Moving a business abroad has many advantages but it can be challenging.
If you don’t plan your move well, you may end up stressed or you could even lose everything you have worked for in your home country.
This article highlights eight key tips that can be helpful in moving your business abroad successfully.
Check the Laws and Regulations Governing Business Abroad
After identifying a business opportunity in a country, the next thing you should do is to consider the rules and regulations governing businesses in that country. Business taxation, permits, licences, registrations, and restrictions are different in every country. Thus, take time to familiarise yourself with the laws and regulations governing businesses and hire a legal expert in that country to help you out with the complex parts. Doing something that is contrary to the law can attract huge fines and you could end up losing your business. Therefore, don’t be ignorant.
Familiarise Yourself with Language and Culture
Do you speak the same language as your audience? Language barriers can impair business operations and cause you to miss out on sales. If you are not fluent in the language of your target, get someone who is to work with you in your business. Taking some classes to sharpen your skills is also a great idea.
Remember, the more you can relate with your target, the stronger your bond becomes and this leads to great loyalty. Don’t forget about the culture too. A simple practice that is acceptable in Canada may be offensive to people in Africa.
Offending your audience will ruin your reputation and, therefore, it should be avoided. Avoid this by studying the values, attitudes, behaviour, customs, and traditions of your target groups.
Conduct a Thorough Market Research
Thorough market research will give you a better view of your target customers. It will show you whether your product or service is a good fit for the target audience. In addition to your target audience preferences, you should also evaluate marketing channels and strategies, competition, pricing and opportunities for growth and expansion. For online research, don’t rely on information from one source. Check a variety of sources to get the most accurate perspective.
Pick a Good Office Location
Business location is one factor that can make or break your business. The location should be accessible to your customers, suppliers, staff members, and any other party who has an interest in your business. Therefore, take time when choosing your new location. Don’t buy or rent the first space that shows up. Research different locations and choose one that will be convenient for everyone. Don’t forget that you will need parking and a place to get some refreshments and lunch when at work. Price is an important consideration too. Don’t pick a place you can’t afford.
Find a Place to Stay
If you have decided to stay overseas for the long-term, look for a nice place to stay. This can be a home to buy or an apartment to rent depending on your needs. When choosing a location, consider closeness to your business premises, amenities you consider important, transport, internet, hospitals, and schools if you have kids. Also, check if there are any restrictions on owning properties in that country.
Plan the Transportation
How will you get to your new location? Are you moving equipment and other business assets? What about personal items? Moving with stuff, especially overseas, can be quite a challenge. Thankfully, the rise of international moving companies like Phillips Moving has made everything so easy. Using professional movers is the best option if you are bringing a lot with you overseas. Check the companies in your area that offer these services and negotiate on the costs. The charges are usually determined by the distance you are moving and the weight of your load.
Network before You Move
Before you move, network and get some friends you can discuss business with or just hang out with you once you get there. Make use of social networks and forums to meet new people. Beware of online scammers when making new friends online.
Consider the Costs
Before you start packing, ensure you have a good estimate of how much it will cost to move your business and operating costs in the new country. Don’t forget the cost of living too.
To better understand the new country, take a trip and spend some time there before you set up your business. During your trip, interact with the locals, check the business environment and observe the way of life.
A country may have a good business opportunity but not the life you want for your family or vice versa. Thus, study both aspects well before moving your business. Also, making a trip prior to setting up your business will give you an opportunity to meet new friends.