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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.
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
• 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.
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.
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)
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