Opening up a new office a few miles down the road, or even on the other side of the country, is one thing. When the new office is in a new country, then it requires a whole other level of consideration. Here, we’re going to look at some of the aspects of that move that you have to make sure that you take the time to consider. It’s a big move, and it doesn’t need to be any riskier, so take heed.
Know your market
First of all, you should take the time to do a full market analysis, getting to know the demand for the type of products and services that you offer, as well as the existing competition. For instance, sometimes, no competition doesn’t mean a huge market ripe for the plucking, it might mean that the target audience doesn’t feel a need for the solutions you provide. Do your research so you don’t get caught out.
Be legally prepared
Whatever business you run, you have to be compliant with laws and regulations. Safety regulations, business licensing, labour laws, and the like are all likely to be different when you move to another country. Might be worth finding a commercial lawyer who specialises in that kind of move to help you navigate that potential minefield.
Get ready for the costs
Of course, moving your operations overseas isn’t going to be cheap. Even if you don’t have any manufacturing equipment or supplies to move with you, you’re going to at least need to work with a team experienced in international removals. Work out all of the costs of opening up a business in the new country, and make sure that you have the capital ready to see you through not just the move, but the days or even weeks of downtime you might have until you get up and running again.
Start finding your partners
Businesses never do it alone. You need to think about your suppliers and partners, considering how the move might affect them, alongside your customers. Then, you need to make sure that you have the same types of partners and suppliers when moving overseas. It’s always a good idea to do some networking before you make the move, to ensure that you’re not stuck trying to build bridges at the same time you’re trying to get your new offices running.
Get to know the culture
Don’t be like the many businesses who make the mistake of trying to simply translate all of their marketing and messaging to another country. Both in communicating with the customer and in making new partnerships, you have to learn the culture and norms of the country that you’re in to succeed there. You should also look at localisation services that can help ensure that you’re not making any faux pas with your marketing or content.
There’s always a risk to taking your company overseas, especially if you’re diminishing your focus on your local market. However, there’s also great opportunity to be found. Do your research, take your time, and be decisive.