The world may seem big when you’re counting your air miles, but thanks to technology, the world is getting smaller and smaller. It’s because of this that companies all over the world are finding that it makes sense for them to uproot and relocate elsewhere.
There are plenty of reasons for this: reduction in staff costs, reduction in production costs, reduction in marketing costs, reduced taxes – money makes the world go around but if you can save yourself some cash with your business, why wouldn’t you?
There are plenty of things that your small business should be taking into consideration before you make that leap, though. You may decide that it’s worth selling a business over upping sticks and heading elsewhere with it, but think carefully before you do that. Marketing yourself in another country will be different, so you need to decide whether selling is better than relocating and trying again elsewhere.
Selling your company may make you some money, but the continuation of what you do in a different place could see you hitting goals that you didn’t think possible. So that you can make the absolute most of your opportunity to relocate to another country for your business, we’ve put together some of the things that you really must consider before you go.
Wherever you go in the world, there will be rules. The regulations differ from business to business and country to country, but you have to go and find the right advice for your business before you go. The tax laws are different wherever you go, and you need to have a thorough understanding of the laws so that you don’t accidentally break any. Ignorance is not an excuse! So, before you even think about putting in your notice and moving, you need to check out the rules so that you don’t have any restrictions on what you do.
Relocation often means learning how to communicate in another language. If you are moving to a country that has a first language that is different to yours, it’s a smart plan to take some lessons in that language. It’s not polite to just assume everyone can speak the same language that you can, and staff productivity can be severely affected if there is a barrier in communication. Break down that barrier first.
What may be a perfectly reasonable and polite gesture in your country, could be a rude and impolite gesture in another. Learning the etiquette of the culture you hope to move into isn’t just going to be good for you on a personal level. It’ll be great for you in terms of making contacts and networking. Take the time to learn the culture and your business will have a far better chance of thriving.
Moving abroad isn’t a cheap venture. Once you’ve worked out the costs of visas, you have to think about shipping, costs of setting up new premises and if you have manufacturing to think about, scouting for new manufacturers. Your business needs you to assess the costs from every angle, and then add more on top – all the bases have to be covered.
Relocation is exciting. Take the time to make your decision and research more than one area for your company before you go!