Opening your own business can be profitable and extremely self-rewarding, if done right. However, it can also be a big headache and quite costly if you do not succeed. Unfortunately, when opening a company there are many things that could go wrong, for example, simply due to lack of research. In this article, we will give you ten tips to keep in mind when opening your business abroad, that will increase the likeliness of you succeeding!
- Understand and accept that in the new country, the authorities and the whole process is likely to work completely different to what you are used to. If need be, seek professional advice regarding the law and regulations.
- Ensure that you have the VISA and permits required.
- Sort out the tax papers and keep up to date. A tax advisor is often recommended to help you make sure you not miss any payments.
- Despite a product or service being demanded in the previous country, it does not always mean that it is demanded in the new country. Ensure that you conduct the necessary market research and be aware or your competition.
- Learn about the country’s culture and the people that you will be targeting. An example of this is you are less likely to succeed selling bikinis in Libya than in Malta. Target your product/service according to your customers’ needs and wants.
- Do you need local or foreign suppliers? If you are opting for a foreign supplier, make sure you are aware of the imports regulations in the new country.
- Register yourself with your embassy.
- Get to know the daily trends and customs of your target market. What times do they work, when are they on breaks, where are you the most likely to reach them? The more you know about them, the more of a chance you have to attract them to your business.
- Where are you going to advertise? Know your target age group and where can you reach them as effectively and efficiently as possible.
- Have a backup plan. If you do not succeed or take long until you start earning money, where are you going to receive your income from? Depending the nature of the business, more often than not, you have to have a decent amount of cash available at all times.
Good luck with your venture!