in major cities. You will need to budget for higher office rental or purchase costs than you may be used to in your home country.
3. Legal and regulatory requirements - The legal and regulatory requirements for setting up an office in the US can be complex and time-consuming. You may need to hire a local attorney or consultant to help you navigate these requirements.
Conclusion
Expanding your business into the US office market presents significant opportunities, but it also comes with unique challenges.
At Found we specialise in helping you find new locations both locally and abroad. In the US in the last 6 months alone we have helped a new client expand into the US for the first time in every single month.
Knowledge of the US market and how office workspace operates there is crucial, so as ever we can be relied on to be your trusted partner through the process from finding spaces that match your brief, right through to successfully signing the deal with you.
Get in touch now if you’re looking to expand into the US.
