Nibletz Staff
When you have just launched your very first company, every little milestone can seem huge. Starting from nothing can be incredibly daunting, although you would be surprised at just how many major players in the business game today started out with a mere tiny investment. At this stage in your company’s life, it can be pretty hard to imagine it ever being anywhere near a national level, let alone something global. During those first few years, your main priority will be keeping yourself afloat financially, and trying to avoid being part of all those horrible statistics we see about startups failing within the first few years. Once you have passed the two-year mark, however, you should notice things begin to pick up. When your business has been running for five or so years, and you are continuously turning a healthy profit, you may want to think about expanding it further. This could mean edging your way into other parts of the country, such as opening other branches and hiring managerial staff. But for many entrepreneurs, the main goal is pushing their business overseas. This could even be the reason why you got into the business in the first place, so having the opportunity to bring this dream to life can be incredibly exciting. Fancy a slice of the international pie? Here are some of the steps you’ll need to take.
Establish a due diligence report
Before you even think about signing any forms, you will need to make sure that you have all bases covered when it comes to your international expansion. Getting involved in foreign business can be tricky, so you need to make sure you know the market like the back of your hand. Put together an analysis on how the move will affect your business, and how quickly you will be able to break into the local market once you are there.
Send out your right-hand man/woman
If making a move overseas yourself is not something that is on your itinerary, you will need someone you can trust who is willing to oversee the procedure for you. Building an entire team from scratch abroad can be both challenging and time-consuming. When you are starting a business overseas, it is better to involve people who already live and breath the business initially, and then you can locals later.
Ditch the ‘one size fits all’ approach
Every country is different to the next, and each comes with its own unique culture that you, as a business professional, will need to respect. Tactics that have worked for you in the past back at home may not necessarily have the same effect overseas, and you will need to be willing to familiarize yourself with local customs. It is also worth bearing in mind that tax law, employment law, and business law can be different depending on whereabouts you are in the world. So make sure you comply with the local rules to avoid getting into any trouble.
