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Tag: expansion

  • Five things to know about the Affordable Care Act enhanced subsidies

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    The cost of health insurance is set to surge for millions of Americans under the Affordable Care Act at the start of the new year without the extension of expanded tax credits.The expanded subsidies were at the center of the 42-day government shutdown that ended in November. Now just days away from the new year, premiums are set to increase without an extension or resolution from Congress.The Get the Facts Data Team analyzed and aggregated statistics to know ahead of the rise in premiums in the new year.Premiums could rise on average 114%Premiums would more than double if the tax subsidies were to expire, according to an analysis from KFF. In addition to the potential ending of the subsidies, insurance rates are projected to rise across marketplace plans and employer-provided insurance.A one-person household with an annual income of $25,000 – a little more than 1.5 times the federal poverty level – is estimated to go from paying a maximum $100 out of pocket annually to $1,168.They would pay a maximum of less than $98 a month — 10 times more than the previous payment of less than $9 a month.The interactive below shows how the maximum out-of-pocket rates for benchmark plans may change if expanded subsidies expire for one, two and four-person households at various incomes. Estimates were calculated using maximum out-of-pocket rates from KFF published by the IRS, along with 2025 federal poverty level data from the U.S. Department of Health and Human Services for the 48 contiguous states plus D.C.The tool is not intended to calculate an individual’s actual payments. Healthcare.gov and other state marketplaces are the best source for specific premium costs.People closer to retirement age or with higher incomes could see the largest impactOnce the expanded tax credits expire at the end of this year, the out-of-pocket maximums will increase across the board, and people making above four times the poverty level will become ineligible for any tax credits.More than 6.7% of those who were enrolled in ACA plans earned more than 400% of the federal poverty level, accounting for 1.6 million people. Once the subsidies expire, these enrollees would no longer qualify for the subsidies under the ACA.Also heavily impacted are people approaching retirement age. The age group with the highest enrollment in marketplace plans is ages 55 to 64, data shows.KFF estimated in March that about half the enrollees who would lose the tax credit upon expiration are between 50 and 64.Premiums for individuals closer to retirement age and making more than 400% of the federal poverty level would also increase more compared to younger enrollees. Take a 30-year-old, a 45-year-old, and a 60-year-old earning $62,756 in a single household – 401% of the poverty level.Without the tax credits, the 30-year-old would see a $110 jump in the monthly premium for a silver plan, according to KFF’s ACA Enhanced Premium Tax Credit calculator. The 60-year-old would see an $881-per-month increase without the enhanced subsidies.24 million people are enrolled in plans under the Affordable Care ActThe subsidies are utilized by about 92% of the 24 million people enrolled in marketplace plans under the ACA, according to data from the Centers for Medicare & Medicaid Services.These expanded credits allow households of different sizes and income levels to be capped with maximum out-of-pocket costs.From 2020 to 2025, enrollment more than doubled as a result of expanded tax credits in the American Rescue Plan Act in 2021, which increased the subsidies and lifted a cap that disqualified people making four times the poverty level or more from being eligible for the subsidies.Under 2025 guidelines for the 48 contiguous states and Washington, D.C., the federal poverty level is $15,650 for a one-person household. At 400%, it’s $62,600.Six states have more than tripled in ACA enrollees since 2020There was a widespread increase in enrollment across states in the past five years.The six states that have more than tripled in enrollees since 2020 are Georgia, Louisiana, Mississippi, Tennessee, Texas and West Virginia. There were 14 states that more than doubled in enrollment. Just three places — including Washington, D.C. — declined in enrollment, according to data from the Centers for Medicare and Medicaid Services.Expired subsidies take effect Jan. 1Even though new insurance premiums would take effect in the new year, a retroactive extension could be passed in 2026.However, it would be complicated and would continue to grow more complicated over time, according to KFF. More enrollees may drop insurance in the meantime. In a KFF survey, a quarter of enrollees indicated they would go without health insurance if the cost of current coverage doubled. About a third said they’d look for a lower premium plan.PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiPiFmdW5jdGlvbigpeyJ1c2Ugc3RyaWN0Ijt3aW5kb3cuYWRkRXZlbnRMaXN0ZW5lcigibWVzc2FnZSIsKGZ1bmN0aW9uKGUpe2lmKHZvaWQgMCE9PWUuZGF0YVsiZGF0YXdyYXBwZXItaGVpZ2h0Il0pe3ZhciB0PWRvY3VtZW50LnF1ZXJ5U2VsZWN0b3JBbGwoImlmcmFtZSIpO2Zvcih2YXIgYSBpbiBlLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdKWZvcih2YXIgcj0wO3I8dC5sZW5ndGg7cisrKXtpZih0W3JdLmNvbnRlbnRXaW5kb3c9PT1lLnNvdXJjZSl0W3JdLnN0eWxlLmhlaWdodD1lLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdW2FdKyJweCJ9fX0pKX0oKTs8L3NjcmlwdD4=

    WASHINGTON —

    The cost of health insurance is set to surge for millions of Americans under the Affordable Care Act at the start of the new year without the extension of expanded tax credits.

    The expanded subsidies were at the center of the 42-day government shutdown that ended in November. Now just days away from the new year, premiums are set to increase without an extension or resolution from Congress.

    The Get the Facts Data Team analyzed and aggregated statistics to know ahead of the rise in premiums in the new year.

    Premiums could rise on average 114%

    Premiums would more than double if the tax subsidies were to expire, according to an analysis from KFF.

    In addition to the potential ending of the subsidies, insurance rates are projected to rise across marketplace plans and employer-provided insurance.

    A one-person household with an annual income of $25,000 – a little more than 1.5 times the federal poverty level – is estimated to go from paying a maximum $100 out of pocket annually to $1,168.

    They would pay a maximum of less than $98 a month — 10 times more than the previous payment of less than $9 a month.

    The interactive below shows how the maximum out-of-pocket rates for benchmark plans may change if expanded subsidies expire for one, two and four-person households at various incomes. Estimates were calculated using maximum out-of-pocket rates from KFF published by the IRS, along with 2025 federal poverty level data from the U.S. Department of Health and Human Services for the 48 contiguous states plus D.C.

    The tool is not intended to calculate an individual’s actual payments. Healthcare.gov and other state marketplaces are the best source for specific premium costs.

    People closer to retirement age or with higher incomes could see the largest impact

    Once the expanded tax credits expire at the end of this year, the out-of-pocket maximums will increase across the board, and people making above four times the poverty level will become ineligible for any tax credits.

    More than 6.7% of those who were enrolled in ACA plans earned more than 400% of the federal poverty level, accounting for 1.6 million people. Once the subsidies expire, these enrollees would no longer qualify for the subsidies under the ACA.

    Also heavily impacted are people approaching retirement age. The age group with the highest enrollment in marketplace plans is ages 55 to 64, data shows.

    KFF estimated in March that about half the enrollees who would lose the tax credit upon expiration are between 50 and 64.

    Premiums for individuals closer to retirement age and making more than 400% of the federal poverty level would also increase more compared to younger enrollees. Take a 30-year-old, a 45-year-old, and a 60-year-old earning $62,756 in a single household – 401% of the poverty level.

    Without the tax credits, the 30-year-old would see a $110 jump in the monthly premium for a silver plan, according to KFF’s ACA Enhanced Premium Tax Credit calculator.

    The 60-year-old would see an $881-per-month increase without the enhanced subsidies.

    24 million people are enrolled in plans under the Affordable Care Act

    The subsidies are utilized by about 92% of the 24 million people enrolled in marketplace plans under the ACA, according to data from the Centers for Medicare & Medicaid Services.

    These expanded credits allow households of different sizes and income levels to be capped with maximum out-of-pocket costs.

    From 2020 to 2025, enrollment more than doubled as a result of expanded tax credits in the American Rescue Plan Act in 2021, which increased the subsidies and lifted a cap that disqualified people making four times the poverty level or more from being eligible for the subsidies.

    Under 2025 guidelines for the 48 contiguous states and Washington, D.C., the federal poverty level is $15,650 for a one-person household. At 400%, it’s $62,600.

    Six states have more than tripled in ACA enrollees since 2020

    There was a widespread increase in enrollment across states in the past five years.

    The six states that have more than tripled in enrollees since 2020 are Georgia, Louisiana, Mississippi, Tennessee, Texas and West Virginia. There were 14 states that more than doubled in enrollment.

    Just three places — including Washington, D.C. — declined in enrollment, according to data from the Centers for Medicare and Medicaid Services.

    Expired subsidies take effect Jan. 1

    Even though new insurance premiums would take effect in the new year, a retroactive extension could be passed in 2026.

    However, it would be complicated and would continue to grow more complicated over time, according to KFF.

    More enrollees may drop insurance in the meantime. In a KFF survey, a quarter of enrollees indicated they would go without health insurance if the cost of current coverage doubled. About a third said they’d look for a lower premium plan.

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  • Turnpike in Lake County expands from t

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    The Florida Turnpike is undergoing a large expansion in Lake County that officials hope will ease congestion as the area around Hancock Road in Minneola continues to boom, and the expansion marked a major milestone with the opening of two new lanes of traffic southbound.From the Hancock Road interchange to the State Road 50 interchange, the $162.3 million project has seen the expansion of the Turnpike from two lanes to four.The project is set to wrap up next year, but will continue northbound from Hancock Road to O’Brien Road.”Any time we can ease traffic, I think that’s going to work in favor to everybody,” said driver Jim Ashbaugh. “It’s just too much traffic. Any time you have expansion is great. We do like it now, the more work that’s being done.”As the expansion continues, the area around Hancock Road is booming, with the opening of a new Advent Health hospital this month and thousands of homes recently built and still under construction.”It’s been a lot of work, I know that. There’s been a lot of holdups, the way the traffic has been and everything. But I think it’s for a good thing,” said driver Russell Iglesias.Officials hope all the work will accommodate the thousands of new Lake County residents flocking to the area.”You’ve got a lot more people coming here, moving, so they’re going to look to build houses,” Ashbaugh said. “More and more people coming is going to make that much more traffic, but more jobs, right, more opportunity for people to come and make a little bit more money.”The work to expand from two lanes to four in both directions northbound from Hancock to O’Brien will conclude in 2028.

