One’s home country is a convenient place to start a business for many reasons. It’s easy to coordinate logistics, everyone speaks a familiar language, and business owners are already well-versed on the laws and regulations representing the canvas they must paint on. However, if you’re an ambitious entrepreneur or business veteran, you’ve likely toyed with the idea to start a business abroad, or expand your existing company.
Whether due to foreign partnerships, market opportunities, favorable foreign exchange rates, or pure adventure, starting a business overseas requires you to be prepared. Part of the significant planning efforts that must be undertaken include educating yourself about relevant laws, learning the local language, dialect, or slang, and researching competitors. Before buying a ticket, or even scouting out a potential site, it’s vital to consider the following tips for building an overseas firm.
1. Get Inexpensive, Flexible Access to Capital
It’s vital for a growing overseas business to exhibit healthy cash flows, and if it’s not coming from a bank loan, then it’ll have to come from your country of origin. This means sending bulk amounts of money across international borders, which is never cheap. Processing a large payment in GBP, for example, and transferring it to your (or your suppliers’ or employees’) bank account might require fees of 10% or more. The savvy business person chooses a cutting-edge service like CurrencyTransfer.com, which can easily transfer money to different accounts and currencies across the globe. It’s easier than using a bank, and up to 85% less expensive.
2. Expand Your Network
Making contacts in the business world is key, but always at the top of the list for those setting up a company abroad. Your old network loses its potency once you’re located thousands of miles away. Work hard to build a network of like-minded business people who are adjacent service providers, competitors, and others who can help get you established. Discovering a good lawyer and accountant is the first logical step, as they’re often happy to make further introductions to relevant contacts.
3. Try to Assimilate
Spurning the local culture isn’t going to win you any friends, which is how business relationships are usually born. It’s crucial to participate in customs and activities that are popular with the locals, and at least show that you’re serious about integrating. Customers will take notice and be more likely to work with you than those who snub local delicacies or traditions. It shows that you’re present, accessible, and willing to cooperate.
4. Analyze the Local Market
If you’re starting an overseas company, then it’s probably because the destination you’ve chosen has a receptive market to your service or product. If you’re not sure about this yet, you’ve got some work to do. It might be difficult to find every competitor, but it’s probably good enough to discover those with an online presence, because they will likely have the largest local presence as well. Microeconomics are well and good but analyzing a country’s macroeconomic features is also recommended. Ensure that metrics like the interest rate, middle class growth trajectory, and monetary inflation are favorable.
5. Launch a Website
Websites can be geographically targeted, and there’s no better way to announce to a new market that you’re opening soon. It’s inexpensive to build a simple website and put it in front of relevant locals, and could very well be the first foray into a new market, while amplifying your bottom line as well. Be sure to figure out what format locals prefer—whether they’re mobile-reliant or commonly in front of their desktop computers. Getting optimization right is crucially important for earning customers.
Running a Tight Ship
Operating a business like a well-oiled machine requires effort and knowledge, and introducing international elements raises the bar even more. Accordingly, it’s vital for business owners to prepare themselves as best they can. A large part of these provisions concern acquiring the very best tools and technology, and this is where CurrencyTransfer.com comes in.