New government incentives to spur global growth of small to midsized U.S.-based businesses, coupled with the international reach of the Internet, means even the mom-and-pop candy store down the street could go global—by buying or selling their wares overseas, or at the very least, importing raw material or ingredients in bulk from another country.

And independent agents are perfectly positioned to get into the international market, using their own clients as a springboard, as long as they can shift their thinking from the “menu card of products and services” mindset to one centering on individual client needs.

“There is a market for anything we could conceive of as a risk; everything can be insured. But many agents neglect clear opportunities in their existing books of business to tap into this market, whether it's from a lack of knowledge of where to place coverage or the traditional product portfolio model,” said Dante A. Disparte, director of partner solutions for Clements International. “Meanwhile, from the customer's vantage point, they are not getting the comprehensive service they need and are forced to develop multiple 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 booming market, whether it's through carriers, trade associations, broker networks or even with help from local or federal government.

“Independent agents' interest in this segment is important to us because multinational growth is an area of opportunity, and it's not just for the big boys,” said Kathleen Ellis, senior vice president, worldwide manager at Chubb Multinational Solutions. “Clients of all sizes are going international—not just manufacturing, distribution and exporters of hard goods, but of Internet and professional services, accountants and lawyers, all businesses that are huge buyers of international policies because of global expansion.”

A booming market

There's no question that any U.S. business looking for serious growth today must look beyond our national borders. According to the most recent Global Economy Tracker study from Associated Press, a quarterly analysis of the 22 countries that account for more than 80 percent of the world's economic output, the global recession has barely made a dent in the growth of China, India and other major developing countries. Over the past 30 years, these developing nations' share of total global economic output has gone from just 18 percent in 1980 to 26 percent in 2010, according to the World Bank. The fastest-growing economies are China, India and Indonesia, with the slowest-growing economies in Old World countries like Spain, Italy and Great Britain (the U.S. ranks 12^th among the 20 largest economies, according to the AP study).

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

And while the boom in China and India is no surprise, don't underestimate Europe's growth potential, either. Relatively healthy economies in countries including Germany, for example, are still attracting U.S. businesses that are in expansion mode, according to Jones Lang LaSalle's International Desk Outlook, released earlier this year. The study predicts that the markets in which the most U.S. corporate growth will occur in 2011 are India, China, Germany and Brazil.

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

“A number of U.S. companies have R&D departments in India because of the educational level of their work force,” said John Rodwell, vice president of international development for Assurex Global, the world's largest network of independent insurance agents and brokers. “India is also spending money on infrastructure construction, energy production, power generation, roads, ports and airports. “Much of India's food is produced on small farms, and 40 percent spoils before it's consumed because of the lack of infrastructure—small farms, old road, and no cold storage. This offers a tremendous opportunity for U.S. companies,” he said.

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

Middle and upper classes are on the rise in developing countries, and with that comes increased affluence and the desire and demand for high-end products. Interestingly, luxury Western products are highly desirable to this emerging group, Ellis said. “For example, throughout China, specifically Shanghai, there are a number of Ferrari dealers with booming sales volumes. But, surprisingly, did you know in Sao Paolo Brazil, there is the world's largest?” she said. “Sao Paolo, Brazil boasts a number of luxury retail stores, and is the only city in the world to have four Tiffany stores, three Bulgari stores, as well as the most profitable Louis Vuitton store.”

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

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

Numerous and often changing regulations within these countries make it hard to get a business off the ground. Having a strong network of contacts that can help you work through these obstacles is critical. Other countries in the early emerging stages are Vietnam, Indonesia, Malaysia, which are starting to be attractive to foreign direct investment because the costs of manufacturing and labor can be lower than China or India.

Mexico, Saudi Arabia, Argentina, the Philippines and South Korea all are on the short list for growth. A huge opportunity exists in sub-Saharan Africa, a highly fragmented market of more than 50 countries, rich in natural resources, with a very young population, Disparte said. “There is a historical stigma that this region is a no-man's-land, but firms are now looking to this continent for growth,” he said. “A recent McKinzie report found that after Southeast Asia, the African marketplace is the most attractive place to invest.”

And if developing nations seem intimidating, many businesses might consider grabbing the relatively low-hanging fruit in more familiar territory like western or eastern Europe. “It may be easier to do business in Germany, the Czech Republic or Hungary, Poland, Ireland, or even the UK than it is to get into a developing country,” Ellis said. “Costs may be higher in compensation, taxes and energy, but depending on what 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 exercise global skills that will set the stage for success in a less developed one.”

Even the mature markets of Japan, Australia and New Zealand will offer significant opportunity for growth as they rebuilt from last and this year's tsunami, earthquake and catastrophic flooding, said Bill Skapof, head of international commercial markets at Zurich North America Commercial. “The truth is, it has never been easier for companies of all sizes to take advantage of growth opportunities in foreign markets,” he said.

Read Part 2: Go along for the ride.

Read Part 3: Potential pitfalls.