Expanding your company overseas is a great accomplishment, but at the same time, a significant challenge. However, success doesn’t come the easy way, and you know that very well. Today we’re going to share five essential things you need to consider before making this great move. Let’s get into it, but before let’s check all the things regarding the relocation itself.
In order to relocate internationally, you’ll have to hire a company that offers such a service. Fortunately, here at Wise Move, we can get you in touch with the best companies. You only have to fill this form, and you’ll get FREE quotes very fast! It’s free, easy and fast. We exclusively work with the best companies in the world, so rest assured we’ll get you in contact with the very best of the market!
Now let’s check what you need to know before relocating.
Let’s be honest: relocating a company abroad isn’t cheap. It can be costly, and therefore you need to balance the cost and benefits such action will offer. However, you should know that by getting quotes with us you’ll get access to exclusive prices you won’t get anywhere else. Therefore, if you’re looking to save money (who isn’t?), then just fill our form and get quotes for free!
Make sure to discuss all the costs with your moving company, so you don’t get surprised with some (or many) hidden fees. However, the costs of relocating go beyond shipping everything to the new city, because you also need to take care of the employees, you’ll bring to the new location. You need to take care of their relocation, offering housing solutions, etc. So, you also need to take those costs into account.
Analyse how much the relocation will cost, take into account the price of the relocation package you’ll offer to your employees and make sure that such investment really makes sense.
Relocating abroad without proper market research is like jumping to an empty pool. The chances are that you’ve already done it if you are thinking of this, but it’s always good to remember it. You need to understand the demographics of your new location because that’s what will bring you the necessary data to deliver precisely what they want to purchase.
This will also help you to evaluate this investment and see if it’s worth it. If your desire for relocating is met with high market demand and niches, you can profit from, then, by all means, go for it, but not before doing detailed and professional market research.
Also, take into account that marketing will change as well because what works in your actual location might not work in your new city. Therefore, make sure you hire a local professional with practical experience working in that new location.
You need to integrate your employees to their new environment, and even though it is their duty as well, you can make it easier for them. Sending your employees to language classes is a great way to make things easier for them because it offers them the opportunity to integrate with their new home and develop a crucial skill: communication.
You can also provide them with an overview of what their new city has to offer, the things they can do, and of course, schooling options in case they have kids. All in all, you need to help your employees as much as possible to make them feel comfortable and integrated with their new home. This is likely to take some time, but you need to make sure that your employees know you are there to help.
It’s crucial to set up a great business plan that takes everything into account: costs, goals, opportunities, structure, etc. All in all, it needs to be as complete as possible, so it needs to touch every single aspect and be totally comprehensive.
It should also take into account the sales generation and marketing plan, which should be supported by proper market research that brings you enough data to work with. It must also include a forecast of how much it will take to hit a profit point.
Everything must be contemplated and analysed because relocating without doing so is a plan destined to fail. Invest as much time as possible into this before even thinking about an international relocation, because you need to know what you want to accomplish and what challenges you’ll find, so you better get ready for war.
You need to make sure that your business follows all the legal requirements in the new country, so it can be completely legitimate. To do this, you’ll have to talk with a local tax specialist, to guide you through the legal processes that are always attached to establishing a new company or relocating it from abroad. Moreover, you can also contact an offshore company formation service, and it offers several benefits:
These are the advantages in a nutshell, because to run your business in a new country you’ll have to make it completely legitimate, and the unique way to do so is by completing all the steps and fulfilling the necessary legal requirements.
We’ve arrived at the end of this article. Now you have 5 essential things to consider before relocating your company abroad. All you need to do is to take care of them starting now because you need plenty of time in advance.