The world is a big place, which means that if your business has failed in one location, it might be suited to a different one. However, starting a business abroad isn’t as easy as simply packing your bags and moving overseas. There are a lot of factors that should be taken into consideration, as well as a lot of preparation to be done. If you aren’t adequately prepared for everything that starting a business abroad may entail, it will be very unlikely that your business will succeed. That being said, the opposite is also true – if you put in the time, effort and research needed to prepare yourself for the challenges, and you know what to expect, you can create a successful business in a foreign country. We’ll be walking you through some strategies to make this easier.
Sort out your personal life first
Moving abroad – even if it is for business – is sure to have a massive mental and emotional impact on you and your family, not to mention all of the logistics that should be considered. So, you can’t expect yourself to start running a business the day you land. If your personal things aren’t in order, you’ll be distracted, and that’s a sure way to cause a business failure. We advise you to get a house, take a few weeks to get settled, sort out your finances and other essentials (like health insurance for British expats), and then you can get to work on your business.
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Get your legal things in order
Permits, taxes, contracts . . . these are just a few of the things you need to consider when it comes to the legal side of your business. Keep in mind that every country has its own set of rules for starting a business, especially for foreigners, so you need to make sure you’re going about things the right way. For example, there are quite a few documents needed to start a US company. Anything regarding the legality of your business should be treated as a priority since there’s not much you can do until they’re in order.
It’s going to be hard to get your business off of the ground if you don’t know anyone. And, since you’ll be in a new country, you likely won’t know anyone. That’s why networking is important. Start chatting to people – at the store, online, anywhere. This is a good way to build connections. If possible, try to get invited to business events so that you can meet prospective clients and business associates. While being professional in the workplace is important, you need to be professional at social events as well so as not to damage your business’s reputation.
Finally, hand in hand with networking, comes marketing. If people don’t know about your business, you likely won’t get any business and your business won’t succeed. So, get the word out there! Use TV ads, billboards, or social media – whatever works for you. The more you market, the more clients you’ll gain and the better your chances of success will be.