Anyone who runs their own start-up knows how key sustained growth is to success. Planning for continued business progression helps to avoid stagnation and future–proofs your company for the years ahead. For many business owners, this can mean looking at taking their start-up international. We now live in a global business world where even the smallest company can establish a foothold in a foreign country.
Before you dive right in and do this though, it is wise to think about what you may need in place first. What might you need to do when getting your company set up abroad?
1. An account with an international money transfer company
When you begin doing business abroad, you will soon need to make foreign payments. This couldbe for a multitude of reasons, such as paying staff salaries each month or overseas suppliers. While you may assume that this is best handled through your local bank, you would be wrong! To begin with, you may not even have an international bank account there to transfer money to, and you could get a better deal by looking elsewhere anyway. Specialist international transfer companies like OFX are actually a much better option for start-ups. Not only do they offer high security, low fees, great rates and fast transactions, but they are also super–easy to use for recurring payments.
2. Ties with local influencers or business
Moving into a new territory abroad is never a walk in the park, and this can be very true for start-ups. After all, you may not have the money or staff to handle it all alone. A good tip to help get established overseas is to partner with local influencers or businesses there. This gives you an easier route into the particular foreign market you are targeting and helps you build trust with consumers there. A good example of this is in action is using social media influencers in the country to help market your services there.
3. A handle on local regulations and taxes
Local knowledge can also come in handy when it comes to the specific regulations or tax laws in the foreign market you have targeted. Even if you do not plan to open offices there, you will still need to know the lay of the land in terms of shipping. Import and export taxes can vary greatly from one place to the next, as can the required paperwork. Make sure that you know exactly how it all works so that you avoid any legal issues when getting established abroad.
4. Getting a foothold overseas takes planning
All start-up owners know just what goes into taking a business from the ground and making it work. This is actually great training for moving into overseas territories. The real key to making your mark abroad is to take your time and plan out how you will go about it carefully. The above are certainly some tips worth taking on board as you do this and can help it all go that bit smoother.