    MINNEOLA, Fla. —

    The Florida Turnpike is undergoing a large expansion in Lake County that officials hope will ease congestion as the area around Hancock Road in Minneola continues to boom, and the expansion marked a major milestone with the opening of two new lanes of traffic southbound.

    From the Hancock Road interchange to the State Road 50 interchange, the $162.3 million project has seen the expansion of the Turnpike from two lanes to four.

    The project is set to wrap up next year, but will continue northbound from Hancock Road to O’Brien Road.

    “Any time we can ease traffic, I think that’s going to work in favor to everybody,” said driver Jim Ashbaugh. “It’s just too much traffic. Any time you have expansion is great. We do like it now, the more work that’s being done.”

    As the expansion continues, the area around Hancock Road is booming, with the opening of a new Advent Health hospital this month and thousands of homes recently built and still under construction.

    “It’s been a lot of work, I know that. There’s been a lot of holdups, the way the traffic has been and everything. But I think it’s for a good thing,” said driver Russell Iglesias.

    Officials hope all the work will accommodate the thousands of new Lake County residents flocking to the area.

    “You’ve got a lot more people coming here, moving, so they’re going to look to build houses,” Ashbaugh said. “More and more people coming is going to make that much more traffic, but more jobs, right, more opportunity for people to come and make a little bit more money.”

    The work to expand from two lanes to four in both directions northbound from Hancock to O’Brien will conclude in 2028.

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  • Banks expand footprints in Charlotte, creating opportunities (7 stories)

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    The articles highlight banks expanding their footprints in Charlotte, underscoring the city’s appeal as a financial hub. U.S. Bank is expanding by opening new branches, with one recently opened in South End. Wells Fargo plans to refurbish branches as it drives growth following the lifting of its asset cap. Truist announced plans to open 100 branches in several markets, including Charlotte.

    Meanwhile, BankUnited has targeted Charlotte for growth by hiring key executives and eyeing potential branch locations in SouthPark. These expansions indicate banks’ strategic interest in Charlotte amidst growing competition.

    Bank of America will open more than 150 new financial centers in 60 U.S. markets by the end of 2027.

    NO. 1: BANK OF AMERICA IS OPENING OVER 150 MORE BRANCHES. SOME ARE HEADED TO CHARLOTTE

    The bank hopes to have them all up and running by 2027 as part of a $5 billion investment. | Published May 13, 2025 | Read Full Story by Catherine Muccigrosso



    People walk outside of the Wells Fargo uptown corporate location, Wednesday, June 4, 2025, in Charlotte, N.C. By Matt Kelley

    NO. 2: WELLS FARGO NO LONGER HAS GROWTH RESTRICTIONS. ITS CFO OUTLINES WHAT’S NEXT

    A week after the bank’s nearly $2 trillion asset cap was removed, the CFO spoke about new growth plans. | Published June 10, 2025 | Read Full Story by Catherine Muccigrosso



    Huntington National Bank opened its first Charlotte branch in SouthPark with plans to open its second branch in South End in September. By Peter Brentlinger

    NO. 3: OHIO BANK ACCELERATES EXPANSION IN THE CAROLINAS WITH SECOND BRANCH IN CHARLOTTE

    More banks are expanding into the region, which is dominated by Bank of America, Truist and Wells Fargo. | Published July 11, 2025 | Read Full Story by Catherine Muccigrosso



    BankUnited Inc., Miami Lakes, Florida, headquarters shown, is expanding into Charlotte with the hiring of three corporate banking and commercial real estate executives.

    NO. 4: FLORIDA BANK SEES ‘SIGNIFICANT OPPORTUNITY’ TO GROW IN CROWDED CHARLOTTE MARKET

    The bank is joining a market dominated by Bank of America, Wells Fargo and Truist. | Published July 23, 2025 | Read Full Story by Catherine Muccigrosso



    Truist Bank is closing nine branches across North Carolina, including a couple in the Charlotte region.

    NO. 5: TRUIST EXPANSION TARGETS CHARLOTTE, OTHER AFFLUENT CITIES WITH 100 NEW BRANCHES

    Truist has a five-year plan to invest significantly in expanding in its fast-growing markets, including its home base of Charlotte, the bank said Wednesday. | Published August 20, 2025 | Read Full Story by Catherine Muccigrosso



    US Bank opened its seventh branch in Charlotte Wednesday at 1801 South Blvd.

    NO. 6: U.S. BANK SEES ROOM TO EXPAND IN CHARLOTTE DESPITE SOME BIG COMPETITION

    U.S. | Published August 22, 2025 | Read Full Story by Catherine Muccigrosso



    Huntington National Bank opened its first Charlotte branch at 6700 Fairview Road in SouthPark. The new branch doesn’t look like a traditional bank with a formal teller line, instead there are areas for conversations. By Peter Brentlinger

    NO. 7: MIDWEST BANK DETAILS ITS CHARLOTTE AND NC MULTI-MILLION-DOLLAR EXPANSION PLAN

    Huntington National Bank has bigger expansion plans in store for Charlotte and the Carolinas after the grand opening of its first branch in SouthPark Wednesday. | Published September 17, 2025 | Read Full Story by Catherine Muccigrosso

    The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories listed were reported, written and edited by McClatchy journalists.

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  • San Diego keeping tabs on top spot ahead of finale vs. Timbers

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    (Photo credit: Troy Taormina-Imagn Images)

    San Diego FC will try to prolong their hopes of earning the top seed in the Western Conference on Saturday evening in their season finale against the host Portland Timbers.

    San Diego (18-9-6, 60 points) lost its grip on first place last weekend after Vancouver rallied for a 2-1 victory at Orlando City SC.

    The expansion side still can earn the top spot in the West bracket with a win and a Whitecaps’ home loss against FC Dallas.

    Regardless, San Diego manager Mikey Varas said he believes his team should be confident in the body of work it has put together entering its first playoff appearance.

    With 17 goals and 18 assists, Anders Dreyer has mounted a legitimate MVP candidacy in his first season in the league, while helping the team set an MLS record for points in an expansion season.

    ‘I hope that people who watch us play feel that the boys have exceeded expectations,’ Varas said. ‘Because it’s a team that fights every single second of the game. They’re so brave to play. And to play under high levels of pressure and to keep going.’

    Portland (11-11-11, 44 points) has won only once in its last nine matches (1-4-4) while sliding down the West table. The Timbers could slip from seventh to eighth place with a loss and a Dallas victory.

    That would mean a one-game playoff against the ninth finisher — Real Salt Lake, Colorado or San Jose — instead of a direct path into a first-round series.

    For Timbers manager Phil Neville, the most frustrating aspect has been what he sees as a lack of service for center forwards Felipe Mora and Kevin Kelsy. The former hasn’t scored in the league since May, the latter not since late August.

    As a team, Portland has eight goals during its nine-match slump.

    ‘I think the thing that we’ve worked on in the last 10 days, I think I’ve made a real point of saying we have a center forward on the pitch that we have to utilize more,’ Neville said. ‘We have to support more, we have to give him (the ball) more.’

    –Field Level Media

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  • After massive shrimp recalls, the FDA finds radioactive contamination in spices too

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    Federal regulators have detected possible radioactive contamination in a second food product sent to the U.S. from Indonesia, even as recalls of potentially tainted shrimp continue to grow. The discovery adds to questions about the source of the unusual problem.Related video above: FDA investigates radioactive contamination in Walmart shrimpU.S. Food and Drug Administration officials last week blocked import of all spices from PT Natural Java Spice of Indonesia after federal inspectors detected cesium 137 in a shipment of cloves sent to California.That follows the import alert imposed in August on the company PT Bahari Makmuri Sejati, or BMS foods, which sends millions of pounds of shrimp to the U.S. each year.Here’s what you need to know about potential cesium 137 contamination:What is cesium 137?Cesium 137 is a radioactive isotope created as a byproduct of nuclear reactions, including nuclear bombs, testing, reactor operations and accidents. It’s widespread around the world, with trace amounts found in the environment, including soil, food and air.What have U.S. officials found?U.S. Customs and Border Protection officials detected cesium 137 in shipping containers of shrimp sent by PT Bahari Makmur Sejati to several U.S. ports. CBP officials flagged the potential contamination to the FDA, which tested samples of the shrimp and detected cesium 137 in one sample of breaded shrimp.The company has sent about 84 million pounds (38 million kilograms) of shrimp to U.S. ports this year, according to data from Import Genius, a trade data analysis company. It supplies about 6% of foreign shrimp imported in the U.S.This month, FDA officials detected cesium 137 in one sample of cloves exported by PT Natural Java Spice, which sends spices to the U.S. and other countries. Records show the company sent about 440,000 pounds ( 200,000 kilograms) of cloves to the U.S. this year.What are the health risks?No food that triggered alerts or tested positive has been released for sale in the U.S., FDA officials emphasized.But hundreds of thousands of packages of imported frozen shrimp sold at Kroger and other grocery stores across the U.S. have been recalled because they may have been manufactured under conditions that allowed them to be contaminated, the agency said.Although the risk appears to be small, the foods could pose a “potential health concern” for people exposed to low levels of cesium 137 over time.The levels of contamination detected are far below the level that could trigger the need for health protections, but long-term exposure could raise the risk of certain cancers.Where did the contamination come from?It’s not clear whether there’s a common source of contamination for the shrimp and the spices. FDA and CBP officials said their investigations are continuing. The two processing facilities appear to be about 500 miles (800 kilometers) apart in Indonesia.Contaminated scrap metal or melted metal at an industrial site near the shrimp processing plant in Indonesia may be the source of the radioactive material, according to the International Atomic Energy Agency. Nuclear regulators in Indonesia said they detected the radioactive isotope at the site outside Jakarta.It’s possible that that type of contamination could come from recycling old medical equipment that contained cesium 137, according to Steve Biegalski, a nuclear medicine expert at the Georgia Institute of Technology.Contaminated transport containers or shipping methods, such as trucks, boats or shared materials could also be a source, he said.What should consumers do?For now, consumers should avoid eating or serving shrimp recalled for possible cesium 137 contamination, the FDA said.To date, four firms have issued recalls of shrimp since August, including those listed here.1. Aug. 21, 2025: Southwind Foods, LLC Recall2. Aug. 22, 2025: Beaver Street Fisheries, LLC Recall3. Aug. 27, 2025: AquaStar (USA) Corp Recall – Kroger Brand4. Aug. 28, 2025: AquaStar (USA) Corp Recall – Aqua Star Brand5. Aug. 29, 2025: Southwind Foods, LLC Recall – Expansion of original recall6. Sept. 19, 2025: AquaStar (USA) Corp Recall – Expansion of original recall7. Sept. 23, 2025: Southwind Foods, LLC Recall – Expansion of original recall8. Sept. 23, 2025: Lawrence Wholesale, LLC Recall – Kroger Brand

