New data from American expansion experts Foothold America has revealed more than half of UK business owners (51%) said the election of Donald Trump as US president has made it less likely for them to consider expanding to America.
The data comes from a new survey carried out to find how UK business owners felt about transatlantic expansion, and whilst the rate of success businesses have in the US is well known, Foothold America wanted to find out what attracts and what stops business owners from expanding overseas.
Donald Trump’s election was heralded as a benefit to American business, however it doesn’t seem to be giving much confidence to those overseas. With his not so positive reputation and often misogynistic views it doesn’t come as much of a surprise that only 6%of women surveyed said they would be more likely to expand to the US due to his election.
For many, expanding to America is an incredibly attractive prospect with access to world class talent and its status as the world’s largest economy. However, for just under half (46%) of male business owners, the absence of a language barrier is what makes expanding to America the most appealing prospect.
- 32% of people surveyed would not consider expanding their business to America
- Almost half of UK business owners surveyed admitted that US politics would deter them from expanding to America
- 18% of business owners think that the initial costs for a business in the US are between $100K-$150K
- 48% of UK business owners surveyed said that America’s status as the world’s largest economy is its biggest attraction
- 32% of UK businesses surveyed think more US government incentives could attract them
Joanne Farquharson, US Expansion Advisor & Global General Manager for Foothold America commented: “When it comes to business, the US is one of the leading markets in the world with an incredibly large customer base for entrepreneurs to tap into. However, our survey has revealed that there are numerous factors standing in the way of UK business owners from making the move overseas.”