There are many advantages to starting up an overseas business. The country you are hoping to trade in may have less restrictions to enable you to do business or more stringent legislation to protect you as an owner. It may be somewhere that is cheaper, or it may simply have more of the target audience that you need.
Whatever the reason you want to start up overseas, there are certain things you need to take into consideration and put into practice in order for it to be a success. Here, we take a look at some of the things that you need to know.
Make a local connection
As a small business owner, this is particularly important, as you may not have the same level of expendable budget that a larger business has. As useful as the internet is, it is no substitute for real life. We have all seen fantastic locations for vacations advertised but found out that the reality is very different. This is no different when it comes to business. Fact check all of the information you gather from the internet with someone who lives there or knows the area.
Understand the paperwork and documentation
Opening a business overseas is always going to involve copious amounts of paperwork and documentation, and there is no getting around it. Making sure that you understand it all is key - don’t sign anything or send anything off until you know exactly what it is. You may need a business lawyer with knowledge and experience of the country you are hoping to start off in.
How will you communicate?
Assuming you are remaining in your home country and managing your business from afar, you need to have strategies in place for communicating with the people who work there. You will need someone who can be in charge of day to day operations - will you need to fly out there on a monthly basis for a face to face catch up or rely on virtual meetings to communicate? Remember, you will need a way of sending money for payments and wages too - there are plenty of safe and secure ways to send money to Vietnam for example.
Have you got a website?
This is a vital step for domestic and international businesses, no matter how big or small. One of the top tips on how to run a business is establishing an online presence. The modern world is all digital, and not doing this means falling far behind.
Actively engaging with clients through social media and having a comprehensive website builds loyalty and confidence. If you are moving to a country where English is not the dominant language, make sure your website has a switching tab between English and the other language.
Don't trust an online translator, either. It is definitely worth investing more money to get your website translated accurately by a real person who knows how to make your company sound friendly and reliable rather than an unreliable and often inaccurate computerised one.