Career Advice - A Community Blog

Erik Larson writes about the job market, resume improvement, and career advice

Elements to Starting a Business Overseas

Written by Erik Larson, Community Blogger | Jun 12, 2017 8:40 PM

Starting a business overseas is not difficult, relatively speaking, but it does take some planning and research. Today, you do not need a business degree or experience to start your own business. Anyone can be a successful entrepreneur. Many find that starting your business abroad is more benefiting that starting locally. Before doing so there are a couple of things to take into consideration before starting your business overseas to make sure it is successful. 

Study the Environment

There are many factors to consider when it comes to climate and location. Look for an area where you know your kind of business will thrive. Since it is going to be a new country, take a look at the climate. Somewhere you won't get too many natural disasters that could lead to damage costs is a great option. Think about how close the people you hire will be from their job. Find a convenient location for yourself and your employees. 

Economy Research

If you are in a new country, you probably have no idea how the economy is doing so researching it is very important. You should start your business in a country with decreasing unemployment and preferably an increasing middle class. An article by Darren Kaiser, "Six Elements to Starting a Business Overseas" explains why this is the best scenario giving you a higher chance at starting your business successfully. 

Learn from the Competition

Find past businesses similar to yours that have succeeded or even failed and learn from them. Find out what the failed businesses did wrong and make sure you don't do the same. Also keep the successful ones in mind as an example of what works in the industry you are in. 

Language and Culture

If you know anything about business, it is how important communication is. If you can't communicate with your employees or your business partners, your business will probably fail. You can always hire a translator, but that is an extra cost. It is important that you enjoy the culture before starting your business in the country. In the article "Why You Might Want to Start Your Business Overseas," Nathan Lustig says, "If you're going to go abroad, it should be for a reason, not just for the cash." 

Legal Process

If you have found the perfect location, all that is left to do is the legal paperwork. The World Bank has a page that compares the costs and the procedures necessary to start a business in over 100 countries around the world.

On the website you will be able to find the country that you could benefit from the most. For example, it only takes a couple of days to form a business in New Zealand with very minimal paperwork. Even though it sounds quick and easy, it may not be the most effective route. A safer example would be creating an office in London. It may not be as quick as New Zealand, but you can use an outside service to get an office there. 

I recommend you do some extensive research on the country you plan to start your business in. Remember to start your business where it is most convenient to you, but also where you genuinely enjoy the people and the culture. 

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