Thanks to the internet, it’s now easier than ever to take your business global, but managing an international business is not without its challenges. Here are four things you’ll need to consider before expanding outside of your home country.
You Might Need An Interpreter
If you’re going to expand into a country that speaks a different language, then Google Translate isn’t going to cut it. Your website, communications, and marketing will need to be translated and it’s important that they sound natural and are free from glaring errors. Hiring a translator is the best way to ensure that your message isn’t lost in translation and will also help your communications to read more naturally.
Don’t forget to also have your terms and conditions and any contractual agreements translated too. Legal translation services can help you with this and will keep you out of trouble.
It’s Helpful To Have Feet On The Ground
Although it’s entirely possible to run a global business from your front room, it does help to have a business presence on the ground wherever you have expanded to.
Relationship building is essential for growth, and this can be difficult if you’re constantly navigating time-differences and can only communicate virtually via video conferencing software or email. To help your business grow faster, you may want to hire a Business Development Manager to manage these relationships for you.
Be Careful With Tax Codes
As soon as you start to earn money from abroad, your tax status may change and you could wind up paying double tax. To prevent any nasty surprises at the end of the tax year, it’s best to speak with an accountant sooner rather than later.
Don’t Underestimate The Importance Of Cultural Understanding
Despite globalization, countries are not the same. Fundamental assumptions about the world vary wildly from country to country. So, in some parts of the world, your marketing strategies will work flawlessly, while in others, they will miss the mark entirely. The trick is to absorb yourself in the culture – or find somebody who knows it inside out. Only then will you fully understand how to position your products and services so that people want to buy them.