    Federal regulators have detected possible radioactive contamination in a second food product sent to the U.S. from Indonesia, even as recalls of potentially tainted shrimp continue to grow. The discovery adds to questions about the source of the unusual problem.

    Related video above: FDA investigates radioactive contamination in Walmart shrimp

    U.S. Food and Drug Administration officials last week blocked import of all spices from PT Natural Java Spice of Indonesia after federal inspectors detected cesium 137 in a shipment of cloves sent to California.

    That follows the import alert imposed in August on the company PT Bahari Makmuri Sejati, or BMS foods, which sends millions of pounds of shrimp to the U.S. each year.

    Here’s what you need to know about potential cesium 137 contamination:

    What is cesium 137?

    Cesium 137 is a radioactive isotope created as a byproduct of nuclear reactions, including nuclear bombs, testing, reactor operations and accidents. It’s widespread around the world, with trace amounts found in the environment, including soil, food and air.

    What have U.S. officials found?

    U.S. Customs and Border Protection officials detected cesium 137 in shipping containers of shrimp sent by PT Bahari Makmur Sejati to several U.S. ports. CBP officials flagged the potential contamination to the FDA, which tested samples of the shrimp and detected cesium 137 in one sample of breaded shrimp.

    The company has sent about 84 million pounds (38 million kilograms) of shrimp to U.S. ports this year, according to data from Import Genius, a trade data analysis company. It supplies about 6% of foreign shrimp imported in the U.S.

    This month, FDA officials detected cesium 137 in one sample of cloves exported by PT Natural Java Spice, which sends spices to the U.S. and other countries. Records show the company sent about 440,000 pounds ( 200,000 kilograms) of cloves to the U.S. this year.

    What are the health risks?

    No food that triggered alerts or tested positive has been released for sale in the U.S., FDA officials emphasized.

    But hundreds of thousands of packages of imported frozen shrimp sold at Kroger and other grocery stores across the U.S. have been recalled because they may have been manufactured under conditions that allowed them to be contaminated, the agency said.

    Although the risk appears to be small, the foods could pose a “potential health concern” for people exposed to low levels of cesium 137 over time.

    The levels of contamination detected are far below the level that could trigger the need for health protections, but long-term exposure could raise the risk of certain cancers.

    Where did the contamination come from?

    It’s not clear whether there’s a common source of contamination for the shrimp and the spices. FDA and CBP officials said their investigations are continuing. The two processing facilities appear to be about 500 miles (800 kilometers) apart in Indonesia.

    Contaminated scrap metal or melted metal at an industrial site near the shrimp processing plant in Indonesia may be the source of the radioactive material, according to the International Atomic Energy Agency. Nuclear regulators in Indonesia said they detected the radioactive isotope at the site outside Jakarta.

    It’s possible that that type of contamination could come from recycling old medical equipment that contained cesium 137, according to Steve Biegalski, a nuclear medicine expert at the Georgia Institute of Technology.

    Contaminated transport containers or shipping methods, such as trucks, boats or shared materials could also be a source, he said.

    What should consumers do?

    For now, consumers should avoid eating or serving shrimp recalled for possible cesium 137 contamination, the FDA said.

    To date, four firms have issued recalls of shrimp since August, including those listed here.

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  • Expanding Your Small Business? You Need to Prepare For This Money Challenge | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In our increasingly digitally borderless world, the dream of international expansion is more accessible than ever for American entrepreneurs. The reach of social media and a strategic web presence has the power to make your brand visible to a global audience in seconds. Yet, as U.S. small and medium-sized businesses (SMBs) increasingly venture beyond borders, a significant yet often underestimated challenge emerges: currency volatility.

    From selling goods in Europe to sourcing materials from Asia, or managing a remote team spread across continents, operating internationally inherently means SMBs are engaging with different currencies. This involves added layers of complexity, not only because it entails managing Profit and Loss (P&L) statements in multiple currencies, but because the value of one currency against another is not static. A currency’s value can shift due to geopolitical events, economic news and market sentiment, often quickly and without warning. For small businesses, this can directly impact their bottom line in ways they might not be prepared for.

    Consider this scenario: You’re a small business owner and the U.S. dollar strengthens significantly against the currency in which you’ve priced an export contract. This means that your expected profit in dollars could sharply diminish upon conversion. Conversely, a weaker dollar could drastically increase the cost of imported goods, squeezing your profit margins or even making your products less competitive in the market. Beyond profitability, currency swings can make it difficult to accurately forecast spending or build a predictable budget. What you forecast to pay one month could significantly vary more or less the next, leading to instability that can derail your financial planning.

    For any U.S. small business looking to succeed in multiple markets, it’s essential to mitigate these risks by adopting a proactive currency management strategy. Here are three simple steps SMBs can take to hedge against currency volatility.

    Related: How to Solve the $800 Million Problem That’s Stopping Small Businesses From Expanding Overseas

    1. Assess exposure

    Small business owners should start by assessing how currency movements could affect their business. Consider which countries the business operates in and investigate the stability of local currency values over time. This provides an up-front indication of the level of risk you are taking on.

    From there, the next step is to establish the best way to manage a cross-border cash flow. For example, if you know you’re sourcing goods and materials from local vendors in a country with a volatile currency, you may want to keep most of the funds siphoned for those payments in USD until the time comes for you to actually make the payment. Alternatively, if you’re working with a foreign currency that is considered stable, it might be more cost-effective for your business to hold funds in that local currency consistently using a multi-currency account. By keeping those funds readily available, you can reduce the number of times you pay conversion fees and manage that revenue stream just like you would in dollars.

    It’s also worth noting that some businesses and individuals living and working in countries with volatile currencies may request to be paid in a non-native currency themselves, including USD. So it’s worth checking with suppliers and employees what their preference is before setting up payments.

    Related: How a Strong vs. Weak Dollar Impacts U.S. Businesses

    2. Rethink your supply chain

    Once SMBs have established their currency exposure, it’s time to start thinking strategically about how they’re spreading risk across the business. Especially this year, as new tariffs — taxes on imported goods — have created additional complexities for many small businesses, it’s more important than ever to mitigate the risk of unforeseen costs.

    A good place for SMBs to start is to take inventory of their suppliers. If they are all concentrated in one region with a volatile currency, it might be worth exploring alternatives. Similarly, if retail-based businesses shipping goods abroad are consistently paying cargo fees that they can’t readily predict, they might look for local suppliers of those same goods to avoid paying import charges on every order.

    Diversifying where the business buys and sells goods and services can significantly smooth out both currency risk and the impact of sudden tariff changes. In other words, rebalancing purchasing zones is a smart way to distribute and lessen overall financial exposure.

    Related: ‘Uniquely Positioned’: How Small Business Owners Can Successfully Navigate the Tariffs

    3. Embrace multi-currency financial platforms

    Regardless of a businesses’ chosen international structure, it’s crucial to choose financial tools that make managing a global cash flow simple. As I’ve already alluded to, multi-currency accounts can be a game-changer for SMBs operating across borders, allowing them to hold funds in multiple currencies and send money like a local to foreign accounts.

    Some multi-currency account offerings even allow businesses to set thresholds for automatic currency conversions, which means their account will automatically convert funds when a currency hits a designated rate. This seamlessly allows SMBs to capture gains and avoid losses without adding to their mental load.

    It’s also important to choose fast, affordable and transparent financial services providers. Faster international payments mean funds arrive quicker, reducing the window of exchange rate exposure. Some providers also offer a fixed exchange rate within a certain time frame, so businesses know that even if funds arrive the next day, it will be the exact amount they expected — no more, no less. For SMBs, having clarity on how much they’re paying in fees, when their money will arrive and how much their recipient will receive can be an enormous relief.

    Ultimately, managing exchange rate risk isn’t just about protection; it’s about creating opportunity. When currency volatility is well-managed, it can become a lever for competitiveness. Businesses that have the right tools can leverage these variations to optimize their purchases or strengthen their positions in critical markets.

    For U.S. entrepreneurs venturing into the global marketplace, understanding and proactively managing currency risk is no longer optional. By embracing transparency, demanding speed and prioritizing control over your international finances, SMBs can protect their margins, empower their growth and unlock the vast potential of the international economy.

    In our increasingly digitally borderless world, the dream of international expansion is more accessible than ever for American entrepreneurs. The reach of social media and a strategic web presence has the power to make your brand visible to a global audience in seconds. Yet, as U.S. small and medium-sized businesses (SMBs) increasingly venture beyond borders, a significant yet often underestimated challenge emerges: currency volatility.

