One of the easiest ways to take your business to the next level is to find a brand new market that you can start to grow it in. You might be able to find that market domestically by appealing to new demographics, for instance, but the most common way of doing it is to expand your business overseas. However, if you want to make sure you acclimate as best as possible, you want to try and grow it naturally, rather than simply exporting what you’re already doing.
Set it up separately
There are undeniably organizational benefits to running an existing business overseas. However, ensuring that your business follows two sets of regulations, handles tax duties appropriately, and otherwise operates smoothly in two different countries can be difficult. It might instead be easier to start your business abroad from scratch, adapting what you need to without needing to change how you run your existing business. It might take a little more time to raise the capital but it allows you to be more flexible on both fronts.
Separate your finances
Just as you should make sure you have separate business and personal bank accounts, you should separate your finances between the countries that you do business in, as well. There are plenty of services that can help you set up an international bank account and make it easier for you to transfer money from one to the other. Just be sure to keep records of every transaction between your different accounts as, when it comes to overseas transfers, the taxman can be particularly skeptical and you want to make sure you have all the evidence of good behavior you need.
Get to know the country
Simply put, there may be barriers that you have yet to consider when it comes to running a business in one country compared to the other. They could be two different markets, with different competitors and norms for how the industry works. You also need to be wary of differences in business etiquette, marketing message, and even political climate and property rights. Some countries could be risky to start a business in depending on what party gets in charge, as has happened many times.
Are you ready to handle it all?
If it’s a relatively small business, then running two at the same time, or at least running one in two countries, might not be all that difficult compared to what you usually do. However, if you have your hands full with just one, then you might need to consider how hands-on you can actually be. It might benefit you to develop good working relationships with a managerial team that is native to the country that you’re expanding to. Not only can it help you delegate, but it can also give you an advantage in avoiding some international relations snafus.
Taking your business overseas isn’t always easy. For that reason, finding the organic approach to grow it in a new market can help you find your feet and, more importantly, avoid some red tape.
