Planning to start business abroad? Here’s the mantra to kick start
Venturing out for a new business altogether is not everybody’s cup of tea, especially if the plan is for overseas. Presently as the US dollar is the strongest of all currencies and dominating other currencies, many entrepreneurs are taking this advantage and migrating abroad in quest of setting up businesses there.
So by now even you are deciding for something similar, isn’t it? But hold on, don’t start wrapping things up right away and set out to board the flight.
Before taking your baby steps ahead to the US borders, you need to keep in mind certain parameters. Here are a few tips that go handy.
Understanding the local culture is vital of any entrepreneur. One needs to find a local investor who will act as a guide in helping to get an idea of the local culture, customs, market and the consumers. It helps in meeting up with the right business partners, right platforms for launching a product or service.
Other options are Linkedin, where you can see if your colleagues can connect you to others in the same region or country. Joining Meetup groups, reaching out to local business networks also helps.
Getting grasp of the local language:
This is a known fact that one has to know the local language of the place in which one is residing. But at the same time it is a challenging job, almost similar to setting up a new business. But as the saying goes, ‘Something is better than nothing’, so poor language skill is still acceptable than nothing at all. One can opt for language classes, or resort to the various apps available today or observe people who speak the language fluently and work with them closely.
When in Rome do as the Romans do:
Get out and know the local people, their culture, and lifestyle; the way they do things, the ethics and traditions. Keep learning cause there is no end to it. Just like the country is new to you so are its consumers, their preferences and behavior, the market. And in order to make your business survive, these are the key factors that one should look into.
Know your competitors; old and new:
Learn from examples and experiences. Every entrepreneur needs to do a research about the market, the target audience and especially its competitors. Read the history and facts about few companies that failed to enter the market and couldn’t survive.
Build a new network:
Building a strong network is very important. Now that you have left behind your old network and contacts and moved into a new land, you need to build a new network as well. Expats are always a small community and fewer, so it is easy to get connected to new people. Send out personalized e-mails to local entrepreneurs. It will help in meeting up new people. These connections will help in getting started and maintain long-term relationship both professional and personal.
It’s not that one shouldn’t live his/her dreams or run after one’s passion. But don’t throw arrows in the dark. Stand firm on your ideas, have patience and slowly proceed.