No one said it was going to be easy: setting up a company abroad will take time and commitment. You’ll need to be prepared and willing to put in the extra hours to adapt to the new environment and way of working. From obtaining visas and understanding tax regulations to hiring employees and creating your first marketing campaign, you have a whole lot to learn. These tips can help you settle into your new office abroad.
No matter how prepared you feel, everyone needs support from time to time. Whether you’re opening a new company in America, Asia or Europe, there are different regulations you need to adhere to. Companies such as Foothold America can give expert advice on setting up a subsidiary in the USA, and there are plenty of government departments in various countries who can help you too. Gaining support and advice will help make the transition that little bit easier.
When moving to a new location you’ll naturally want to get involved in the local culture. This is even more apparent when you create a subsidiary, as you’ll need to know about the region in order for your business to be successful. Research customer behaviours, cultural norms, business etiquette, the local market and existing competitors. You’ll find that you may not know your target audience as well as you thought you did. Finding out this information will help you formulate a successful marketing strategy, as it will be tailored to a specific audience in that new destination.
After you’ve compiled the extensive research on the area you’re thinking of moving to, make sure your marketing strategy is adaptable to suit the new market. Take a look at the different types of media you can use to channel your strategy. Countries will use the media in different ways and may be receptive to one over the other. For example, a magazine advertisement in America might not be received as well in Asia. Look at how you plan to market your business and change how you use social media to match the industry standards in that country.
You have to remember you’re new in town. No matter how perfect your business pitch is, a competitor will always have the edge if they have built-up a working relationship with the people you’re approaching. It’s expected, no matter where you go in the world, and networking will always be an important part of the business. Read up on the local business etiquette, print off a pack of business cards and immerse yourself in your industry. Find local events tailored to your niche, seek out the industry-leaders and read up on the guest speakers before attending. This will help you make interesting conversation with the other attendees.
Recruiting local talent will give you an edge. You’ll be able to get first hand knowledge of what business is like in a different country, which will help you adapt to a different business practice. And while your research will stand you in good stead, it’ll only stretch so far. The general knowledge that comes from someone growing up in the region is invaluable, so hire locally to help with future interactions. Doing so will enable you to undertake tasks such as making accurate translations to identifying reliable local suppliers, and plenty more.
Follow these tips if you want to boost your chances of success when setting up an office overseas.
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