Are you thinking about moving your business abroad? This offers various benefits, namely that it allows you to expand overseas and tap into a huge global market.
While moving abroad isn’t as complicated as some may lead you to believe, it’s not a piece of cake, either. To ensure your international move is as successful as possible, learn what to know before moving your company abroad.
New Rules, Regulations, and Standards
Moving to a new country means you need to follow the rules, regulations, and standards of that country. Different countries have different laws on businesses and taxation, so take time to read about them before your move.
Different countries also have different standards. If you’re moving from the US to Europe, four major changes you’ll encounter are the switches from Fahrenheit to Celsius, the metric system to the imperial system, standard time to military time, and the month-day-year to the day-month-year format. Another standard that differs between countries is the utility frequency standard, which is important if your company uses a lot of electrical equipment. If you’re moving to a country that uses a different frequency than the country you currently reside in, you’ll need to use a frequency converter to ensure your machines are up to standard.
The Cost of Moving
Another thing to know before moving your company abroad is how much the move will cost. In the long run, moving your company abroad will likely increase your bottom line. But short term, moving abroad can be costly! Before you take the plunge, ensure your company can afford the relocation. There’s not much of a point in moving if it’ll make your company go bankrupt.
Market Research
Your marketing is a hit in your current country, but that doesn’t mean it’ll be just as successful in a new and unfamiliar country. Before the move, you’ll need to do international market research to ensure your marketing content will appeal to an international audience. This is especially crucial if you need to translate your marketing materials into a new language. Google Translate is handy, but literal or machine-generated translations don’t always make sense and could leave your audience flummoxed.
Effect on Current Customers
If you’re moving your whole company overseas, it will inevitably have an impact on customers and partners in your current location. Not all customers will stick around, but you can make them more likely to stay with timely and effective communication. Update your business information ASAP, call or email current clients to inform them of the move, and tell clients how the move will impact them and how you plan on making the transition as smooth and painless as possible.