Following years of global economic turbulence, confidence is now returning to the business sector; in many countries, start-up businesses are emerging at an increasing rate.
However, the technological sector in particular is becoming increasingly attractive to entrepreneurs. This is likely to be at least in part because of the perceived scope for future potential within many areas of tech.
Technology has taken the 21st Century by storm; indeed, there are now few areas of life unaffected by it. People carry around with them devices more powerful than the technology that was used in the first moon landing. However, the developments within technology – particularly over the last decade – show the increasing pace at which innovation is happening. Tech business is booming.
Overseas Trade and Brexit
However, Brexit is posing business owners big questions. One of the primary concerns for many people is what the trading relationships between the UK and the rest of the world will look like post-Brexit. Unfortunately, there is still little clarity on the subject.
Entrepreneurs are therefore adapting their business models in order to protect themselves against a poor trade deal; UK businesses are looking at overseas opportunities to ensure that they are able to trade freely in the future.
Expanding any business overseas represents a significant and risk-laden challenge. To help your business find its way, here are…
Three Important Points for Tech Start-Ups to Consider When Expanding Overseas
1) Know Your Market
Don’t make assumptions about the foreign market you are entering. It would be foolhardy to think that peoples’ behaviours and relationships with certain products or services are the same the world over. Similarly, technological trends are not identical either: new technologies are released at different times around the world, and technology ‘fashion’ makes certain brands and services more popular than others. You’ve got to do your research to avoid leading your business blindly into a potentially relentless and unforgiving market.
You don’t know the language, but you’ll be able to hire someone who will. Plus everyone speaks English, right? Well, yes, but have you considered the costs of translation services? Have you heard the phrase ‘Lost in Translation’? You need to consider this carefully; are you able to overcome the language barrier in a way that will work for you and your tech business?
3) The Law
Different countries have different laws and regulations relating to business. So don’t think you will be able to transpose your business directly from country to country; unfortunately it doesn’t work like that. You want your business’ transition into its new territory to be as easy and pain-free as possible (i.e. avoiding falling out with the law and getting a hefty fine!). Immigration lawyers can help your business to navigate this potential minefield and ensure it gets off to the best possible start in its new territory.
New Territories and New Opportunities
The great news is that foreign markets can bring your business new opportunities. It could lead your company in a new and exciting direction; you may find fresh demand for a product that was out-of-favour back home.
In summary, bringing your tech business to a new country needs lots of careful consideration and planning. However, if executed successfully, you may find yourself in lands of inspiration, opportunity and fortune.
Are you involved in a Start-Up Tech Business? Is the business seeking opportunities abroad?