Starting a business on your home turf is hard, let alone starting one overseas. There are so many factors to consider that it can understandably get pretty overwhelming. Whether you are looking to expand your own business or start a new business as an expat, here are a few things you should know.
Make sure there is an established industry where you are looking to expand: If you are moving your business overseas, where you choose to establish yourself makes all the difference. Setting up shop in a small rural area is fine for keeping overhead and operational costs low, but is there a market for what you want to sell? Don’t just think about customers, though. Think about how easy or difficult it will be to locate an adequate base of employees. If the work force is thin in regards to the talent and skill necessary to retain quality employees, you will have a tough time establishing yourself.
Establish an office: You’ll need a base – a headquarters for operation. If the pool of labor is thin, as said above, be prepared to hire candidates with related experience and train them in the specifics.
Take care of the financials: You’ll have to set up various accounts in order to operate as a legitimate business. This includes opening a corporate bank account and company credit card. You’ll also need to find an accountant who can help you stay on top of corporate compliancy, as well as draft employment contracts and the like.
Keep your family life strong: If you brought your family with you, it’s important to keep the family home life strong. At least until you get on your feet, they will be your entire support system in this new venture. This is a time of flux for all of you, but if you’re not on the same page, things can go south very quickly.
Gain and maintain perspective: Any entrepreneur expanding abroad needs a healthy dose of perspective. This all comes from within. It may seem impossible now, but persevere and always remind yourself that it will all pay off in the end. Every step is progress but it’s very easy to lose hope. Make sure you’re always growing and building so you don’t stagnate. This is when the real challenges come in.
Familiarize yourself with the local language: Learn the language before you go. You can’t expect to be a business leader in a new country with little to no knowledge of the customs and language. BRIC Language System can help, offering you an easy, innovative way to learn anything from Mandarin Chinese to Brazilian Portuguese.
Heed these tips and you will be successful overseas in no time!