    From selling goods in Europe to sourcing materials from Asia, or managing a remote team spread across continents, operating internationally inherently means SMBs are engaging with different currencies. This involves added layers of complexity, not only because it entails managing Profit and Loss (P&L) statements in multiple currencies, but because the value of one currency against another is not static. A currency’s value can shift due to geopolitical events, economic news and market sentiment, often quickly and without warning. For small businesses, this can directly impact their bottom line in ways they might not be prepared for.

    Consider this scenario: You’re a small business owner and the U.S. dollar strengthens significantly against the currency in which you’ve priced an export contract. This means that your expected profit in dollars could sharply diminish upon conversion. Conversely, a weaker dollar could drastically increase the cost of imported goods, squeezing your profit margins or even making your products less competitive in the market. Beyond profitability, currency swings can make it difficult to accurately forecast spending or build a predictable budget. What you forecast to pay one month could significantly vary more or less the next, leading to instability that can derail your financial planning.

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

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    June Yuan

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  • Ground preparation starting at Republic FC stadium site

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    FLOOD MANAGEMENT STRUCTURE. WELL, HAPPENING TODAY, BIG MACHINERY IS GOING TO BE ROLLING INTO THE RAILYARDS AS CREWS ARE STARTING TO LAY THE GROUNDWORK FOR A NEW SOCCER STADIUM TO TRANSFORM A LONG NEGLECTED AREA. EXCITING TIME. MELANIE WINGO IS LIVE AT THE RAILYARDS NOW WITH A LOOK AT THE UPDATED TIMELINE ON THIS PROJECT. GOOD MORNING. WE’RE SEEING SIGNS THAT WORK IS GOING TO BE GETTING UNDERWAY TODAY. TAKE A LOOK. THEY’VE OPENED THE GATE HERE JUST AS THE SUN IS STARTING TO RISE. WE’RE POINTED TOWARD THE EAST. HERE AT THE RAILYARDS. THE GROUNDWORK, YOU COULD SAY, IS BEING LAID FOR THAT NEW SOCCER STADIUM. AS THE TEAM ANNOUNCED THAT GROUND PREPARATION HERE AT THE RAIL YARDS IS GOING TO GET UNDERWAY THIS MORNING. SAC REPUBLIC FC SAYS THE FIRST PIECES OF HEAVY EQUIPMENT ARE SET TO ARRIVE HERE ON SITE IN JUST ABOUT A HALF HOUR. THAT EQUIPMENT WILL BE UNLOADED, SETTING THE STAGE FOR THE CLUB TO BEGIN CONSTRUCTION ON ITS NEW HOME. YOU MAY RECALL OUR MIKE TESELLE WAS OUT HERE IN AUGUST AS REPUBLIC FC CELEBRATED WHAT IT CALLED A HISTORIC GROUNDBREAKING CEREMONY. THIS PROJECT AND VISION REALLY HAS BEEN 12 YEARS PLUS IN THE MAKING. WITHIN THE PAST YEAR OR SO, THINGS REALLY GETTING INTO HIGH GEAR WITH PLANS AND RENDERINGS FOR THE NEW STADIUM BEING RELEASED TO THE PUBLIC. WHEN ALL IS COMPLETE, THE STADIUM SHOULD HOLD AROUND 12,000 FANS, WITH OF COURSE, POTENTIAL FOR EXPANSION. ACCORDING TO THE TEAM. THE TEAM TELLING KCRA THREE THE JOURNEY TO GET HERE HASN’T BEEN EASY, BUT IT IS ALL GOING TO BE WORTH IT IN THE END. AND BACK OUT HERE LIVE. REPUBLIC FC SAYS THAT VERTICAL CONSTRUCTION ON THE STADIUM ITSELF IS SET TO BEGIN AT THE BEGINNING OF 2026. SO WE’RE JUST A COUPLE MONTHS AWAY FROM THAT. AGAIN, THAT HEAVY EQUIPMENT SET TO ARRIVE AT ABOUT 630. SO SET YOUR WATCHES 20 MINUTES FROM NOW. WE’LL SEE THOSE BIG PIECES COMING IN. REPORTING LIVE IN THE RAILYARDS THIS MORNING. MELANIE WINGO KCRA. THERE ARE PEOPLE THA

    Ground preparation starting at Republic FC stadium site

    Heavy equipment moving into Railyards area Friday.

    Updated: 9:30 AM PDT Sep 12, 2025

    Editorial Standards ⓘ

    Work to get a soccer stadium in Sacramento is one step closer to becoming a reality as Sacramento Republic FC announced ground preparation is going to happen at the Railyards area starting Friday morning.The first pieces of heavy equipment are set to arrive at the Railyards, according to the team, and then the machinery will be unloaded at the site — setting the stage for the club to begin construction on its new home.In August, Republic FC celebrated what the team called its historic groundbreaking ceremony.This is a project and a vision more than 12 years in the making with things moving into high gear over the past year with plans and renderings for the new stadium being released publicly.When all is complete, the stadium should hold around 12,000 fans with the potential for expansion.The team told KCRA 3 in recent weeks that the journey to get here hasn’t been easy, but that it’s all going to be worth it.Republic FC said it expects vertical construction on the stadium to begin in early 2026.The team has said its goal is for play to begin at the new stadium as early as the 2027 season.See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter | Find us on YouTube here and subscribe to our channel

    SACRAMENTO, Calif. —

    Work to get a soccer stadium in Sacramento is one step closer to becoming a reality as Sacramento Republic FC announced ground preparation is going to happen at the Railyards area starting Friday morning.

    The first pieces of heavy equipment are set to arrive at the Railyards, according to the team, and then the machinery will be unloaded at the site — setting the stage for the club to begin construction on its new home.

    In August, Republic FC celebrated what the team called its historic groundbreaking ceremony.

    This is a project and a vision more than 12 years in the making with things moving into high gear over the past year with plans and renderings for the new stadium being released publicly.

    When all is complete, the stadium should hold around 12,000 fans with the potential for expansion.

    The team told KCRA 3 in recent weeks that the journey to get here hasn’t been easy, but that it’s all going to be worth it.

    Republic FC said it expects vertical construction on the stadium to begin in early 2026.

    The team has said its goal is for play to begin at the new stadium as early as the 2027 season.

    See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter | Find us on YouTube here and subscribe to our channel

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  • Optimism In The Air About Major League Baseball Expanding To Portland – KXL

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    PORTLAND, Ore. – The Portland Diamond Project is expressing optimism following recent comments by Major League Baseball Commissioner Rob Manfred regarding potential league expansion and divisional realignment.

    Craig Cheek, founder and president of the Portland Diamond Project, said the group is “aware and excited” by Manfred’s remarks, which included the possibility of growing MLB to 32 teams.

    “We are paying close attention to this conversation, and we’re optimistic hearing the commissioner address expanding the league to 32 teams,” Cheek said in a statement to KXL.

    “Though it’s not official, it does give Portland Diamond Project continued motivation to push forward in our efforts to bring a professional baseball team to the Rose City.”

    The Portland Diamond Project has long aimed to bring a Major League Baseball franchise to Portland, touting the city’s market potential and strong community interest.

    Manfred’s comments have reignited speculation about when — and where — MLB might expand next. While no formal timeline or locations have been confirmed, Portland is believed to be one of several cities under consideration.

    More about:

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    Grant McHill

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  • Plum Market Expands Footprint With New Location at John Glenn International Airport

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    The Food & Beverage Services Leader Brings Fresh, Healthy Options to Airport Passengers This Fall


    COLUMBUS, Ohio, July 17, 2025 (Newswire.com)
    –
    Plum Market, the Food & Beverage Services leader known for its organic and natural products, announced today it will open a new location at John Glenn Columbus International Airport (CMH) this fall. The location is geared towards quick service, allowing travelers to grab and go, or sit and savor, and will offer travelers a convenient selection of high quality, healthy options including:

    • Chef Crafted Meals: Freshly prepared, hot, ready to eat options for those seeking a quick and healthy bite.

    • Grab & Go: An assortment of fresh salads, cut fruit, signature sandwiches, and more, for travelers on a tight schedule.

    • Packaged Snacks and Drinks: A collection of healthy trending snack and drink brands to please the pickiest of travelers.

    • Wellness Essentials: A selection of over the counter products to support a healthy lifestyle while traveling.

    “We are thrilled to bring the Plum Market experience to travelers at John Glenn International,” said Matt Jonna, CEO of Plum Market. “Our goal is to provide healthy, flavorful, and convenient food options for travelers. This new airport location allows Plum Market to serve a broader community with the very best essentials travelers need.”

    The Plum Market location will cater to the diverse needs of airport passengers, offering fresh, healthy alternatives to traditional airport fare. The menu will feature high quality, ready to eat meals and snacks, perfect for those on the go.

    “At John Glenn International, we strive to create an exceptional customer experience, and Plum Market aligns perfectly with that goal,” said Joseph R. Nardone, President & CEO of the Columbus Regional Airport Authority, the operator of John Glenn Columbus International Airport. “Our partnership expands the healthy and convenient choices available to our passengers, ensuring we provide the best service possible.”

    This new airport location marks another exciting step in Plum Market’s expansion, bringing its unique blend of natural, organic, and locally sourced products to even more communities.

    About Plum Market Plum Market is a privately owned company with a service-forward approach to food, beverage, and wellness essentials. The company promotes all natural, organic, and locally crafted items to meet the needs of the health conscious and the foodies alike, across 27 grocery, airport, and foodservice locations throughout Michigan, Texas, and Florida with new locations announced in California, Ohio, Nebraska, and Virginia. For more information, visit plummarket.com and follow @PlumMarket on Instagram, Facebook, and TikTok.

