Things to know when operating a new business overseas.
Starting your own new business is in no way easy, so imagine what it would be like setting up a new business enterprise in a country other than your own. It’s hard enough setting up a business in your home country and having to follow all of the correct routines and procedures that keep you within the confines of business law. Now, multiply that by a factor of 10 and that will give you an idea of what you’re going to have to go through to set up a business in another country. It’s great that you are thinking of expanding into other areas like Asia but there are a number of things that you need to be aware off before you jump in at the deep end.
One of the most important things that you should do as a new business entering a foreign market is to make sure that you do company registration in Thailand as this will help to protect you from the outset. There are going to be quite a few different rules and regulations that you’re going to have to follow and so if you make a mistake then it is important that you have the necessary protection in place in case you are liable for the negative outcomes. Before you start packing your suitcase and getting the necessary visa in your passport, there are a few things that you should know about when beginning to operate and you business overseas.
- Understand the culture & the customers – This is a completely new market that you are trying to enter into and so it always makes sense to make sure that you find yourself a mentor in the local area who can help you to better understand local business culture and the local consumers as well for your new startup. It is important that you try to join the various business groups that are available and that you try to network is much as possible.
- You need to learn the language – In a country such as Thailand, you will find that they have a little bit of English knowledge but the language of business there is Thai. It seems kind of obvious that you should learn the local language but you would be surprised at the number of new business owners that fail to do so and then can’t understand why the business was not a success. Taking a well deserved vacation or there are a number of apps that you can learn this new language on and you can also take classes locally as well.
- Figure out the local competition – You need to get an idea of the competition that is currently in the market that you wish to enter, but it is also equally important that you research the competition that has been there before. It is important to figure out what happened to make these businesses fail so that you don’t do the same thing that they did.
Like many new business enterprises, you need to start building up networks in the local area because connections are everything when you’re moving your business to a completely new country.