Relocating your company and starting up in another country can be quite fruitful to some. It’s the opportunities for more space and growth – as well as the temptation of having an entirely new market to tap into and operate in. While you’re probably up to date on the risks and challenges around entering a new business market, you’ll come to realise that a variety of other issues may arise from the process as well.
Here is what other business owners wish they knew before moving their business abroad, making sure the grass stays green on the other side even after you’ve landed.
#1 Rules and regulations
The first thing you should do is to read up on the various rules and regulations in the country you’re planning on moving to. It’s important to do this as early on as possible as there may be restrictions that keep you from establishing your business in a particular country.
You’d be wasting a lot of time and resources on finding suitable staff and creating a marketing plan if you’re not really able to operate there in the first place.
Understanding the laws of the foreign country includes reading up on taxes and even having a chat with an expert who can tell you more about it. Spend some time on exploring the alternatives around the Worldwide Disclosure Facility, first of all, to give yourself a head start and a sense of confidence.
#2 Language and Culture
When you’re relocating to a country where they don’t speak English at home, you have a lot of work in front of you. A country’s culture is best understood through language – and even when you can’t speak it, you still need to find ways to learn their values and offer products or services that are appealing to them.
It’s the bread and butter of marketing, after all, and your business will struggle to find their market when you don’t understand them at all.
Spend a lot of time on researching their culture, maybe reaching out to those who have relocated to this particular country before you, and make sense of the new market you’re entering. You may want to visit the country as well before making any final decisions, as no research in the world can make you comprehend a country without having been there yourself.
Seek out a few business experts when you’re there, talk to the locals, and immerse yourself in their way of living. It’s the only way to make your business relevant to them.
#3 Remember the costs of moving
Relocating to another country makes perfect sense when it’s cheaper to operate there, and you’d like to save money. Many business owners have, however, been taken by surprise when learning how expensive it can actually be to move. Although they would have been able to save money in the long-run, the massive bill of relocating can drive an un unwitting owner to bankruptcy before they’ve even set foot in the country.
Remember to take the costs of moving into account when mapping out your budget. It’s also a good idea to hire a financial expert to help you understand the foreign affairs and stay up to date on currency conversion rates.
While it depends on what kind of business you’re in, you might want to consider a factory relocation if moving abroad requires you to replace a lot of costly equipment. Hire a specialist company to take care of your factory relocation, instead, and you might be able to save a lot of money.
#4 Hire a marketing expert
Besides from being financially fit to handle an international move and clever enough to read up on their language and culture before moving, it’s essential to hire a marketing expert. They’re usually good to have in any case, but you’ll depend on their knowledge now more than ever.
Carry out international marketing research to understand your target audience, form slogans that might win them over – and keep in mind that literal translations rarely work. Have a look at this article of slogans that failed miserably in foreign countries to humor yourself in the meantime – and to learn from their humiliating mistakes.
Relocating your business and moving everything abroad is a daring move – but it may be worth the risk if you do it right. Avoid the most embarrassing language mistakes, first of all, and remember to take all the costs into consideration.
It’s usually a bit more expensive than you might have in mind – and by safeguarding yourself way ahead of the actual move, you’re ensuring that your business is financially stable and fit to tackle a new market.