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Expert Answers to Biz Questions

Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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Top Tips For Taking Your Business Abroad

 

Whether you’re an investor or a sole-trader, taking your personal business abroad can sometimes feel like a risky venture. Upping sticks to take your life into a new country can be quite daring, but also rewarding. If this is something you are considering, then it is always wise to do your research first. After all visa restrictions and fluctuations in the economy can have a huge impact on your business.

 

Be aware of visa changes

Some countries, such as the US, had created specific visas for those who are bringing custom to their country. While this idea is brilliant in principle, it is subject to change; particularly regarding current governments. The future of EB5 Funding for the US, for example, is currently up for debate. It’s therefore advisable to get a lawyer to assist you with this, should you need immigration assistance future on in your business venture. Hirson Immigration, for example, are incredibly experienced with handling business visa extensions.

 

Be courteous of cultural differences

You may be taking your business abroad because you feel that you have something different to offer that specific country – a business model they might not have yet. However, it is important that you don’t enter their country with a sense of superiority. Being courteous and mindful of cultural differences is one of the most considerate approaches you can take to bringing your business to a new country. Doing some research before you leave and visiting regularly beforehand is one of the best approaches to take.

 

It’s important, too, to learn the language. Don’t let your drive to succeed internationally overstep the need to learn the languages of the countries you are visiting. Even if you mess up a few times on your first visit you are showing a willingness to try. You should be operating as a global citizen, not just a business owner.

 

Get local

It’s no use making sweeping statements when it comes to setting up a business overseas. Being specific about where you want to work is part of the key to success. Instead of saying ‘I want to work in New York’ it’s wise to instead say ‘I want to establish a business in Harlem.’ Here are a few approaches to take:

 

  • Do some market research. Will you have much competition in your chosen area? Who is your competition, if any?
  • Could you make some connections out there? Who would be a good person to establish a business relationship with?
  • Look at costs in that area. What will the rent cost you? Are labor costs high?
  • Make some visits beforehand and get a sense of the local area. Could you live here part-time if your business demanded it?

 

Taking your business abroad is about being responsible as well as ambitious. You should be aiming to integrate with your chosen culture, not just work alongside it. Legal problems should always be researched in advance, too. The basic paperwork is your very literal ticket to success.

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