The world is a truly global place and thanks to ever-advancing technology, smaller than ever. What is more, the corporate side effects of the recent pandemic has made international business more accessible to all business owners, regardless of their size. As such, there has never been a better time to take your business international. If you want to push barriers and expand your reach further than ever before here are some top tips to consider when conducting your business overseas.
Research, research, and more research
One of the most important things you can do when taking your business overseas is to do your research. You may have the most successful business in your country but will this translate to a foreign market? Will the demand be there? Will the customs allow for it? Be sure that you are confident your business model will thrive in a different landscape before committing your finances and time to the expansion.
Further to this, your research should extend to the customs, laws, rules, and regulations of your proposed country. Every jurisdiction will have different operating guidelines and laws. You need to ensure that you can fully comply with these requirements and regulations. If you don’t you may be prohibited from undertaking your business. It may be that you need a lei number for companies or something more stringent such as licensing or permission to operate in the first place. Whatever the jurisdictional requirements are, it is vital that you know and comply with them. Failing to do so could have devastating consequences.
When crossing international boundaries you are also crossing cultural lines that are likely to differ from those to which you are used. If you want your business to succeed it is important you don’t appear to be rude or disrespectful toward your new host’s culture or custom. The very best way to keep your professional integrity is to act with respect at all times, and to be respectful of your cultural differences, different attitudes, opinion and beliefs.
If you are seeking to expand into a country that does not speak the same language then extra consideration will need to be given to the language barriers you are likely to face. You may want to consider hiring a professional translator if the language implications are likely to affect your business, or better yet, consider learning the language yourself. At the very least it is a good idea to try and learn a few basic words and key phrases. This will help in your quest to be respectful and find favor with your international business partners.
Consider an international counterpart or business partner
If your business and budget allow for it you may want to consider employing someone who can run the overseas operations on your behalf. Potentially someone who is based in the country you are seeking to break into. Having a local professional at the helm will help streamline the transition period of your business into its new jurisdiction. It will make compliance and research that bit easier and will give you peace of mind that your business is being taken care of in your absence. It should also help reduce travel costs and logistical considerations, as you may not need to be on the ground quite so much.
Matt Hoffer is a crypto enthusiast and gamer. When he’s not de-constructing the blockchain, you can find him chilling with some lemonade in the shade or playing a round of golf.