    About John Glenn Columbus International Airport (CMH) John Glenn Columbus International Airport (CMH) is managed by the Columbus Regional Airport Authority and is dedicated to connecting Ohio with the world. CMH serves millions of passengers annually, offering a wide range of services and amenities to enhance the travel experience.

    Contact Information:

    Kelsey Prevost
    Media Coordinator
    media.relations@plummarket.com
    248-706-1600

    Source: Plum Market Corporation

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  • How to Plan Moving Forward with Business Expansion Plans – Aha!NOW

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    You’ve been successful in business. Now what? You’ve an option to expand your business. Though that’s wonderful, however, while doing so, taking a wrong step can even hurt your business. This marks the importance of proper planning and knowing the right steps and direction to moving forward with the expansion of your business. Here are some practical tips you can consider for creating a foolproof business expansion plan. ~ Ed.

    How to Plan Moving Forward with Business Expansion Plans

    Over time, businesses can grow, expand, and evolve to become different versions of themselves as they tap into markets and reach new audience bases.

    This is a natural progression and something that most business owners face during their lifespans. But expanding isn’t always something you ease into naturally, and there can be a right and wrong way to move forward with expansion plans and activities that can be overlooked in relation to supporting your business as you evolve.

    This post will explore the right ways to expand your business and some points you need to consider along the way.

    6 Considerations for Moving Forward with Business Expansion Plans

    Of course, there should be a good demand for the products or services you want to expand your business for besides possessing a healthy cash flow. You might also require more space, zoning and permits. Here’s more about these considerations.

    Space and Location

    While some businesses might not need to worry about a physical location and space, others need to be aware of what they need in relation to purpose-built property and land to help them grow and accommodate new avenues or an increase in supply and demand.

    Can your current location and building accommodate these changes, or will you need to relocate? Is there the space to erect additional buildings to help you maximize input, or will you be looking for land you can develop to help you create a purpose-built site specifically for what you do?

    The further ahead you consider your physical location needs and the space you require to grow or prepare for it to be incorporated into operation, the easier it will be to move forward. So, whether you are looking at adding temporary buildings to create new workshops or you want to design a prefabricated steel building to be built on new land, understand your needs so you can arrange it prior to expansion plans.

    Zoning and Permits

    Different states will have different laws and regulations regarding zoning and permits for various types of work. You need to look into the rules regarding what you do currently, what direction your business is taking, and what you will be doing in the future to satisfy the requirements.

    Zoning laws prohibit certain types of businesses from operating in certain areas and can limit you in other ways. For example, if you want to add a retail unit to your warehouse or manufacturing premises, you might be prohibited due to zoning laws. If you are increasing staffing levels or your retail unit needs a more considerable parking lot, zoning laws might also limit you here too.

    On top of this, there might also be rules relating to noise pollution, waste management, even the number of doors you can have, bathrooms, etc., meaning you need to consider prior to undergoing changes and expansion to ensure you do not breach zoning laws or operate without the correct permits. Talk to your state’s zoning department to determine what you can and can’t do and what you need to advance your plans.

    There is Demand

    When considering expansion or offering new services and products, it’s crucial to assess the market demand. It’s not enough to believe in the viability of your offerings; they must meet a real need. Otherwise, you risk wasting time, money, and resources. This strategic understanding of market demand will empower you to make informed decisions about your business’s future.

    Good business is about striking while the iron is hot, and to a certain degree, you do need to get in on new products or services before others do. However, you also need to understand how the intended audience will receive it and if they actually want or need it. It’s pointless brining something to the market if it’s nothing anyone wants.

    So take your time to understand the market, know the industry, and actually know if people want what you are thinking of offering or if it’s even needed. This cautious approach, coupled with thorough market research, will ensure you are prepared for any challenges that may arise during your expansion journey.

    Risk Management

    Every business venture carries risks, especially when expanding and diversifying. It is essential to identify and understand each potential risk, its consequences, and how to mitigate it. Failing to do so could lead to unexpected setbacks.

    A comprehensive risk assessment should identify all potential risks, evaluate the likelihood of each risk occurring, and assess the possible impact on your business. It should also outline strategies for mitigating or eliminating each risk.

    Finances

    Expansion is a financial commitment. Every decision, plan, and change you make will require funding. As a business owner, it’s your responsibility to ensure you have a healthy cash flow that can support both current operations and new initiatives.

    As a business, you need to be confident you have a healthy cash flow that can not only support current operations but bankroll new changes and plans without directing needed funds from current activities. You need to be able to self-fund or provide a funding source you can afford to utilize to assist you in making the proper changes without cutting corners.

    If these changes involve hiring more staff, for example, you need to comfortably cover their wages until you make the profit you need. You also need to afford building costs, materials and equipment, insurance, and everything else that comes with making things bigger and better.

    Competition

    Moving forward with expansion plans would be negligent without looking into your competition and what others in your sector are doing or not doing. While you want to remain competitive, you don’t want to dip into a saturated market or go out on a limb and overstep your mark.

    Competitor analysis, when done correctly, can give you a deeper insight into others and what they’re doing so you can use this data strategically. From understanding price points, mistakes to avoid, potential audience, and how you can differentiate what you do, there is much you can glean from effective competitor analysis that will benefit you in the long run.

    In Summary

    To sum up, as a business owner, you need to have many plans in place before you begin to realize your dreams of expansion and growth. Supporting your current operations with additional activities is complex, and making the wrong decision can ultimately backfire and undo everything you have worked so hard for.

    Over to you

    If you currently have a business you have expanded, or you are looking into improving what you do and growing past your current capabilities, what advice do you have for others, or what things are you dipping your toes in to ensure ongoing success? Share in the comment section below.

    Disclaimer: Though the views expressed are of the author’s own, this article has been checked for its authenticity of information and resource links provided for a better and deeper understanding of the subject matter. However, you’re suggested to make your diligent research and consult subject experts to decide what is best for you. If you spot any factual errors, spelling, or grammatical mistakes in the article, please report at [email protected]. Thanks.

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    Russell Emmental

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  • Your Current Marketing Plan May Not Work Overseas — Copy Strategies From Spotify and Snickers to Succeed Anywhere | Entrepreneur

    Your Current Marketing Plan May Not Work Overseas — Copy Strategies From Spotify and Snickers to Succeed Anywhere | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Expanding into new international markets presents an exciting yet formidable challenge. With over two decades in the PR industry, I’ve navigated the complexities of diverse cultural landscapes and I’ve seen firsthand how a PR strategy that thrives in the U.K. might not resonate, for example, in the U.S., Asia or Brazil. The key to a successful international PR campaign lies in understanding and adapting to the unique characteristics of each market.

    So, how do you ensure your PR strategies are optimized for foreign markets? This article will explore how to elevate your PR game to meet the demands of international audiences. Drawing on inspiring examples from leading brands and our own successful expansions into various markets, we’ll provide insights to help you scale your business effectively.

    Related: 10 Expert Insights for the Optimal (and Most Effective) PR Budget in 2024

    Understanding the new market

    Before venturing into a new market, comprehensive research is critical. This involves delving into the region’s culture, consumer behavior, current market trends and competitive landscape. For instance, conducting targeted surveys can shed light on customer sentiments toward your competitors and identify key issues your target audience faces. This insight allows you to tailor your PR campaigns to address those specific needs.

    Understanding the local culture is equally important. A prime example is Uber’s adaptation to the Indian market by offering cash payments and auto-rickshaw options. This localized approach garnered significant media attention and resonated with the Indian audience, highlighting the importance of cultural adaptation in PR strategies.

    Localized content and messaging

    A one-size-fits-all approach to PR and communications is rarely effective when entering new markets. The success of your PR efforts hinges on your ability to adapt content and messaging to the local context. Here’s how you can ensure your PR campaigns resonate with the new audience:

    1. Tailor your content: Use insights from your market research to customize your messaging. This involves adapting your brand’s tone, style and content to align with the cultural and linguistic preferences of the local audience. For example, in Germany, where directness is valued, a straightforward approach might be more effective; whereas, in Japan, a more subtle and respectful tone might be preferred.
    2. Engage local PR experts: Collaborating with local PR firms can be helpful. They have a deep understanding of the cultural nuances and can help craft messages that are both culturally sensitive and engaging. They also offer insights into local media landscapes and consumer behavior, which can guide your PR strategy.
    3. Incorporate cultural significance: Recognize and respect local holidays, milestones and cultural events. Tailoring your PR campaigns to reflect these significant moments can enhance audience engagement. For instance, incorporating local stories and testimonials in your campaigns demonstrates your brand’s commitment to understanding and valuing local traditions.
    4. Be sensitive to local norms: Ensure that your campaigns do not inadvertently offend or alienate the local audience. Familiarize yourself with cultural sensitivities and avoid using stereotypes or imagery that may be deemed inappropriate.

    A nice example of localized content across regions is the Snickers campaign “You’re not you when you’re hungry,” which ran for over six years across 58 markets. While the message remained the same globally, its presentation was tweaked for different markets. For instance, U.S. audiences were treated to the famous Betty White Superbowl ad in 2010, while in the U.K., the campaign was launched using Twitter (now X). National newspapers picked up the story and a campaign of just 25 tweets reached more than 26 million people.

    Related: Beyond Borders: Five Tips For Expanding Your Business

    Building relationships with local media

    Cultivating positive relationships with local journalists and media professionals is crucial for gaining favorable coverage. If you’re not familiar with the local media in a new area, a quick online search can help identify key newspapers, TV stations, radio channels and news sites.

    Spotify’s launch in India in 2019 serves as an excellent example. By engaging local media with relevant campaigns and participating in social media trends, Spotify gained substantial media coverage and built a strong presence, reaching over 100 million listens from more than 55 million active Indian users by December 2023.

    Face-to-face interactions, such as conferences and product launches, can significantly enhance media relationships as well. Research shows that 61% of people consider such direct engagement the most effective marketing channel.

