When it comes to running a business in your own country, there are many challenges that you will come up against. However, when it comes to moving your business and running it abroad, expect plenty more challenges when initially moving. But if you are willing to take on the challenge as others have, you may find you benefit hugely. Below we have put together five different things to consider when moving your company abroad.
Depending on where you are relocating your business, the language barrier may be something you need to consider. If your relocation involved you moving to a country that speaks a different language to you, take into account how the language barrier will affect the day to day running of your business. You may need to hire an interpreter to help you along the way until you are fluent in their language. If you are serious about moving to a different country that speaks a different language, you may want to invest in online language learning lessons to help your employees.
The Costs Involved
A very obvious thing but it has to be included. If you are thinking of moving abroad, it is so important to make sure you accurately calculate the costs that will be involved with the move. Certain aspects of your business may need to change in order to facilitate the move, for example, you may need to consider a customs brokerage for your shipping, the tax implications or the cost to employ new employees. These changes will all come at additional costs, as well as the running costs you currently have. It could be that you adopt a work from home culture in order to save some of the running costs of an office. Make sure you speak to your accountant before making any decisions.
How will it affect your current clients?
When relocating, how will your current clients feel about the move and will there be any negative effect from moving with them? Hopefully, the move will be a positive thing for you and them, but the last thing you want to do is move and upset your current clients. Chances are most moves will affect some, so it is important you have planned for this within your business plan and have a way to bring in new clients quickly. Luckily, with the internet being so advanced, now has never been so easy to connect with your current or new customers, wherever they are located in the world.
Get The Right Legal Advice
When moving abroad there will be a whole plethora of new laws that you will need to learn and get to grips with. This is why it’s important to get legal advice from your current residents and then to speak to a native lawyer in the country you are planning on moving to. Native lawyers are a must as they will understand all the small print and have a good understanding of the laws that you may not be aware of. The more advice you get the better position you will be in when making key decisions about your business.
Remember, moving isn’t easy
If anyone has told you moving abroad is easy, they are wrong! However much preparation you have put into moving abroad, it’s important to remember it’s very difficult and you will come up against many challenges that you didn’t think of. This isn’t to say you should move abroad, many companies have had huge successes in doing so. It’s just a reminder that it’s not all plain sailing and to do as much research as you possibly can. Take into consideration everything from your online cyber security and accountants to the additional staff you will need, transporting costs and tax implications.
The above only touches on a few points for you to consider when moving your company abroad. Make sure you do your research as there are plenty more things for you to consider. When done correctly, relocation can be very beneficial to many businesses with some saying it’s the best thing they have ever done. The more research you do at the start of the journey the easier it will be at the end of the journey, plus there will be a lot fewer surprises along the way.
Have you moved your business abroad before? What considerations did you take into account when you did? Is there anything you would like to add to the above? Let us know in the comment box below.