Want to move abroad and start your own business? Before you take this big step, it’s important to make sure that you’re fully prepared. There’s a lot to consider when relocating to another country, and just as much to consider when starting a business. Below are some tips to make sure that your entrepreneurial venture abroad is a success.
Understand the market
Market research is always important before starting a business. You need to understand who your customers are and what appeals to them. You also need to work out who your competition is and how to stand out from the crowd. Work out the exact city or location you plan to set up your business and what it is that people are looking for. It could be worth taking a trip out there to do your research.
Apply for the right visa
Moving abroad requires applying for a resident visa. There may be specialist visas available for those planning to start a business. In these cases, you may need to have a clear business plan in place and proof of funding before you apply. Immigration advice companies like Montic can help you apply for such a visa.
Research local business laws
Business laws vary from country to country. Even if you have past experience running a business, you may find that it’s all very new abroad. Make sure that you understand the important things such as how to file tax, which compulsory fees you need to pay (such as licences and insurance) and what health and safety/security laws you may need to follow.
Set up the right account
You’ll need to set up a bank account abroad to deposit your money. Some banks will have specialist business accounts which may have tax advantages. Do your research so that you open the right account. If you plan to send money to your account in your home country, work out the most affordable way of transferring this money.
Work out how to fund it all
Moving abroad involves some big costs such as flying over, shipping over belongings and applying for a visa. Launching your business will involve extra costs such as buying equipment, marketing and getting all the right licences. You’ll need to work out how much this will all cost and how you will fund it. You may have some savings that you can use to fund it. When it comes to the business costs, you may be able to seek funding from investors. Borrowing money could be another option. Weigh up these options and work out which is the right one for you.
Learn the language
While English is spoken all around the world, there will be countries where many people won’t be fluent. If English is not the first language of the locals, you should consider learning some of the local language. Take a few classes beforehand so that you know the basics. This guide at Go Abroad compares some of the best ways to learn a new language.
Do some networking
Networking is essential for making new friends and useful business connections. Consider trying to get to know a few of the local business owners. You should also consider researching local accountants, solicitor services and other professional services that you may need.