This article is contributed by Marc Anderson.
Pursuing a business in a foreign market can be a daunting task. It requires complete knowledge of the market, laws, taxes, and customs abroad. Border precautions also need to be researched in order to assure merchandise will not be detained in customs. However, if one’s goal is to pursue a small business abroad, then there is nothing that should stop you if you research the venture thoroughly.
International Opportunities And Challenges
Many Canadians have found plenty of need for their business abroad. In turn, pursuing their interests outside of Canada can bring a high level of new income and awareness for their company. However, it can be difficult to maintain product quality, and customer service when clients do not speak English.
This raises the question, how can one be successful in a foreign market? In truth, there are many answers. The most basic response is that a business meets a real need in the market. If there are no potential customers, then there will be no income. As money is what drives a business, entrepreneurs need to make sure that they are not setting themselves up for failure in a foreign market.
Starting Up Your International Business
One of the best things about owning a business is that you control your plans, associates, products, and you determine your future. If you believe in the power of your business and how it can perform abroad, then take it to investors and explain your plan. If they have faith in your idea, then they should finance your initial fees in the foreign country. Also, many countries have special visas for people who are bringing businesses to the country because it creates potential job opportunities for locals and promotes international relations. Depending on the amount your company makes, there may be a good chance you will not have to pay taxes. France and the U.K. are two of these countries that have special visas that Canadians can pursue.
Working With A Partner
Some executives and entrepreneurs may not wish to be involved directly in the growth of their business abroad. If you do not want to start your business from the ground up abroad, then consider finding a local business partner who can give your business a flying start. According to a recent study by BWOB.ca (Business Without Borders, an initiative of HSBC), at least twenty-one percent of Canadian business owners have sought specialized local help when transferring business abroad. This helps Canadian businesses enter the market with a built-in consumer base thanks to the connections made through the foreign partner.
Canadian business owners can gain an exponential amount of market growth in their company if they wish to expand it abroad. Thanks to local partnerships, businesses are able to enjoy success in foreign markets. Just remember that research is crucial when starting the business abroad. It will help the company stay on track, and avoid heavy penalties. Despite the global recession, many companies are finding success around the world. It just takes knowledge and dedication to make it work – just as it did to make it successful in Canada in the first place.
Author Bio: Marc Anderson is the co-founder of the online English language teaching company TalktoCanada and regularly contributes to his company’s blog with the latest news on the English training industry.