When opportunities for growth in your home country are, at best, scarce, then exporting to a more promising market abroad could present your business with a golden opportunity.
In recent years, Brits with lofty career aspirations have flocked in their droves to sunny España.
Now, research shows that emerging markets are expected to contribute the large part of an increase in the world’s middle classes by some 3bn by the middle of the century.
Meanwhile, China alone is expected to see its middle class surge by more than the size of the UK population over the course of the next five years.
As for the here and the now, the advantages of relocating your business to warmer climes are manifold. Nevertheless, there are multiple pitfalls awaiting the overconfident – so maximise your chances of success with these top tips for going global with your business.
1. Plan ahead
Research is key to success in any new market. Formulate a business plan and look into your target markets and any cultural factors that might impact sales. By doing the cerebral work in advance, you are helping to ensure that you will avoid running any unnecessary risks, as well as setting your brand up as a credible, forward thinking company.
2. Obtain advice from professionals
Don’t restrict your preparatory activity to the internet. Key bank and accounting advisers are individuals who will prove indispensable to your planned move.
Seek out advisers with specialised international expertise who are willing to provide new business support. They should be able to hook you up with other local businesses that are more experienced with overseas work and the location you are hoping to move to.
Another useful resource is the UK Trade & Investment – they work with UK-based businesses to help secure their success in international markets, and sometimes run local conferences and seminars.
3. Build your international skills
Look into everything associated with your country of interest, from the native language and foreign currency to any possible visa requirements for you and any family members.
In order to truly flourish, it’s imperative that your business is as tailored to its environment and economy as possible.
If you aren’t confident on your language skills or international knowledge, consider training yourself and your work teams, or seeking advice from your more cosmopolitan business associates.
With the right foundations in place, you could make your move an enjoyable – as well as a lucrative – one. By considering moving abroad, you’re already thinking outside the box – so don’t let your forward-thinking approach stop there.
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