If you want to start a multi-billion dollar company somewhere other than your home country, you must recognise that it’s much more complicated than simply opening an office and attracting customers. While the world is more connected than ever before there are still hurdles entrepreneurs must jump over if they want to find success.
When entering new markets and starting a business overseas, it pays to consider these four important tips.
Work Out the Tax Situation
Taxes are a bane for just about everyone, and that’s just when working out what you owe in your home country. Overseas tax demands are likely to be even more complicated, so you must work out and understand the tax situation.
When choosing where to open your business overseas, it could be beneficial to look for tax treaties, which means you won’t have to pay twice on your earnings and instead only pay in the relevant country. You can also identify a qualified accountant who specialises in foreign businesses to guide you and avoid any missteps.
Find a Base
While you can operate your business from another country, it isn’t always advised, especially when you initially launch. Being in the country will make it easier to communicate with suppliers, marketers, and clients. Furthermore, some businesses still require your business to be registered to an address in the country.
When looking at potential destinations, you can find excellent property rental deals, and in many cases, these may be cheaper than what you’d pay at home. Establishing a base will make it easier for you to work and will legitimise your company in the eyes of investors and clients.
Avoid Language Barriers
Unless you open your business in another English speaking country, you will have language barrier issues that can manifest in many potentially damaging ways. If it is not struggling to get a clear answer for important queries, it is relying on Google Translate to design marketing content that may ignore local customs and slang that could embarrass your company.
Knowing how to avoid language barriers will avoid this and it can save your business from getting off on the wrong foot. Ideally, you can work with a local who is fluent in English. Take the time to learn the language yourself, especially as you’re will spend a lot of time here.
Consider Cultural Differences
You may find similar issues with cultural differences. When starting a business in another country, you must prepare to do things differently and understand that what you know isn’t always the way things are done.
Some countries are more laissez-faire about time management, whereas others have specific (if unspoken) rules about how one person interacts with another. You do not want to offend anyone, so try to become familiar with these cultural differences to anticipate any problems.
Finding Success Overseas
You are not the first entrepreneur to seek success overseas, and you will not be the last, either. But, if you want to be a business owner who finds genuine success and achieves international growth, considering these tips will make life much easier for your business when making the transition.