    My team has experienced how valuable these interactions can be by attending major conferences like Latitude59 in Estonia and Money20/20 in Amsterdam and Thailand. These events provide invaluable opportunities to meet media representatives through side events, partnerships with organizers and pre-booked meetings. By building relationships in these settings, we’ve been able to collaborate on article pieces and extend invitations to our own media events, further solidifying our presence in these markets.

    Related: Why Local Media is the Secret to Getting Free PR

    Utilizing sponsored content

    Sponsoring content is another effective strategy for penetrating new markets. By sponsoring sports teams, events, TV shows or online content, you can increase brand visibility and control the narrative presented to your audience. Sponsored content allows you to maintain creative control while ensuring rapid visibility across key media outlets.

    For example, our own experience with a sponsored article in IBTimes significantly boosted our visibility as we expanded into the Asian market. The article highlighted our strategic move to incorporate a wholly-owned subsidiary in Hong Kong, effectively targeting a specific audience interested in market expansions and financial operations. This demonstrates how a timely paid piece can be more efficient than waiting to cultivate a new media relationship, especially when immediate visibility is crucial.

    By combining paid and organic PR, you can maximize the impact of your brand in new markets and deliver its message more effectively.

    Related: Does PR Actually Help Increase Sales? Yes — Just Do It Right and Be Patient

    Leveraging influencers and local advocates

    Influencers play a crucial role in amplifying your brand’s reach in new markets. Their established trust with their followers can significantly enhance your product’s credibility. To leverage this, identify influencers who align with your brand values and offer them exclusive access to your products. This strategy helps build trust and effectively engages new customers.

    While global celebrities can boost brand visibility, partnering with local influencers and advocates who genuinely connect with the target audience can be more impactful. For instance, Nike’s “Nothing Beats a Londoner” campaign successfully used local athletes to connect with young Londoners, resulting in a significant increase in searches for Nike products.

    Another great example is the fintech company Wise, originally founded in Estonia, which specializes in international money transfers. To promote their international Visa debit card in Brazil, Wise recently launched a national campaign featuring local influencers and brand ambassadors. The positive media coverage and high engagement levels indicate that this localized approach is already proving successful.

    Related: How Can Startups Leverage Influencers?

    Developing a local network

    Just as leveraging local influencers and advocates is key to establishing your brand, developing a robust local network is equally important. A strong network can open doors to future partnerships, provide valuable insights and offer resources that are crucial for navigating the cultural and regulatory landscapes of a new market.

    When we expanded to Estonia, we experienced firsthand the power of a local network. Through Estonia’s e-Residency program, we were able to quickly and efficiently set up our company and operate globally from a digital hub. But the benefits didn’t stop there. The program introduced us to key stakeholders, bridged connections with local media and even provided a platform for us to share our news. This network facilitated our entry into the market and laid the foundation for sustainable growth.

    By actively cultivating relationships with local business leaders and government agencies, your brand can gain the support and credibility needed to thrive in new markets. Engaging with local chambers of commerce, industry groups and other community organizations can also help you stay informed about market trends and opportunities, making your PR strategy even more effective.

    Monitoring and measuring success

    Last but not least, ongoing monitoring and evaluation are essential to gauge the effectiveness of your PR strategies. Establish KPIs to track progress against your objectives and measure ROI. Utilize tools like Google Analytics, social media monitoring and sentiment analysis to track engagement, brand awareness and media coverage.

    As discussed, entering new markets successfully demands a well-researched and strategically tailored PR approach that adapts to local consumer needs and cultural nuances. By applying the insights shared in this article, you’ll be well-equipped to effectively navigate international landscapes, build brand awareness, trust and credibility in new regions and drive sustainable growth for your brand.

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    Alexander Storozhuk

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  • New York’s King of Falafel Is Planning a Chicago Expansion

    New York’s King of Falafel Is Planning a Chicago Expansion

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    Earlier in July, a vague Instagram post from Fares “Freddy” Zeideia brought joy to Chicagoans familiar with Zeideia’s famous New York restaurant, King of Falafel & Shawarma. Zeideia announced he was opening his first restaurant outside of the Empire State. He’s picked the suburban locale of Chicago Ridge and hopes to open in mid-September.

    Zeideia’s legend has grown since he opened his first food cart in 2002 in Astoria, New York. While Chicagoans may be familiar with halal street food carts — Halal Guys arrived in Chicago in 2018) — Zeideia says he declined expansion overtures. He objected to greedy investors taking control of what he built. “The Falafel King of Astoria,” as the New York Times called him in 2016, has built a kingdom of two food trucks and one restaurant.

    The Palestinian immigrant has family in the Chicago area, and Zeideia’s business partner lives there, too. Zeideia spoke about how Chicago is the Palestinian capital of America with the largest community in the country — it’s mostly focused in the Southwest Suburbs along Harlem Avenue through Bridgeview. That’s why he’s opening the first King of Falafel outside of New York in the suburbs, about 35 minutes from Downtown Chicago near that Palestinian enclave. The location will be for takeout and drive-thru only. Any upcoming locations would have dining rooms. Zeideia says he wants to open three or four in the Chicago area, including in the city proper.

    “Everyone over the years has been telling me to come to Chicago, come to Chicago,” Zeideia says during a mid-July interview. He apologizes for not immediately returning a message. He underwent open-heart surgery the week before.

    Blissfully unaware of Chicago’s restrictive food truck and mobile food cart laws, Zeideia says he also wants to open a food truck in town. After that, he’ll turn his attention to opening restaurants in Dallas. The New York operation has nothing to do with a similarly named San Francisco restaurant that closed in 2015. Zeideia also wants folks who have visited the New York restaurant to experience the same feel.

    “I’m not going to change anything,” he says. “It’s going to be the same, old Freddy; the same attitude, same personality.”

    That includes the restaurant’s branding, which now includes the phrase “Free Palestine.” Zeideia has celebrated his Palestinian pride more overtly in recent months as the war in Gaza continues. He’s plastered a cast of politicians — from President Joe Biden to Israeli Prime Minister Benjamin Netanyahu — on the floor for customers to step on; Zeideia calls them war criminals and blames them for the death toll overseas. He’s encountered backlash. Those disagreeing with his views have led a campaign to have Google erroneously list his restaurants as closed.

    However, Zeideia has found more supporters thanks to how social media spreads his exploits. He says random folks will approach him and ask, “Aren’t you the guy with the things on the floor?”

    Chicagoans know the type of restaurant owner Zeideia represents. He’s someone who connects with customers and shows up daily to build strong rapport with his customers. He was back at the restaurant a day after heart surgery. Zeideia says he didn’t want to be bored away from the restaurant. While he is excited to be in Chicago to see his six grandchildren more, he’s still a New Yorker to the core. Zeideia says he craves the city’s manic pace which other cities can’t match: “In Chicago, you can sit on a light and nobody honks their horn,” he says.

    King of Falafel and Shawarma, 6085 W. 111th Street in suburban Chicago Ridge, planned for a mid-September opening.

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    Ashok Selvam

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  • MariMed Adds New Post-Guidance Growth – Cannabis Business Executive – Cannabis and Marijuana industry news

    MariMed Adds New Post-Guidance Growth – Cannabis Business Executive – Cannabis and Marijuana industry news

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    MariMed Adds New Post-Guidance Growth – Cannabis Business Executive – Cannabis and Marijuana industry news





























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    Tom Hymes

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  • Rule changes can help onboard customers from anywhere in India: Deutsche Bank

    Rule changes can help onboard customers from anywhere in India: Deutsche Bank

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    German lender Deutsche Bank will be focussing on the digital channel over the branch model to grow its business in the country, a top official said.

    Changes in rules by the RBI mandating geographical location restrictions while onboarding customers will be of help, Kaushik Shaparia, chief executive of Deutsche Bank Group, India, told PTI.

    “If the regulator were to permit digital access over and above the geographical restrictions, I am convinced we can do more.

    “Currently, there are restrictions as to where you can onboard clients, where your locations are, and the customer has to have an office near one of your locations etc,” he said on the sidelines of a bank event here.

    When asked about the branch strategy in the country, Shaparia quipped that “geography is history”, and added that the bank’s aim will be to focus more on digital.

    “Maybe in the past, having a robust branch strategy was critical but with digitisation, geography has become history. So, I think our approach would be more digital,” he noted.

    At present, the bank has 17 branches and one unit at GIFT IFSC in the country. It also relies on the Indian workforce in global capability centres (GCCs) to deliver a host of other innovations and work for its global operations, making India home to the largest number of employees outside of its headquarters in Germany, with over 20,000 professionals.

    Shaparia said the GCCs in Mumbai, Jaipur, Pune and Bengaluru support the group’s operations in 48 countries through business engineering, modelling, quantitative analytics, extensive structuring, and research to deliver innovative financial solutions.

    It can be noted that many foreign lenders are relying on the digital channel to grow their India business, rather than expanding on branch presence. The regulator has also been pushing for such lenders to operate as a wholly-owned subsidiary rather than the branch model.

    Meanwhile, as part of its social commitments under the corporate social responsibility mandate, the lender opened an evening learning centre exclusively for lesbian, gay, bisexual, transgender and queer people for helping the community progress on the formal educational front.

    The centre in central Mumbai’s Sion will be followed up with a similar facility in Ghatkopar, and there will be another learning centre in Pune for all the constituents of the society, Shaparia said.

    Under its diversity, equity and inclusion focus, the lender also has a defined approach to hiring LGBTQIA+ employees, which includes participating in job fairs and creating awareness through campus engagements.

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  • Wildermyth’s studio will conclude the game with its final expansion

    Wildermyth’s studio will conclude the game with its final expansion

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    Wildermyth is an incredible procedurally generated RPG that leads players through a series of narrative quests. As you build bases, battle foes, and learn more about the world, you’re able to build up your cast with new decisions and sacrifices. A hero might die, marry another party member and have children, or turn into an increasingly feral beast. It’s a tremendously cozy, satisfying RPG experience.

