Business First Family Business, Accounting, Finance, Investing, Marketing And Management
With the internet and technology, you can hit the international market in a heartbeat. However, sometimes it’s beneficial to dominate the physical side of the global marketplace. With that, you can source suppliers in the area and cut process costs considerably. However, as you would imagine, there are numerous considerations to make and plenty of legal hoops to jump through before you can start operating on foreign soil. If you’re struggling with the process, don’t worry, we’re here to guide you through the entire process below.
Find An Overseer
As the owner of your business, you will want to stay where your core operation is. So, you need to find someone willing to move overseas and oversee the new branch of your business. In fact, sending money overseas can help improve economic performance. Look inside your company and approach people in high positions that have been loyal to your company for a long time. The reason you need to have someone on board from within your business is that they will completely understand the culture of your business, which will make it an extension of your business. Further, the reason behind finding a volunteer to make the move is that you know they are excited and will take good care of your venture. If you force someone, they will likely be reluctant to perform to high standards.
Help Them Move
Once you’ve found an overseer, you should support them with every aspect of the move including finding somewhere to leave. If you’re opting to dominate the Asian market, for example, you can head over to Property Guru and help them search for a DBS Home Loan. Property Guru can help them compare suitable mortgage deals from a range of lenders. No matter where you want to set up your business, your employee will have access to plenty of properties at affordable prices. Further, you can find helpful insights on what the prospects of each area will be like.
Decide On A Location
You need your new location to be a thriving business hub – Singapore and Malaysia are great places to set up shop. Choosing a business-orientated country will ensure that your new branch will have access to the necessary business links. Further, the locations mentioned above are extremely popular destinations for people looking to work abroad. In addition, you should implement employee management software solutions to maintain your company globally. With that, you could easily hire talent that is from your primary country.
Learn Cultural Differences
You will need to adapt to the culture of your new locations. For example, if we run with Malaysia and Singapore, their working week is different as they have Fridays off because of their religion. Further, you need to be well-attuned to how people communicate. In the western world, it is common courtesy to give someone eye contact when you speak to them. However, in China and Japan, it is considered respectful not to look people in the eye. The last thing you want to do in your new location is to offend the people that you rely on to make money.
Seek Legal Aid
Not only do other countries have different cultures, but they also have different laws and regulations. You need to ensure that your new branch complies with business laws in your country of choice. To do this, you should hire a lawyer who can guide you through the entire legal process. You need to trust your lawyer with sensitive information, so you must ensure they are legit. The best way to do this is to speak to other businesses in your network with overseas branches. Having a referral from someone who has been through the process will give you peace of mind.
Gen Up On Data Protection Laws
Everywhere has different data protection laws and you need to make sure that your new branch remains compliant. For example, if you opt to operate anywhere in the European Union, you need to ensure you fully understand the laws surrounding General Data Protection Regulations (GDPR). The interesting thing about GDPR is that no matter where you operate – if you have EU-based customers, you need to be fully compliant.
Factor In Time Zones
Working across different time zones will add complications to your business processes. For example, you still need to make sure you are involved in the business overseas. However, doing this online can be complicated. One way to eliminate the time zone difference is to arrange regular trips and meet face to face. This will also show your overseer that they haven’t been left in the dark with a new branch of your business and will allow you to strengthen foreign links.
When your business has grown as much as it can on home soil, it’s a good time to dominate the international market. Opening a new branch in a different company is often the most cost-effective way to achieving this. You will need to ensure that you find a willing volunteer from within your business and make yourself legally compliant. The process will be complex but extremely rewarding.
