The notion of heading to a different country to start a whole new life is exciting for so many reasons. Starting a business is a challenge in itself in your native country, and so why would people opt to start again in a whole new place without the necessary knowledge of that country? For a lot of people, it boils down to finances, and the markets in some foreign countries have better returns, so it makes financial sense to start a company somewhere else. But before you think about packing your bags and climbing that entrepreneur ladder in Eritrea (or anywhere else) have a look at these tips to make sure you know exactly what to do to set up your business abroad.
Get Into The Local Culture
While you have a business idea that sounds perfect in your native country, it might not translate so well if you took it overseas. This is why it’s important to get involved in the culture of a country so you can get an inherent understanding of the local consumer. Even those that attempt to relocate a business can have various teething problems due to the culture clash, so it is important to find a local mentor or an investor who can guide you through the culture on the ground floor.
Learn The Lingo
It might sound obvious, but you will be at a disadvantage if you hire workers you are unable to communicate with without an interpreter present. And even some basic language skills are better than no skills at all. It also shows your future employees that you value them enough to try to speak to them in their native tongue. Learning a language can feel as challenging as starting a business on occasion, but it is a vital part of instigating the proper communication channels.
Understanding The Fine Print
It’s not just ingratiating yourself with the culture and learning the language but learning the law too. It’s another layer that you need to get under your fingernails, but a crucial one. Starting a business in a location abroad does mean getting a detailed knowledge of business laws or tax laws. And while you don’t need to be fluent in this language per se, you do need to have legal representatives on your side that can help with this and it’s important to get a basic understanding of these laws before you set up shop because you may find that you’ll be coming home with your tail in-between your legs if you don’t get the small print right.
When in Rome…
If you are planning to set up a business in another country, then you need to be passionate about every aspect of this country and what you can do to play a vital role in the lives of its people. This means meeting your potential customers or participating in cultural exchanges on a daily basis. You need to live like the locals do, and much like a method actor, you can then put yourself in their shoes and truly figure out what you can do for them.
Has Someone Tried To Do This Before?
Have you heard stories of other entrepreneurs who tried to enter that market and fail? Every business owner worth their salt will understand the importance of studying the current competition, but it’s also important to understand competitors in the past whose business failed to catch on there. If you can learn from their mistakes, then you’ll know what you need to change to make it better.
Building A Network
Every new business relies on a network of contacts and clients to bolster up the image and product. By getting a new local network of people, it becomes easier to connect with new people, meaning that your business will have some fresh new life breathed into it. If you’re trying to start up a network in a foreign place, you could throw caution to the wind and email entrepreneurs in that area which could result in some new network connections as well as potential meetings with clients, giving yourself a very distinct advantage from the business side. But also, it can help you to form some long lasting relationships that will give you the support you need.
Starting a business in another country is a leap of faith in many ways, but it requires a business mind that has the courage to try new things constantly, which is what the entrepreneurial spirit should be about! So embrace that spirit of adventure!
