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Featured image: geralt via Pixabay (CC0 creative commons)

Easy things to forget when expanding overseas

One of the primary methods for any growing business to capitalise on the success it may be enjoying is to look at expanding into a new market.

For those that are thriving in their domestic scene, expanding abroad will likely be the next step.

There are many guides out there of how to best go about doing this, which include advice such as budgeting for expansion, making local contacts and more.

There are other important aspects which, if forgotten about, can prove disastrous.

Legal barriers

Working in a foreign country means that your business will have to abide by its laws. These will probably differ from the ones you are used to, so it is essential that you check various legal barriers such as:
• Labour and employment
• Duties and treaties
• Trademark requirements
• Customs
• Taxes on products and services
• Liability provisions

Withers can help with immigration laws, whether you hope to work or employ people in any country. It doesn’t matter if you intend to set up a business base in another country or are simply exporting goods there, everything needs to be done within the law.

Currency exchange

Unless you’re expanding from one Eurozone country to another, it’s almost certain that a different currency will be used.

This will affect the costs of expanding, so you will need to factor in any exchange rates. Plus, for buying and selling goods, products and resources, along with the costs of renting office, warehouse or other space, it may be a lot more expensive or cheaper due to the differing currency values.

Cultural differences

There are all sorts of cultural differences to be aware of that could affect your business.

In some countries certain colours and designs can be deemed offensive, so need to be avoided. It may even require a redesign of your branding.

While the way deals are done, sales practices and common courtesy may differ. To avoid losing business or missing out on good opportunities, familiarise yourself with the cultural practices of the country to avoid making a potentially expensive mistake.

Checking the competition

Your business may not be offering its products or service in a country, but others could be.

Check out the existing competition, if there is any, as you don’t want to oversaturate the market. In all the excitement of preparing to expand it can be easy to forget about the basics of running and growing a business.

Don’t forget about these four important aspects if you’re looking to expand into a new country or region in the future.

Featured image: geralt via Pixabay (CC0 creative commons)

Author Bio

Utility Media
UMS is a dedicated organisation to providing specialist and engaging content. Founded by Ben Barlow in 2011, Ben Barlow is a freelance finance writer specialising in stocks and shares, forex and ISAs. After studying business at Edinburgh University, Scotland, Ben worked at a number of financial institutions in London... More