Looking for growth? Turn your sights to the developing world.Many of your clients, no matter their size, already have.

No longer the exclusive realm of GM, Exxon or McDonald's, theforeign market is beckoning businesses of all sizes—fromaccountants and lawyers tosmall manufacturers, non-profitsand other businesses—in other words, the core clientele ofindependent agents and brokers.

Read Part 2: Go along for the ride.

Read Part 3: Potential pitfalls.

New government incentives to spur global growthof small to midsized U.S.-based businesses, coupled with theinternational reach of the Internet, means eventhe mom-and-pop candy store down the street could go global—bybuying or selling their wares overseas, or at the very least,importing raw material or ingredients in bulk from anothercountry.

And independent agents are perfectly positioned to get into theinternational market, using their own clients as a springboard, aslong as they can shift their thinking from the “menu card ofproducts and services” mindset to one centering on individualclient needs.

“There is a market for anything we could conceive of as a risk;everything can be insured. But many agents neglect clearopportunities in their existing books of business to tap into thismarket, whether it's from a lack of knowledge of where to placecoverage or the traditional product portfolio model,” saidDante A. Disparte, director of partner solutionsfor Clements International.“Meanwhile, from the customer's vantage point, they are not gettingthe comprehensive service they need and are forced to developmultiple broker relationships to meet their international needs.This gap puts the rest of that agent's business at risk.”

Even if you're foreign to the concept of multinational business,there are ways for independent agents to access this boomingmarket, whether it's through carriers, trade associations, brokernetworks or even with help from local or federal government.

“Independent agents' interest in this segment is important to usbecause multinational growth is an area of opportunity, and it'snot just for the big boys,” said Kathleen Ellis,senior vice president, worldwide manager at ChubbMultinational Solutions. “Clients of all sizes are goinginternational—not just manufacturing, distribution and exporters ofhard goods, but of Internet and professional services, accountantsand lawyers, all businesses that are huge buyers of internationalpolicies because of global expansion.”

A booming market

There's no question that any U.S. business looking for seriousgrowth today must look beyond our national borders. According tothe most recent Global Economy Tracker study from Associated Press, aquarterly analysis of the 22 countries that account for more than80 percent of the world's economic output, the global recession hasbarely made a dent in the growth of China,India and other major developing countries. Overthe past 30 years, these developing nations' share of total globaleconomic output has gone from just 18 percent in 1980 to 26 percentin 2010, according to the World Bank. The fastest-growing economiesare China, India and Indonesia, with the slowest-growing economiesin Old World countries like Spain,Italy and Great Britain (theU.S. ranks 12^th among the 20 largesteconomies, according to the AP study).

Economists tout the so-called BRIC countries—Brazil, Russia,India and China—as a source of foreign expansionopportunity because of comparatively low labor costs and expandingeconomies.

And while the boom in China and India is no surprise, don'tunderestimate Europe's growth potential, either. Relatively healthyeconomies in countries including Germany, forexample, are still attracting U.S. businesses that are in expansionmode, according to Jones Lang LaSalle's International Desk Outlook, releasedearlier this year. The study predicts that the markets in which themost U.S. corporate growth will occur in 2011 are India, China,Germany and Brazil.

What type of businesses can succeed there? Just about any, fromhigh-tech in India to Louis Vuitton in Shanghai.

“A number of U.S. companies have R&D departments in Indiabecause of the educational level of their work force,” saidJohn Rodwell, vice president of internationaldevelopment for AssurexGlobal, the world's largest network of independent insuranceagents and brokers. “India is also spending money on infrastructureconstruction, energy production, power generation, roads, ports andairports. “Much of India's food is produced on small farms, and 40percent spoils before it's consumed because of the lack ofinfrastructure—small farms, old road, and no cold storage. Thisoffers a tremendous opportunity for U.S. companies,” he said.

“Once a solid infrastructure is in place, disposable income willincrease, opening the door for American business to participate,”Rodwell said. “It's a good opportunity for midsized companies, suchas machine parts suppliers, pharmaceutical–just about everything.Even Wal-Mart is currently trying to lobby theIndian government to invest in India since there is currently acomplete restriction on multibrand retailers entering the country,”he said.

Middle and upper classes are on the rise in developingcountries, and with that comes increased affluence and the desireand demand for high-end products. Interestingly, luxury Westernproducts are highly desirable to this emerging group, Ellis said.“For example, throughout China, specifically Shanghai, there are anumber of Ferrari dealers with booming sales volumes. But,surprisingly, did you know in Sao Paolo Brazil, there is theworld's largest?” she said. “Sao Paolo, Brazil boasts a number ofluxury retail stores, and is the only city in the world to havefour Tiffany stores, three Bulgari stores, as well as the mostprofitable Louis Vuittonstore.”

The desire to have Western goods and standard of living is huge.“In China, Starbucks in Shanghai is a huge magnet for the up andcoming,” Ellis said. “Just to 'see and be seen' there gives onestatus.” Additionally, tech products are in demand as is solarenergy and energy-efficient equipment or products for local use,built or sold there under different labels, she said. “In thesedeveloping countries, the middle market wants to buy, and being amanufacturer that has product or service that would sell there isthe key, especially in China.”

But the potential doesn't end in the BRIC countries. “China andIndia may be seen as a bit sexy, exciting and dynamic because ofthe large populations, but it can be challenging to do businessthere because of cultural and language differences,” Ellissaid.

Numerous and often changing regulations within these countriesmake it hard to get a business off the ground. Having a strongnetwork of contacts that can help you work through these obstaclesis critical. Other countries in the early emerging stages areVietnam, Indonesia,Malaysia, which are starting to be attractive toforeign direct investment because the costs of manufacturing andlabor can be lower than China or India.

Mexico, Saudi Arabia,Argentina, the Philippines andSouth Korea all are on the short list for growth.A huge opportunity exists in sub-Saharan Africa, ahighly fragmented market of more than 50 countries, rich in naturalresources, with a very young population, Disparte said. “There is ahistorical stigma that this region is a no-man's-land, but firmsare now looking to this continent for growth,” he said. “A recentMcKinzie report found that after Southeast Asia, the Africanmarketplace is the most attractive place to invest.”

And if developing nations seem intimidating, many businessesmight consider grabbing the relatively low-hanging fruit in morefamiliar territory like western or eastern Europe. “It may beeasier to do business in Germany, the CzechRepublic or Hungary,Poland, Ireland, or even the UKthan it is to get into a developing country,” Ellis said. “Costsmay be higher in compensation, taxes and energy, but depending onwhat business you are in, those countries should not be overlooked.It may make more sense to go these familiar countries first.Cultural and language differences may be a bit quicker to master.Sometimes a foray into developed countries helps a company exerciseglobal skills that will set the stage for success in a lessdeveloped one.”

Even the mature markets of Japan,Australia and New Zealand willoffer significant opportunity for growth as they rebuilt from lastand this year's tsunami, earthquake and catastrophic flooding, saidBill Skapof, head of international commercialmarkets at Zurich North AmericaCommercial. “The truth is, it has never been easier forcompanies of all sizes to take advantage of growth opportunities inforeign markets,” he said.

Read Part 2: Go along for the ride.

Read Part 3: Potential pitfalls.