PwC has offices in 158 different countries with a net worth of US $42.4 billion. It serves 420 out of 500 Fortune 500 companies. KPMG has offices in 155 countries worldwide. PwC was founded in 1998 and KPMG was started 32 years ago in 1987.
Do you, as a startup owner, have to wait 20 or 30 years to expand internationally?
According to a study by Static BrainResearch Institute, “incompetence” (at 46%) is the most common reason for failing startups. Now that I have your attention, does that mean that big brands have the upper edge over startups? Sure! But, just like big brands, you can have access to the right resources and an experienced talent pool that you can use to surpass the set market standards of service or product quality in your industry using Staff Augmentation.
In today’s disruptive market space, you have to get in the ring with big brands to make your mark in the industry. To keep up with the evolving market dynamics, you should expand your business internationally by setting up your office in different countries. Starting your office overseas is typically exciting but, at the same time, can be quite challenging. For instance, India is being targeted by big brands in the industry to set up new branches due to reasons like easy availability of resources. But, is starting a branch in India is as easy as one might think?
Challenges of Setting up an Office in India
Right from different tax codes & compliance issues to renting/owning an office to hiring & training your team, there are a million challenges when setting up a branch or liaison office in another country. In India, there is a list of eligibility criteria for starting your office. For instance, your business should have a minimum net worth of US $100,000 (or equivalent) for a branch office or US $ 50,000 (or equivalent) for a liaison office.
If you pass that list, you can fill the registration form with all the required documents. Once you get the approval, you must set up your office within the first 6 months to prevent it from elapsing. If this hasn’t gotten overwhelming for you yet, the next struggle begins when you start finding a property under your budget and hiring resources. Are you ready to face these obstacles? Don’t worry! I have a trick up my sleeve to save your day – Offshore Staffing or Remote Staff Augmentation.
Remote Staff Augmentation comes as a feasible and handy solution for you. Using the staff augmentation model, you can extend your in-house team to bring in dedicated experts in the industry for a short or long time project. Now, you can easily set up an overseas team without worrying about things like budget limitations or long term commitments.
Do you feel like you are throwing away your money in hiring resources or setting up a team without getting substantial returns? I have compiled a detailed and comprehensive list of ways how remote staff augmentation can help your startup. Let’s begin!
Survival of The Fittest
According to an SBA study,
“50% of startups fail during the first five years of their launch.”
The competition is fierce and “survival of the fittest” is the only mantra the startup industry lives on. Startups like govWorks.com and go.com became popular at the beginning but failed miserably. You, as a startup owner, have to make the right decisions at the right time to prove your company’s worth in the market.
Put yourselves in the shoes of your consumers or clients. They don’t care whether you are a startup or a big brand as long as they get quality at a competitive market price. Using Remote Staff Augmentation, you can equip yourself with a talented team that will help you achieve the set quality bar for your products or services.
Time Is Of Essence
When you are setting your foot in the market, building a good rapport with your clients and consumers pays off well. In this context, the timely delivery of products or services is significant. You need an efficient team that can deliver the required standard in a determined time frame.
Consider this. Pete’s company provides app and web development services. A big project comes in but the company lacks the resources to handle it. Instead of overworking his current resources or passing on the project, Pete hires developers overseas from a staff augmentation company to meet this requirement.
Sounds easy, doesn’t it? Staff Augmentation is as easy as it sounds. Just like Pete, you can hire dedicated developers, say hire React developer or an RPA developer, and other team members for your business to ensure on-time delivery and to get better accountability for your projects.
Access To The Right Talent: Place Your Bet
Here’s an easy question for you: if a potential candidate has two job offers on their table – one from your company (a startup) and another from a big brand, say AT&T, which one will he/she pick?
But you must have trained and experienced talent pool on your side to establish your business in the market or your clients will choose your competitors over you. Kind of a fix, isn’t?
With remote staff augmentation, you can hire your own team of well-trained team without going through the trouble of employer branding (yeah, that’s a thing!), hiring formalities, and much more. Staff augmentation companies follow strict hiring policies to scrutinize and ensure professionalism, experience, and field knowledge in their employees.
Everything’s A Secret: The Non-Disclosure Agreement
Remember Pete? Now that Pete has hired an offshore development team overseas to handle that big project, he is worried that the clientele or business secrets behind his startup might get leaked. That’s not going to happen and I’ll tell you why.
We, at Resourcifi, and other reputable staff augmentation companies sign an NDA (Non-Disclosure Agreement) before discussing the specifics of a project with a client. Besides this, the employees of a staff augmentation company are legally bound by a confidentiality agreement signed at the time of joining. Everything is a secret and nothing you share with us is getting out in the public domain.
Save Your Money, You Will Need It
According to this study,
‘137,000 startups are launched every day and 120,000 firms terminate trading each day’.
Startups like Singulation and many others have failed because they ran out of their funding capital. If you are a startup owner, you understand the importance of every penny.
Choosing staff augmentation or IT outsourcing companies over opening your own office overseas gives you the financial edge over your competitors along with the quality of resources or team members you are looking for.
Staff augmentation is financially effective even for extending your current team size and adding domain-centric experience to your projects. Besides, you pay your team strictly for the hours they work for you. For instance, you can hire 3 developers at the cost of 1 local developer at Resourcifi. You can calculate your savings using our savings calculator.
Good Read: Hiring Freelancers: Expectation vs Reality!
Get In the Lane Before It’s Too Late
Startups and even big brands are choosing staff augmentation to get domain experts working for them. The market space is not getting any less crowded and the number of your competitors is increasing by each day. You can offer your services to a client or a consumer every second you spend on hiring talent for your company. Get in the lane before it’s too late and hire your team on the go!