Ambitious and forward-thinking business owners often decide that they want to move their business overseas. This could be to France, India, Japan, China, the U.K. – basically, anywhere. And this is all a real possibility thanks to modern technological advancements and globalization.
What are the benefits of international expansion?
Moving abroad comes with a long list of benefits. The most notable ones include:
- Access to new (and potentially untapped) markets
- The opportunity to grow your customer base
- Being able to hire new talent
- Diversifying your brand name
It doesn’t matter if you’re the owner of an SME or a large business; moving operations overseas is possible – and this guide is here to help you.
Focus on translating your content to the new language
If you’re moving overseas to a country that speaks a different language, you’ll be faced with the difficult task of translating your existing (and future) marketing content. Take your website, for example. If you’re an American business moving to China, all your written content needs to be translated to Chinese, which isn’t easy. The translations also need to be localized (meaning made suitable and culturally appealing to the new audience). So, no pressure, right?
However, you’ll be relieved to learn that localization software exists to simplify, automate, and manage your translation projects – no matter the size or scale. It’s a tool that every modern business needs to be successful with international consumers.
Study cultural differences
Every culture is different, which consequently means consumer behaviors are different.
Think about the social media phenomenon. Social media is more popular in some countries than in others.
For example, social media is incredibly popular in South Korea and Taiwan but less so in Russia and Indonesia. Factors like this are worth studying before you create your strategy and marketing strategies.
Check import and export laws
Import and export laws differ from country to country.
Naturally, this can either be a major positive or an inconvenience. Make sure to choose a country that won’t financially strain you through high export tariffs.
Choose your premises carefully
Moving overseas can be complicated when it comes to premises acquirement. Depending on your business model, you may need an office and warehouse. Alternatively, you might not need any premises at all due to being an entirely remote business. But if you’re going to need new premises, you’ll need to weigh up whether to rent or lease, as well as how long you can commit to contracts.
Get help and guidance from other owners
Here’s more good news: thousands upon thousands of business owners have successfully expanded abroad – and they have the receipts to prove it. Through platforms such as LinkedIn, you can reach out to these owners for help and guidance. This is especially useful if they migrated to your target country, as it enables access to an experienced voice who can point you in the right direction.
Hire an accountant
An experienced accountant will be able to help solve any problems and queries you have surrounding business tax, VAT, and endless other factors.
Create an exit plan
An exit plan should be at the top of your to-do list. Sometimes, businesses opt to venture out of countries by choice so that they can pursue other markets. However, some businesses exit due to failure and inability to gain market share. So, you should prioritize an exit plan that considers your finances, resources, and employee contracts – as this will provide you stability if you need to cease operations.