Moving to a new country can be a challenge but moving there and starting a new business can be on a whole new level. It’s certainly not an easy task. One of the main reasons people choose to start a business overseas is so they can move to a place they really love, and it can also open up new markets and take your business in a new direction. Here are some tips for budding entrepreneurs who want to move beyond their own country.
Find a country that offers simple company start-ups
Some countries are more business-friendly than others, with many of them encouraging entrepreneurs and overseas investments. It’s worth looking into what it takes to register a company Indonesia, or in the area you’re looking at, so you know what you are in for in terms of cost, time and red tape.
Work out the start-up costs
Start-up costs can vary from practically nothing to millions. Most entrepreneurs don’t get a huge amount of funding for their first project, so you may need to be creative when you start out. Even if you live in a small property, you can make the most of a small space and run your business from home. Some other expenses to consider include:
- IT costs
- Equipment
- Basic supplies
- Staffing
- Taxes
You can then come up with a number that is the minimum you need to get started. Don’t forget, you are likely to be without an income until you get clients and have them pay your first invoices, so you’ll need to have some living expenses for a while too.
Know local laws
You can’t necessarily carry out the business activities you perform at home in a whole new country. Or it may not be that the business is illegal as such, but there are restrictions on bringing goods into the country, so you may not be able to carry out your plans. It’s important to do your research and ensure what you want to do is possible.
Do some research into the local market
Some people move their business overseas, and work with customers across the world. So technically, it doesn’t really matter where they base themselves or what the local market is like. But if you are moving to a new country to open up your business to a new market, then doing some research is essential. Is there already a business like yours locally? Will people want your products and be willing to pay the price you want for them? At times, certain products can do extremely well in one country, yet tank in another, so you need to be cautious when you move somewhere you don’t know.
There are many reasons to start a business in a new country and it can be a great opportunity for you. You can experience a whole new culture and you never know where your business might take you. If you’re thinking of starting a new business anyway, why not start it in a country where you want to move and live?