Things To Consider When Moving Your Business Abroad
When we dream about going all international about our brands and businesses, sometimes reality can be the harshest punishment on earth. But it does not have to be one that crushes your dream if you know where to look and who to talk to about going into the global market. Some of the major things for you to think about would be things like how the market of that country is like (how your competition is doing and finding loopholes to hit them hard) and the political and economic arenas of that country and whether the investment would be worth your money.
· Language and culture
You will have to be the first one to learn the language of that country as well as informing yourself about the cultural traditions and trends of the country. While you might think that European countries are safe, they are not either. Most countries have their own code where it culture and religion is concerned and also the language is something that you will need to focus on for your top executives as well. Hiring a translator will cost you a lot more than you think so it is a better idea to just learn the language in your own country while you are going through procedures to legalize your business abroad like UAE trademark registration and such.
· The process of starting up
World Bank and the International Finance Corporation have great instruction pages and pamphlets on starting up a business abroad and the basics of the details involved in the process. The page has recorded for 183 countries and the specifics are for small to medium sized (from10 to 50 employees); since most businesses start up in a smaller size abroad this is of great value for those who are stuck with procedures and trademark registration and other issues.
· Going local
Make sure to hire some local people when you start up the branch for you to understand the local trends, procedures, short cuts for hitting your profit margins and other information that only a local person would know. This will also help in easing your business into the neighborhood and drag in more customers who are unable to communicate with your language. But when you are hiring from the local spool, make sure to abide to strict qualifications and your company and local laws as well.
Due diligence, taking extra care, being meticulous about the laws and regulations, studying the local market and the country will help you get started with the least amount of issues.