Moving your business abroad is an important step toward internationalizing your brand, assets and company. But how do you begin?
It's important to understand that moving your business abroad won't happen overnight, but it won't be as difficult as you might think. With a few things in mind, you'll be benefiting from the overseas move in no time.
Before doing anything take some time to assess your situation and goals:
- Will you be able to take enough time away to settle into your new location once the move is complete?
- While your business is in transition will you have enough business to stay afloat?
- How much money will you need during the transition time to live on?
- Will you be able to continue operations in your home country as well as the new country or will you have to stop operations?
Being completely prepared financially will make you feel more secure with your decision to make such a big move overseas.
Research the New Market
If you've been planning on moving your business abroad chances are you've been visiting the possible new location. While you've likely done research from your home country it's also important to talk to people while you're there and be sure that the particular area you're interested in will work for your business.
Information online about a certain region, country or city might be misleading - there may not be many competitors in the prospective area, but you won't know why until you talk to people in the community who will be your future customers.
Also, doing a bit of research on the way of life in the new location will be beneficial because if you need to find secondary employment while in transition, you'll be able to scope out potential jobs in the area ahead of time.
Before packing up and shipping all your business assets overseas, be sure to contact any economic and business authorities in the new location. Begin to familiarize yourself with laws and tax codes and any other pertinent information that would be necessary during and after your international move.
Reaching out to a lawyer from the new location would be beneficial because they would be able to walk you through the process and be able to negotiate on your behalf. Plus they will undoubtedly be more familiar with the laws of the local area.
If you need to outsource work in that country the lawyer would be able to walk you through any laws and/or tax policies in regards to hiring outside labor.
Once you've decided on a new location and you've researched as much as possible about your new market, begin filing any necessary applications. It's going to take time to process and send the paperwork needed to open up shop overseas and you'll need to allow enough time.
If you need to shut down operations in your home country, you'll need to create a realistic schedule. You need to properly notify employees, customers and any business connections if you plan on shutting down in your home country. It will also prevent you from doing too much simultaneously.
Before and after you move your business abroad you'll have some updating to do to your website and any printed marketing materials.
- Will you need to launch a new domain for your new location?
- Will you need to print out new business cards?
Forgetting to update or not updating your information in time could be detrimental to your business.
Networking is an important part of owning and operating a business. It leads to more customers, more business connections and ultimately more opportunities. Take some time to network in your new location and build rapport with the new customers and business leaders in the area you'll be moving to. It will help build your brand and make the transition a bit smoother.
Once you've done all you can to prepare moving your business abroad, contact International Sea & Air Shipping to help keep your business relocation hassle-free.