Setting up your own business is an exciting time. You have confidence in your idea; you are your own boss; you are in control.
You’ve made all your preparations and are ready to get the ball rolling by finding a suitable premises…
But wait! Have you ever thought about locating your business overseas?
You may have spotted a gap in the market in your home country, but there may be even greater demand for your product or services overseas.
The Global Time Machine
Global time zones don’t just relate to chronology. Going to a foreign country can be like stepping into a time machine.
For example, Japan is widely seen to be at the front of worldwide technological innovation; much of the latest technology is released in Japan first. In contrast, the African mobile phone market has only started to gather momentum in recent years.
This is just one way in which foreign countries can offer businesses different opportunities. If you’re thinking about setting up your business abroad, here are…
Five Ways to Help Kickstart Your Overseas Venture
1) Unlearn all You ‘Know’
Holding onto your preconceptions and assumptions is a dangerous tactic when entering a foreign market. In order to maximise your business’ chances of success, you must have an open mind, which leads me neatly to my next point…
2) Don’t be an Alien
This is absolutely critical to the success of your business. Don’t hide yourself away in an office. Talk to the locals and make friends! Successfully integrating yourself in the community will help you to make your business a success. You will get to know local customs, etiquette, traditions, heritage and culture. This will all help you to successfully make business deals. The benefit of ‘getting to know people’ will help you to make connections and find people who are willing to offer you valuable advice.
3) Seek Professional Legal Advice
Again, don’t make any assumptions. Laws around the world are very different (and sometimes a little baffling!). Ignorance is rarely (if ever) an excuse, so it’s best practice to protect yourself from unwittingly breaking the law, by seeking a good immigration lawyer. They have the knowledge and expertise to guide you; gaining this support is vital in preventing your business from unnecessary financial and repetitional damage.
4) Take Your Time
Don’t rush; it will take you a little while to acclimatise to a new country. As an entrepreneur, you’ll naturally want to ‘crack on’ and get things done. But you’ll have to take a step back in order to successfully move forward. You will thank yourself for doing so in the long run.
5) Understand Your Market
What works in your country of origin may not work in another country. Different cultures, business customs and trends all contribute to different global markets. You may need to adapt your proposed business model accordingly.
In Summary – Do Your Homework!
Make sure you don’t jump in too fast into unfamiliar territory; it will catch up with you sooner or later.
Embrace your new challenge and enjoy the ride. Soak it all up, and you may find the change of scenery inspires and propels your business to even greater things.
Have you thought about opening up a business overseas? What would your tactics for success be?