Entrepreneurs are notoriously nomadic, and you may well be just the same. If you’ve got visions of being your own business in another country, then you’re probably well aware of the challenges that you’re going to face, but it’s good to get all the help you can. Setting up a company outside your home nation can be very difficult depending on where you are now and where you’re looking to go, but if you believe there’s money to be made by moving your operations, then its well worth going for it. With this in mind, here are some of the things that you absolutely must remember:
It’s all too easy to say that most people will speak English at least as a second language wherever you’re going. This may well be true, but it doesn’t mean that you’re going to be able to operate perfectly. Communication is vitally important, and your business will benefit from being multilingual, whether you’re establishing a small retail outlet, or a major consultancy for businesses. Learn the most common business languages.
You can check right now how much your money is worth in your chosen destination, but this will only get you so far. You need to spend some time there understanding the currency, and getting a feel for how much it means in actual spending power. You also need to work out the best way of transferring your personal finances from one currency and country to another – there can be a lot of value made and lost in the exchange rates.
Taxes can completely change interpretations of cost, which is something you absolutely must get your head around, especially when pricing products. You can work out how much spending power your money affords you in a different currency, but the differing taxes placed on different items means that there’s an added layer of complexity. On this subject, you may also have to pay certain taxes in your home country as well as your new one.
You might think you’ve got the next big idea, but it’s not going to be worth anything if it’s not suited to the market that you’re entering. Different countries and cultures like different things, so you really need to do your research beforehand. If you’re not already dead set on a destination, it’s better to find out which country is best for your business, rather than trying to alter your business to a new climate.
You have to accept that it’s going to take you longer to get set up in a new country than it is your own. This means that not only do you have to be patient, you’ll also need the funds to maintain yourself while you’re waiting for the money to come in. Always plan conservatively and leave yourself room to maneuver, because it’s much harder to pull out and do something else if you’ve moved your entire life to a new place.