If there has ever been a time in our history when it has been easy to start a business in another country, it is in the present. The idea of traveling and working has stopped being a dream and has become the reality of many, and it is also a trend that is on the rise. And yes, it is all thanks to the Internet and the opportunity to develop a career and earn money working from anywhere.
I have been living outside my country for more than 20 years and I know what it feels like to leave your comfort zone to face other customs, another language, other cultures. Is it easy? Not really, but it is extremely enriching. Your vision of the world and people changes.
However, it is a decision that must be taken very carefully because starting a business in another country has significant implications. In this post, I want to share, based on my personal experience, the recommendations and tips that you should consider before making such an important decision.
What to consider before starting a business in another country
Let's face it, getting started is always scary but also exciting. Working in another country is an adventure that we can enjoy if we do it well and make the right decisions, or regret and pay a high price if we decide to improvise.
You know that I have spent almost half of my life outside my country and I have started many businesses. I have had physical businesses and also digital ventures, so I know very well the aspects that we must consider when deciding to start a business in another country and that also apply if you are deciding to leave your job to have your own business.
These are 9 recommendations that I share with you so that you can get started and not fail.
Are you considering starting a business in another country? Take these tips into account
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1.- Get to know the country and its culture
If you have decided to settle in another country, you have probably carefully analysed its characteristics, culture, language and how life is developed there. However, to start a business in another country you need more information.
If you intend to have a business or company in another country, it is important that you immerse yourself in its culture, analyze the market and determine if there is demand for your product or service there . In the case of digital businesses, we have fewer limitations because the location does not determine who we can offer our gambling database products or services to. We are all in the same space: the web.
2.- Acquire the tools you need
What you do need when you start an online business are tools that allow you to offer your services or products. Nowadays, we have many apps, programs and websites that make our work easier.
Make a list of the tools you need, test them, and decide on those that will help you offer a better service and automate as many tasks as possible. Consider the cost of each one and start with the free versions that almost all of them have.
The main tools I use in my business are: Canva , Google Drive, Zoom, Planoly , Tailwind , and Mailerlite . They all have free versions that work very well. I think it's a good package to start with, and when your business grows, you can purchase the pro versions and other tools.
3.- Define your business model
Doing everything is something to be admired, but sometimes it works against us because we end up knowing a lot of things but we are not specialists in anything. Defining your business model will help you channel your efforts, define objectives and help you have a clear route . It will be vital when defining your ideal client and will also give you an image of professionalism that will help you establish your authority and expertise in your area.
Having a digital business is an excellent alternative because it gives us the flexibility to work anywhere. After starting and leaving many ventures every time I moved from one country to another, discovering online entrepreneurship providing digital services and products was a turning point in my business.
I got that freedom when I became a Pinterest manager, because in addition to a profitable business that allows me to earn money anywhere, I can offer a differentiating service with which I help my clients. Now I am sure that if I move again, my business will also go with me and I will not have to start from scratch and go through the whole process again.
4.- Learn about laws, taxes and legal terms
Studying the law is not the most fun thing to do, but it is necessary if we want to start a business in another country. Each country has a different system and it is very important to have a basic knowledge of the tax system, to know about taxes and all the legal aspects that concern your business. I recommend that as soon as possible, you hire a specialist in the subject to help you (in my case I have a tax manager who manages my accounts).
Remember that ignorance of the subject does not excuse you from the crime. The same principle applies to digital businesses, which also have policies and legal terms that they must comply with if we want to protect our ventures.
5.- Do a financial analysis and determine what you want to earn
When we work for a company, we know from the start how much our salary will be, what days we will receive it and all the conditions surrounding our pay. But when we work for ourselves, at home or when we start a business in another country, the issue of income is not well established.
So, what should we do to start working for ourselves and take care of our finances? Because if one thing is clear, it is that entrepreneurship needs to generate profits to be sustainable.
We must make a realistic estimate of all our business and personal expenses. In this financial study, you must consider tax payments and even an allowance for leisure and self-care.