    Wildermyth has a core campaign, and additional adventurers that introduce new stories and new enemy factions. The game’s first DLC pack was focused around new cosmetic skins and armors for heroes, whereas the upcoming Omenroad expansion includes a roguelike-style challenge mode and a new story campaign called Walk in the Unlight. While Omenroad brings lots of new bosses and challenging fights, it also represents an end to development for Wildermyth. Worldwalker Games announced the conclusion on May 29 on the game’s official X account.

    “We will continue to support the game and fix critical bugs, but don’t expect new content going forward,” co-owner Nate Austin wrote. “We will be saying farewell to many of our team members. Worldwalker Games is going into hibernation for now.”

    Austin clarifies that the team still intends to port Wildermyth to other platforms, and the hibernation does not affect that “in any way.” He also commits to continuing a Kickstarter that will record the game’s music live and integrate it into the game, French and Spanish translations for Omenroad, and to maintain the game’s Discord, wiki, support email, merch store, and social media.

    “Wildermyth has been wonderful, but nothing goes on forever,” wrote Austin. “We wanted to ship Omenroad, and having done that, we’re ready to move on. This was the plan, and it doesn’t have anything to do with how well Omenroad is doing. (It’s doing well! We’re extremely proud of it.)”

    He added, “I’m pretty sure we’ll eventually find something else to pour our passion into, and we’ll let you know about it when the time comes.”

    It’s sad to see an end to Wildermyth, which has become one of my staples when I want to play a narrative RPG adventure. But it’s also a tremendous game, and it’s good to see the studio end on a high note and walk away from the project of their own choice. While we may never see another title from the Worldwalker team, I’ll treasure Wildermyth and the stories it effortlessly spins for years to come.

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    Cass Marshall

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  • Waymo is cleared to launch robotaxi service in Los Angeles

    Waymo is cleared to launch robotaxi service in Los Angeles

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    State regulators on Friday gave the green light for Waymo to expand into Los Angeles and San Mateo counties, clearing the way for the driverless taxi service to launch in the coming months.

    Exactly when Waymo services will be available in Los Angeles is still to be determined, but the decision by the California Public Utilities Commission will open the streets of America’s second-largest city to a fleet of autonomous vehicles — even as self-driving cars continue to be the subject of safety concerns and some public criticism.

    Waymo, formerly known as the Google self-driving car project, is owned by Google’s parent company, Alphabet, and already operates in parts of San Francisco.

    The company is allowed to operate fully autonomous vehicles and carry public passengers as part of its testing and promotion, and has been testing its driverless white Jaguars in Los Angeles for more than a year. An invitation-only period rolled out in Los Angeles County last year, giving some a chance to experience the service firsthand.

    “As always, we’ll take a careful and incremental approach to expansion by continuing to work closely with city officials, local communities and our partners to ensure we’re offering a service that’s safe, accessible and valuable to our riders,” Waymo spokesperson Julia Ilina said in a statement.

    But Waymo’s expansion has been met with some skepticism — and the vehicles have at times been targets of vandalism. Last month, a crowd burned an empty Waymo car in San Francisco’s Chinatown, though the motive for that attack was unclear.

    Los Angeles officials have expressed concern over the deployment of the driverless vehicles, and some have backed legislation introduced by state Sen. Dave Cortese (D-San José) that would give local officials more power to regulate them.

    L.A. County Supervisor Janice Hahn called the CPUC’s approval “a dangerous decision.”

    “These robotaxis are far too untested and Angelenos shouldn’t be Big Tech’s guinea pigs. Decisions like this one should be informed by cities, not made over city objections,” Hahn said in a statement.

    Peter Finn — president of the Teamsters Joint Council 7, a union that represents freight and delivery truck drivers — said the commission’s decision comes less than a month after Waymo issued a recall because of a software issue. That recall was prompted by incidents in Phoenix in December, when two Waymo vehicles struck the same pickup truck minutes apart as it was being towed.

    “The fact that this permit is being granted following such a fiasco raises a lot of questions about the due diligence conducted during this process and how forthcoming Waymo is with both regulators and the general public,” Finn said in statement.

    Currently, local jurisdictions have no say in the commercial deployment of autonomous vehicles. The CPUC cleared the expansion of Waymo’s operations despite letters of opposition from officials in South San Francisco, San Mateo and Los Angeles counties, and multiple transportation agencies.

    In a protest letter to the commission, the L.A. Department of Transportation argued that there needs to be standardization of disengagement protocols and more oversight over the automated vehicles before they are deployed.

    “Any expansion by Waymo will set a precedent for these companies and those looking to enter the marketplace to deploy without any rules or safeguards in place that were promulgated without meaningful coordination with local jurisdictions,” the letter said.

    L.A. Mayor Karen Bass asked regulators in November to increase their scrutiny of autonomous vehicles and said the city should have a say in how they are regulated.

    At the time, she pointed to one of the Waymo driverless cars operating in Los Angeles that had failed to initially stop for a traffic officer at Beaudry Avenue and Wilshire Boulevard on Aug. 3, 2023. The officer had been signaling east- and westbound traffic to come to a stop.

    Groups submitting letters of support for the Waymo expansion included United Way Bay Area, the California Chamber of Commerce, the Epilepsy Foundation of Northern California and Southern California Resource Services for Independent Living, among others.

    Before the commission’s approval, San Mateo County Atty. John D. Nibbelin protested, saying the county didn’t have enough information on the expansion plans or enough engagement with Waymo.

    “The ‘quick and simplified’ advice letter review process … is insufficient to develop the evidence necessary to fully understand the potential impacts and issues Waymo’s expansion into San Mateo County will create, including accounting for the differing needs and hurdles Waymo will face operating in San Mateo County,” Nibbelin’s letter to the commission stated.

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    Nathan Solis, Rachel Uranga, Karen Garcia

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  • How I Turned My Business' Fast Growth Into Sustainable Growth | Entrepreneur

    How I Turned My Business' Fast Growth Into Sustainable Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Companies often face the most unexpected issues when it comes to growth: The very success that propels them forward can also become their greatest challenge. Rapid growth, while indicative of a business’s vitality, can present complexities requiring business owners to take notice of.

    I aim to help you explore these conundrums and provide actionable strategies for effectively managing rapid business expansion, particularly for those unfamiliar with these often surprising business dynamics.

    Related: How to Identify and Address the Challenges of Excessive Business Growth

    Understanding rapid growth: Key questions addressed

    Rapid business growth can be exhilarating, but a spectrum of challenges accompanies it. One of the most conspicuous signs of overly rapid expansion is financial strain, where the generated revenue lags behind escalating operational costs. This imbalance can lead to severe cash flow problems — a critical issue for any growing business.

    Another significant challenge is the impact on employee morale. As the business expands, the existing workforce may find themselves overwhelmed by the increased demands, often without a corresponding increase in resources or support. This situation can lead to diminished productivity, increased turnover rates and a general decline in workplace morale.

    Customer service, a cornerstone of business success, also suffers under unchecked growth. The existing team, stretched thin by the demands of an expanding customer base, may struggle to maintain the quality of service that clients have come to expect. This decline can harm the business’s reputation and customer relationships, which are essential for sustained growth.

    Effective strategies for managing rapid growth

    At the heart of managing rapid growth is effective financial management. This entails a meticulous review of cash flow and proactive forecasting of future financial requirements. Businesses may need to explore options like refinancing or invoice factoring to ensure adequate liquidity. A robust financial strategy should also encompass budgeting, cost control and investment in growth-enabling resources. Defining clear growth objectives and conducting a comprehensive growth diagnosis are critical components of strategic planning. A well-crafted growth strategy should be based on a thorough analysis of internal resources, market conditions, competitor activities and customer needs. This strategy should not only guide the company through its current growth phase but also lay the groundwork for future expansions.

    Calculating and making decisions is an integral part of entrepreneurship. When we experience our first taste of success, the natural response is to want more, to have a “gung-ho” mindset and to do everything at all costs. However, what separates successful entrepreneurs from the rest is that they make calculated risks and it’s these rapid growths that can get in the way of businessmen and businesswomen from thinking clearly and making sound decisions.

    Moving forward with day-to-day operations, the role of employee well-being in managing growth cannot be overstressed. Fostering a workplace culture that recognizes and rewards contributions, ensures equitable workload distribution and supports work-life balance is crucial. This may include offering flexible working arrangements, competitive compensation packages and opportunities for professional development. Happy and engaged employees are more productive and are the bedrock of a thriving company.

    Related: 7 Strategies to Scale Your Small Business and Achieve Sustainable Growth

    A company that’s rapidly growing is also more vulnerable to economic recessions. Since these companies are growing too quickly, they make big splurges to match their demand without the proper planning behind the company’s operations. Oftentimes, it’s the employees who bear the brunt of the struggle and they become the victims of a company’s operational and financial mismanagement in the form of layoffs, salary cuts and more. It’s important for businesses to leave room for quarterly, bi-annual and annual reviews to make the adjustments necessary to keep up with the demands and the realistic limits of what your business can provide.

    As businesses grow, it’s imperative to maintain — if not enhance — the level of customer service, a mainstay of my policies at the Strategic Advisor Board. This involves regular assessments of customer service processes, addressing any issues promptly and potentially hiring additional staff to manage the increased demand. In my company, we have always made it important to prioritize the well-being of our customers. An example of this would be investing in customer relationship management (CRM) systems and training staff in customer service excellence can go a long way in preserving customer loyalty and satisfaction.

    Firm leadership is necessary in navigating the challenges of rapid growth. Leaders must balance their focus on day-to-day operations with strategic long-term planning. There have been way too many instances of business owners and entrepreneurs who operate solely within their vision and get too liberal with risky decisions. Effective leadership also involves being adaptable, making informed decisions based on real-time data, and leading by example.

