With the world being connected, and international travel now made so simple, it’s a given that most local businesspeople are now having their eyes on the international markets. The fact that the dollar is now dominating most currencies is also another reason for their interests.
As an entrepreneur, we have no doubt that you are more than aware of the importance of both hard work, and smart work. It’s in your blood to be ambitious and to always be on the lookout for new opportunities. After all, that is what probably drove you to try forming a business of your own in the first place; and what pushed your business into success.
If you plan on setting up an overseas business, and if this is your first time doing so, then there are a few aspects you must consider prior to doing so. The following states what our experts have to say on the matter.
Get to know “what’s ticking” in the intended country of trade.
Unlike the previous time, you haven’t grown up in and around your intended market, so it’s important that you familiarize yourself with it. This is regardless to whether you intend to start business in Dubai, or Dublin. Find out the what’s hot, and what’s not. Research your competition and those who’ve attempted to start up a business similar to your field; both successes and failures. Find out about the local’s opinions about your products.
Know the rules and be comfortable with it.
Regardless to whether you like to play with the rules or around it, everyone knows that it’s always best to be aware of it. Since this is foreign soil, it’s important that you make yourself familiar with their rules and regulations. These also includes; offshore company registration (and rules regarding that) and tax details etc. Knowing a few local officials and whom to turn to in event of trouble also definitely helps.
Learn the language of the locals.
Sure, you’ve read it in business mags about how important language is to forge strong bonds with your foreign clients. But we bet you never understood just how important it is. Even though English is now one of the most widely spoken languages, there are still those who are not very comfortable speaking it. Knowing the local language will help you not only gain new clients and form a solid bond with them, it will also help you deal with your local employees and company related officials.
Be a part of the locals.
People tend to trust those whom they are familiar with. Speaking the local language (even a basic form of it) will definitely endear you to the locals; especially if they see you are making a genuine effort to learn their culture and customs as well. Try to live a few months in your intended country (at the least) prior to launching your establishment; which will give you a feel of the market, the locals and potential clients and also the competition.