When you’re running a business, the world changes around you and your business has two options: fall behind or adapt. In many cases, your business may take you to new locations, either for the sake of survival or because you’ve spotted new opportunities somewhere over the horizon.
Building a business in any sense is exciting, but the prospect of moving abroad can be a nerve-wracking and tense experience even for the most savvy of business owners. There are so many variables to consider, and you’re likely wondering whether you’ve covered all the necessary bases before you leave. Well, if you’re unsure, here’s a helpful guide of sorts for all those looking to move or expand their business and work abroad.
Visit first.
This is perhaps the most important piece of advice I can offer. Before you do anything else, you need to scope out the new market in which you’ll be operating. Fly out and see the country and the city or town in which you’ll prominently be working. There’s a reason you’re planning to physically move your empire somewhere new, and that likely means there’s something in particular which intrigues you about this foreign market. In that case, it makes perfect sense to ensure you’ve experienced your future market first hand. You need to know not only the competition, but the resources and suppliers on which you’ll be relying. Maybe you need a delivery service
Make preparations.
Once you’ve scoped out your new home, you need to bring yourself back down to earth and think about the smaller details involved with moving a business abroad. You need a physical presence in the form of a large or small office space, depending on the scale of your specific business expansion, but you also need to ensure your employees are physically present. You might want to consider an EB-5 lawyer to help you, or any workers who might be relocating, acquire a green card visa to move and work abroad.
Obviously, preparations for moving abroad will differ from business to business. What’s necessary for one company might not be necessary at all for yours. It depends on the country, the regulations and the people whom you employ or do not employ. I would suggest only that you start planning everything early, because you’re not simply moving your business to another city. You’re uprooting and moving a corporation on a global scale. You should get all your preparations out of the way now, so that there are no mistakes later.
Develop a new business plan.
As I mentioned earlier, there’s a reason you chose to move your business to an entirely different country, rather than continuing operations in your current base of operations. If there’s something about a foreign market which entices your business, perhaps because it operates differently to the market of your current location, then that means your business needs to operate differently, as well. You need a new business plan to meet the needs of the new market which you will be entering. Otherwise, you’re trying to force a model on a market in a way which might not work.