    Everyone is always looking to be the next big thing in their specific business. Everyone wants to be the new Amazon or the new Netflix. This ambitiousness can end up biting your business in the back if you aren’t too careful and are too focused on your business’s demands without properly assessing your capabilities.

    Related: How to Navigate High-Growth Environments and Boost Revenue Through Visionary Leadership

    Final thoughts

    Navigating the high tides of business expansion requires a multi-dimensional approach, focusing on financial stability, strategic foresight, employee welfare, customer satisfaction and strong leadership. By addressing these key areas, businesses can transform potential challenges into stepping stones for sustained success and stability. Embracing growth should be a thoughtful, strategic process, where the pitfalls of rapid expansion are acknowledged and proactively managed. This approach ensures that the company not only survives its growth but thrives, setting the stage for continued success in a business landscape that’s constantly changing and innovating.

    While rapid growth presents its unique set of challenges, with the right strategies and mindset, it can be managed effectively. The key lies in understanding the nuances of expansion and implementing a holistic approach that balances immediate needs with long-term goals. By doing so, businesses can ensure that their growth trajectory is not only swift but also sustainable and beneficial for all stakeholders involved.

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    Jason Miller

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  • Cornerstone Academy Charter School Awarded $30 Million Bond

    Cornerstone Academy Charter School Awarded $30 Million Bond

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    Press Release
    •

    Jan 10, 2024 12:00 EST

    School Will Purchase Two Buildings and 14 Acres for Middle & High School Expansion


    COLUMBUS, Ohio, January 10, 2024 (Newswire.com)
    –
    Cornerstone Academy, a public charter school serving North Columbus communities, recently closed on a $30 million bond that will allow the school to purchase two buildings and over 14 acres of land for an expanded middle and high school campus. The K-12 school is one of Ohio’s top-performing charter schools with a  4.5 overall star rating by the Ohio Department of Education.  

    Cornerstone Academy opened in 2004 and currently serves 1,030 K-12 students across two neighboring campuses in Westerville and New Albany. Bond funds will go to the purchase of Cornerstone High School’s existing building located at West Campus Road in New Albany, alongside the purchase and build-out of an additional building at the same location which will roughly double the current footprint to 100,000 square feet of learning and operational space. The school will also add substantial adjoining acreage for future improvements including a gymnasium. 

    Managed by ACCEL Schools, Cornerstone was recognized as the management company’s 2023 School of the Year for exceeding top performance measures. During the pandemic, Cornerstone Academy maintained strong attendance and student outcomes while opening its high school and expanding to its second campus location.  

    “Cornerstone Academy is an exceptional school that has consistently raised its profile in the landscape of charter school education in Ohio,” said Superintendent Dr. Natalee Long. “We are proud that the community is investing in the future by funding these capital improvements that will allow Cornerstone to serve more middle and high school students and provide them with the quality education they deserve.” 

    The school plans to open the new high school building in time for the start of the 2024-25 school year and to dedicate the current building to middle school grade levels. This year’s expansion plan also includes the development of an outdoor athletic space for Grades 6-12. With the expansion, the waitlisted school plans to offer 300 new seats to K-12 students in Fall 2024. Families interested in enrollment can visit www.cornerstoneacad.org  

    Source: Cornerstone Academy

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  • Why Restaurateur Jack Gibbons Loves Confrontational Customers | Entrepreneur

    Why Restaurateur Jack Gibbons Loves Confrontational Customers | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Experience is everything.

    That’s the underlying belief of FB Society, a Dallas-based hospitality company operating numerous restaurant concepts that are intrinsically innovative and scalable. FB Society CEO Jack Gibbons’ history of scaling unique restaurant concepts is marked by a pragmatic understanding that profit is not just desirable, but an essential element for expansion. He emphasizes that the decision to grow a restaurant must be earned through the establishment of a financially viable and culturally rich foundation.

    FB Society knows a lot about building successful restaurant brands. The company developed, scaled, and sold the extremely popular Twin Peaks chain as well as Velvet Taco (of which they are still investors).

    “Whether it’s the culinary side or the experiential side, it’s got to be something that you ask, ‘why should it exist?’,” the CEO said about developing new concepts. “Because the last thing the world needs is just another restaurant.”

    In this interview for Restaurant Influencers with Shawn Walchef of Cali BBQ Media, Gibbons asserts: “If you don’t build margin into your brand, you can’t hire the best people, you can’t buy the best products, you can’t run great campaigns, and it gives you zero flexibility.”

    “The first thing is you just got to run one great restaurant and it’s got to make sense financially.”

    D.N.A. stands for Differentiation, Nuances, Attitude

    Jack Gibbons places a premium on a brand’s D.N.A., which stands for Differentiation, Nuances, and Attitude.

    This deliberate approach ensures that as the company expands, it retains its uniqueness and doesn’t lose its soul.

    Gibbons integrates the brand’s DNA into every aspect of the business, sharing it with the team and incorporating it into training. He believes that decisions, even at the management level, should be aligned with the brand’s fundamental D.N.A.

    “We create a DNA that’s actually written down on paper, and it’s really the reason a brand should exist,” articulates Gibbons. “We share the DNA with the team. We make it a big part of the training. We make it part of something you celebrate all the time.”

    In the realm of industry feedback, Gibbons adopts an uncommon perspective. He values confrontation and sees direct feedback, even when negative, as a requirement in order to improve.

    Gibbons challenges the industry norm by publicly responding to every Yelp review, whether positive or negative, viewing it as an opportunity to show customers genuine appreciation and a commitment to continuous improvement.

    This approach reflects his belief that embracing criticism is vital for the growth and excellence of management teams in the competitive restaurant industry.

    “I love this feedback. I could just ignore it if I choose to, or I can act upon it,” he says. “If you truly value your customers, but you say only when it’s something that’s positive, then that’s a bunch of bull***. Because the reality of it is we don’t execute perfectly every day.”

    The straightforward, no-nonsense approach to development is what has helped catapult Jack Gibbons to the top of the industry.

    With energy for growing concepts still running high, he shows no signs of slowing down.

    In his words, “There’s just so much to learn.”

    Subscribe to Restaurant Influencers: Entrepreneur | Spotify | Apple

    About Restaurant Influencers

    Restaurant Influencers is brought to you by Toast, the powerful restaurant point of sale and management system that helps restaurants improve operations, increase sales and create a better guest experience.

    Toast — Powering Successful Restaurants. Learn more about Toast.

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    Shawn P. Walchef

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  • 7 Factors Entrepreneurs Must Consider Before Going Global | Entrepreneur

    7 Factors Entrepreneurs Must Consider Before Going Global | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    When you decide to expand a business globally, there are some serious considerations you need to make. Even though there are big rewards from global expansion, there are also significant risks. Making this bold move as an entrepreneur means facing challenges you must be prepared for. With careful consideration of these challenges and all the factors that come into play, you could avoid making mistakes that would harm your business.

    Here are the most essential factors you must plan for before leaping to take your company global.

    Related: 5 Key Points to Consider When You Are Expanding Your Business Globally

    1. Markets and trends

    The market in one country may differ significantly from that in other countries. Even between close-knit areas or countries that border one another, the culture and the challenges can be unique. If you’re not planning for that and are unaware, it could affect your company. You may end up without a market in your new location. It could be that the trend you’re trying to get in on has already passed that area, leaving you behind the competition.

    2. Economic factors

    How is the economy in areas of the globe where you plan to expand? That’s another consideration I suggest looking over carefully. The population in the new location may love the look of your product and what it can offer, but if they can’t afford it, you won’t make sales. Not only that, but even an affordable product must align with its competition based on price and features. Make sure the economy can support your decision to expand.

    3. Political factors

    Avoiding politics, especially with customers, is generally a good idea. Still, the fact remains that the region you’re expanding into can affect whether your product is well-received or not. Just like you likely wouldn’t try to sell conservative t-shirts in a heavily liberal area, you want to make sure there aren’t any political factors that will affect your global expansion. Countries restricted due to their government might not be good choices for your expansion efforts. You should choose countries and areas that make your company’s expansion as easy and seamless as possible.

    4. Entity set-up requirements

    Are you going to have to spend years and thousands of dollars just to get permission to legally operate in a particular area of the world? If so, bringing your products there may not be worth it. Set-up requirements for your business entity can take time, and there will likely be some expense, but the area’s requirements should be manageable overall. There are likely other areas you can choose that won’t have these issues.

    Related: 6 Obstacles of Expanding Your Company Internationally — and How to Overcome Them.

    5. Legal barriers

    Much like politics, the legal aspects of moving your company’s offerings into more global areas must be considered. For example, if you want to expand your company’s online presence and ship to more countries, that’s typically easier than setting up physical locations. Some countries may make it difficult for you to operate a business when you have no other legal ties. Even if you get through all the red tape, you’ll be behind your competition immediately. That might not be a safe business move.

    6. The competition

    Concerning the competition, it also matters when considering going global as an entrepreneur. Moving into a market heavily controlled by well-established companies might not be your best option. Instead, consider areas with limited competition for your product but where there’s still a market for what you’re selling. Finding the right places can take time and research, but that can be time well spent when you don’t have to compete as hard for customers.

    7. Workforce needs

    Your workforce will be important, and that’s even more significant as your company grows its presence in a country or region. While many jobs can be handled online from nearly anywhere, some still have to be done in person. If your company needs a presence in a new area, you want to be sure there are enough potential workers with the skills and experience you need. Then you won’t need to provide as much training and can see more growth faster.

    Expanding into the global market might be the best thing you could ever do for your company, but only if handled correctly. Well-established entrepreneurs know that companies have to take that kind of expansion seriously if they’re going to see success. Before becoming a global company, consider the seven factors above and ensure you’re truly prepared for your business’s next adventure.

    Related: Successful Leaders Think Globally — How to Expand Your Business Abroad For Maximum Success

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    Igor Borovikov

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