Also in the news...
If you run an EU-based business, check what your business needs to know to continue trading with the UK.
Find out about new safety and security declarations that will apply from 1 October 2021 on goods leaving Great Britain (England, Scotland and Wales).
It is one of the best ways for the Italian citizen to manage their business. This corporate vehicle allows access to multiple advantages of an advanced jurisdiction such as the US and also manages to maintain a low tax rate with very manageable levels of accounting and bureaucracy.
Joint Ministerial Declaration on Future Economic Cooperation between the Association of Southeast Asian Nations (ASEAN) and the United Kingdom of Great Britain and Northern Ireland (UK).
These are exciting times for Dubai and the UAE. With the entire business worldís attention soon to turn to the Emirates with the delayed Expo 2020 kicking off in October (and continuing all the way through to the end of March next year) itís never been a better time to be a UAE business owner
How to Expand Your Business to a Second Country
When it comes time to expand your business to a second country, it can be very exciting but also overwhelming at the same time.
This is because this is an indication of your success as a business, but it also requires a lot of preparation to make sure that everything goes smoothly. Many businesses never get around to expanding their business because of this but it can be very beneficial if you know what you are doing.
In this article, we are going to give you some of our best tips on how you can expand your business into a second country. Keep reading to find out what these are.
Doing Your Research
The first thing that you should do when you are expanding your business to a second country is your research. This is very important as you need to make sure that this is the right location for your business to succeed as otherwise you could end up losing money. This means that you need to do some market research, but this isnít the only kind of research that is important.
When researching, you also need to find out information about the location such as the tax system and the laws there. Are you allowed to sell your product or service there? What are the requirements and how much is it going to cost to rent a property for your base? Without the right research, you wonít be able to make the right decision.
One of the biggest mistakes that many business owners make when expanding their business is not going there to see it through. While you may have employed other people to run the business in the other country, your stamp wonít be on it if you havenít visited and helped to get it up and running. This is why you should consider spending some time over in the second country when everything is getting set up.
To do this, you might need to rent a property elsewhere. Many people choose to put their things in storage when moving to a new country for a short period of time and this might be something which can benefit you. Take a look at Safestore as their prices really are affordable and can work well for the time you will spend abroad. They have a low price guarantee too, so if you do find something cheaper theyíll match it for you (and take an extra 10% off!). Then, once everything is set up, you can return home and get your items from storage.
Everyone knows how important marketing is in 2019 whether it is traditional marketing or the digital kind. This is why you need to make sure that you are marketing your new store opening or business expansion as well as possible. It might be that you donít have an established client base in the second country, and this could lead to issues in getting people to sign on to the concept.
This is why you should promote your new expansion online through social media and get the local press involved. Host a launch party and invite those who can bring attention to your new business expansion. Donít let your new business get swept under the carpet, if you market it properly, you can really get this new branch on the road to success.
If you are planning on expanding your business to a second country in the near future, then you should make sure to take on board the tips that we have given you in this article. Think about heading over there in the initial stages to make sure that everything goes to plan.