As an entrepreneur, can you imagine living abroad as an expat while running your business successfully? Starting a business is not easy, especially if you’re running one overseas. In this article, we will share a few tips on how to run a business while living as an expat before you decide to departure.
Know the local business environment
Most of the entrepreneurs are running a business with a local focus before traveling to a new country. Promoting your services or goods to local people can be difficult if you are unfamiliar with local business environment. It is a good idea to join local business networks even if you are running an online business. This way can help you to understand the culture and the local consumer, be that in Asia, Africa or around the world.
Researching online is another good way to guide you to meet the right partners and launch at the right conferences.
Start to learn the local language
Unlike traveling, running a business overseas requires participation in cultural experience every day. Learning the local language is a key step. Although it may sound like challenging, poor language skills are still better than none. Besides, speak the local language will help you meet your partner and customer better. Language skills are important when the market is not native to you. You should also network both locally and internationally. LinkedIn is a great resource for expats.
Get tax and legal advice before and after moving abroad to start your expat business
Local and global tax rules are extremely complex and it makes sense to talk to an expat tax professional that can fully appreciate your expat business plans and it will impact your bottom line. You may want to pick a country with the right tax rules and treaties that will allow you to flourish. Many expats choose jurisdictions with low tax rates. You should also inspect the country if possible first to see if it is a business friendly nation with favorable tax rates and rules. You should also talk to a legal adviser to make sure you are fully compliant with the local laws.
Manage your expat based business online
As an expat entrepreneur running an online business, you will need to mange your team, leads and make sales completely through smart phones or laptops. There are many great communication tools such as Skype, Slack and more to mange team and make sales online. Developing a balanced work and life style is important. Sometimes due to different time zones, you will need to adjust schedules to the clients’ time zone. One of the best things about the internet is that it has enabled the expat entrepreneur lifestyle.
Don’t forget international health insurance considerations for expats
It is important to choose a quality expat health insurer when you live abroad for your global medical needs. Expat entrepreneurs have a diverse set of roles and can’t rely upon a group expat health plan provided by an employer. Expat Financial offers several different international health insurance plans for expatriates across most parts of the globe, even if you are working on your own or with a few other expat employees. If you have several other expat employees, we may be able to source a group plan that can offer better coverage, terms and premiums. If you have questions about our international medical insurance plans or you want to discuss your needs and produce a customized quote, please contact us or complete the quote form. Also don’t forget to obtain individual life and disability coverage.