Top Tips for Starting a Business Abroad

by Lewis Humphries on Wednesday 6 August 2014, 5:30 PM | Category: Strategy| View: 4514 views
 
 
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 For a lot of people moving abroad is a dream, but it's one that many are pursuing eagerly. It's easy enough for retirees looking to settle in the sun with thousands saved up in the bank that they can fall back on. But if you're a small business owner or you're looking to create your own in order to build your livelihood when you go abroad, there are all kinds of things to consider first. So here are some top tips on what you can do as well as what you should be careful of before starting your business abroad.

Know the Patch

It's essential before you start in any new territory that you get to know the place well. All too many foreigners find themselves bankrupt almost as soon as they get off the plane just because they have failed to research their destination properly. Pay a visit before making the permanent move, and be sure to ask around to find out whether there is a demand or a gap in the market for your business to move into. Also ask whether you're targeting locals or expats, as in poorer countries expats often bring with them a greater spending power. Professional specialists can help you deal with tax issues and local bureaucracy, so you can get on with launching your business. You should also be aware of the exchange rates you are going to have to be dealing with. Use the currency tools from a firm like Currencies Direct so you can find out how much your foreign transactions are likely to cost.

Making the Move

Then when you're looking to move, make sure you find the right location for situating your business. Think about whether you need to be near a motorway or rail links, or whether you want to earn tourist money by locating close to the major visitor attractions. Speak to the local authorities about plans for new transport or building developments in the area that may affect your trade. It will also benefit you to delve deep into local customs and work habits, so you can win the respect of your employees and customers as well as safeguard against potential miscommunications.

Whatever you do always be prepared for a struggle, as travelling to a new place and settling down there is hard enough without the added pressure of building a livelihood afresh. Fortunately embassies and chambers of commerce as well as other provincial authorities are often willing to help out and can provide assistance, so you are not alone on your journey. But no doubt it will be a hard task to set up a new business abroad, but it will pay off as long as you're willing to work hard for it.

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