Starting up a business is never easy, and setting one up overseas can present more pitfalls than initially anticipated. However, if you already have a well-established business here in the UK, expanding your business internationally may be a great move for you – provided that you’re aware of the risks and ready to put the work into making your international business a success.
Here are five top tips to help you realise your dream of setting up a business abroad:
1. Do your research
Before you make the big jump of moving your business abroad, doing your research about the country you’re looking to work in is crucial. Ask yourself: do I know enough about this country’s political climate, laws, banking rules and taxes? If the answer is no, then hit the books or seek advice where necessary before putting the wheels in motion.
You should also research if there is a market for your business in the country you want to move to. Do the people who live there have a need for the product or service that you’ll be providing? If not, starting a business abroad is probably not a viable decision. But if yes, you could tap into a whole new consumer base, which is great for your wallet.
2. Look for legal advice
Consulting a lawyer when setting up your business overseas is always a good idea. Ideally, you should get in touch with an expat lawyer from your own country who is living and working in the country you’d like to do business in. This is beneficial in two ways: the lawyer will understand you culturally and will also have the essential local knowledge to help you operate in your new surroundings. Alternatively, contacting a local lawyer who speaks your language is also useful. In general, a lawyer can help you comprehend local laws and can advise you on how to progress with your business plans.
3. Grow your international network
Moving to a foreign environment means that you’ll be leaving some of your old contacts behind. Don’t despair though; you can make new contacts in your new country of business – you just have to be proactive. Establish contact with other entrepreneurs in the area in order to build a new business network. You can also get in touch with the expat community when you arrive. Your new network needn’t be all business contacts, making new friends is equally important. Your new friends can help you find your feet and can facilitate exposure to the local population, which brings us to point number four…
4. Live like a local
Learning the language and studying the cultural practices of your new country can make a huge difference to your success. Above all, it can help you to understand the business market and your customers. By getting to grips with this, you will be able to adjust your business model accordingly to fit with consumer trends. Speaking the language and embracing the culture can help endear you to the locals, which is important if you want them to buy what you’re selling.
5. Know what you’re getting yourself into
Setting up a business overseas can open you up to a number of risks. In order to mitigate these risks, you should conduct due diligence to ensure that you know what you’re getting yourself into before your sign that final contract.
Blackhawk’s international investigation services can give you peace of mind and help you make an informed decision regarding whether moving your business abroad is profitable or not. We can research and analyse potential business partners, new business markets, overseas suppliers, and other international businesses to safeguard you against potential business risks. Ultimately, Blackhawk can help you to conduct international due diligence, which can identify any problem areas that you can address before you start trading outside of the UK.
If, worst comes to the worst, you need to engage in litigation with a party overseas, Blackhawk can provide international process server assistance. This means that we can track down the party on your behalf and serve them with the legal documentation that pertains to your case. Hopefully, your move abroad won’t come to that, but if you’re having international legal issues – for example, if you need to recover money owed to you – we’ve got your back.
Turn to Blackhawk first before you move abroad
By following these five tips and working with Blackhawk, you can feel more confident about setting up a business abroad. Remember: the success of this new business venture comes from being prepared, knowing the international market, and getting the right advice before you make the leap overseas.
For more information on how our international services can help you set up your business abroad, call us today on 020 7788 8983.