Picture the following scenario: you run a successful business in the UK, and you sell your products and services through retail outlets and via your website. You want to take your business to the next level by expanding your brand overseas.
The United States seems like a good choice for your business, and you feel that there’s a market Stateside for the things you sell. However, you’ve got no idea about how people do business in America, and you’ve never set foot on American soil in your life.
What should you do? The good news is, setting up a business in the United States isn’t as scary or challenging as you might have expected. Of course, you need to do things the right way from the outset to achieve the best results for your brand.
Take a look at the following pointers for some help and inspiration for expanding your business into the American market:
Clarify Your Business Case
The first thing you need to do is clarify your business case for expanding into the United States. Why? The answer is simple: you need to ensure that selling to the American market is both viable and will make a significant difference to your brand’s income.
If you sell physical products, will your idea to expand Stateside be profitable even when taking import duties and taxes into account? Similarly, if you have your products made in the USA, will you still make a healthy profit?
You will also need to consider exchange rates when pricing your products and services. There’s no point expanding into the American market if the rates aren’t in your favour, as you may only break even. Make sure you do the maths before continuing with your plans.
Operating a Retail Store
As with the UK, there are many considerations to make before opening a retail store. Examples include finding the right premises, getting it insured correctly, and ensuring it’s safe and secure. Of course, you also need to have the right people managing it for you.
Some business owners find it easier to move out to the USA for a year or so while setting their brand up in the country. If that’s what you’re planning to do, you’ll also need to rent a home and a car for the duration of your stay.
Another consideration to make is the visa situation. It’s possible to get a business visa, but it can be a challenging subject to navigate when applying for one. In those cases, it makes sense to get some help from an immigration lawyer.
The easiest thing to do is a quick Google search, such as immigration lawyer near me free consultation, to find the best expert to assist you.
Accounting and Taxes
Lastly, if you’ve made it this far, you’ve already established a business case for expanding into the United States. Plus, you’ve undoubtedly been looking at retail premises for your first U.S. store and potential places to live.
However, you also need to add accounting and taxes to your to-do list. When you’ve decided on your legal structure in the United States, you’ll need to pay various taxes on your personal and business income.
As you can appreciate, it makes sense to search for an accountant that specializes in foreign companies expanding into the USA. They can ensure you don’t overpay taxes and file the correct documents to the government when required.
Expanding into the United States shouldn’t be a scary prospect for British entrepreneurs. You just need to remember there is a lot to consider before you do, and you need to follow through with things in a specific order.