October 17, 2022

It’s no secret that the United States is facing a bit of a crisis in the realms of business and employment.

In recent years, we’ve seen a mass exodus of talent and motivation from the workforce as people have become increasingly disgruntled with their jobs and career prospects. This has led to a decline in productivity and an overall sense of malaise in the American workplace.

The term “The Great Resignation” was much discussed last year, and described a massive amount of people quitting their jobs all of a sudden and going… I don’t know where. I don’t think anyone ever figured out what all these newly-unemployed people were doing for money.

In my own hometown, every single store and business had “Now Hiring” signs prominently displayed in their front doors and windows. Some of these businesses advertised a phone number that someone could text in order to begin the interview/hiring process. I couldn’t help but think to myself how different things were from merely five years ago—places of business seemed ready to dispense with the formality of an in-person interview. These businesses already knew they were going to hire the first people to apply simply because they needed workers that badly.

The “Now Hiring” signs never came down. Some places began advertising their starting salary. I couldn’t help but frown at those numbers; while they were higher than they’d been historically, I knew it would hardly be enough in today’s inflationary environment.

Which leads to the next issue: even when a business is well-staffed, that does not mean that it’s paying their employees enough for them to afford a quality of life that they’re used to. When their money is rapidly becoming worth less and less as time goes on and prices go higher, then that can be a damaging blow to the employee’s motivation. With that decreased motivation sometimes comes a decreased incentive to actually perform well at work. Not everyone will decrease their job performance in this situation, but plenty of people will, and it’s understandable.

There are many businesses in my town that I used to frequent often but now have stopped going to. Why? Because the prices are high and the service is bad. I can’t necessarily fault either the business or the workers for this situation; a lot of it is out of their hands. However, just like everyone else, I need to make hard decisions about where I spend my money (and where I won’t spend my money).

With this vicious cycle spinning round and round (and no one knowing when it’ll be broken), many businesses will start looking beyond their country’s borders. They’ll look into hiring remote workers, virtual assistants, and contractors from abroad. Not only will their money benefit from geo-arbitrage, but they can also find workers who aren’t so beaten down by their seemingly-impossible environment.

Not only that, I also foresee people beginning to look abroad for products and services they want to consume. No one really wants to spend highly inflated prices to interact with employees that are underpaid, overworked, and frustrated by the economy around them.

Now, it seems that this trend is beginning to spill over into other areas of life as well. As the cost of living continues to rise and wages fail to keep pace, more and more people are finding themselves forced to look outside of the United States for their professional needs.

A perfect example of this is medical tourism. As the cost of healthcare in the United States continues to skyrocket, many people are finding that they can save a significant amount of money by seeking medical care abroad. In some cases, the savings can be as much as 50% or more. With healthcare, it’s also more than just the prices; with facilities so understaffed, it’s become difficult to even get an appointment within a reasonable amount of time.

The same is true for retirement. As the cost of living in the United States continues to rise, many retirees are finding that they can live a much more comfortable life by retiring in another country.

Challenging situations always bring opportunities. You as a business owner in a country outside of the United States (and outside of the western world in general) are in a prime spot to start capitalizing on this opportunity. I encourage you to do your research and see how you can start offering products or services to those of us who are looking for a breath of fresh air from the increasingly difficult situation in our own countries.

This could be a great opportunity for your business. Not only can you tap into a new market, but you could also help people who are struggling. What’s not to love about that?

But here’s the thing. You have to be ready for these new clients and customers. That means putting your best foot forward, as for many it’ll be their first time looking into buying a product or service from outside of their home country.

One simple way to do that is making sure that your website and other forms of online communication are up to par. This can be sometimes challenging for business owners who speak English as a second language. Here at English Outsourced, we specialize in helping business owners like you to make sure that your online presence is professional and polished. For more information on how we do that, click here to visit our website.

There’s never been a better time for global business opportunities. Are you prepared for those opportunities when they present themselves?