3 challenges of setting up business overseas
Whether you’ve just moved to the UK and are looking to start a business here, or you’re the owner of an established business in Germany, Norway, Sweden or elsewhere that is looking for opportunities to expand overseas, setting up business in another country can be daunting. Developing an in-depth understanding of a country’s laws, politics, culture and the way they do business can take a long time, which you may not have if you’re looking to establish your company quickly. Here are just a few of the many challenges faced by business people who want to start a business overseas.
1. You’re not accustomed to the different laws
Of course you have done your research thoroughly, and you have more than the basics cemented firmly in your mind, but you may not know all of the subtle differences between trading laws in the country you have just left and the UK. It is these subtle differences that could affect your entire business model and the way your company will operate. You need to be fully aware of them so you can be safe in the knowledge that your business is legally compliant.
2. You aren’t familiar with the culture
Only after spending a considerable amount of time in a particular country can you fully understand its cultural nuances, so if you haven’t had that opportunity before setting up business, you may feel like you’re at a considerable disadvantage. Being familiar with cultural differences is important for even the most basic sort of communication, navigating business deals and solving problems in the workplace.
3. Hiring the right people
Recruiting the best people for your company is difficult enough in your home country, but it can be even more complicated when you’re in unfamiliar territory. Even if the language barrier isn’t a problem, you have to know where the best places are to look for candidates, and be able to determine whether they have the experience to fit your requirements.
Goodwille understand how difficult it can be to set up business in a new country, and we can support you every step of the way. We will help you to navigate UK trading laws, take care of financial administration, find the most suitable people for your company, and more. Get in touch to see how we could assist you.