Interested in Starting a Business Overseas? Keep These 6 Things in Mind.

Starting a business in a foreign country may be easier than you think, as long as you keep six things in mind when planning your venture.

 

Taking advantage of market anomalies in distant parts of the world used to entail sailing across oceans, battling storms, and contracting deadly diseases, but these days, starting a business overseas may be much easier, less risky, and more financially sound than starting a business in your home country.

 

In emerging markets, there are numerous Franchise business opportunities for entrepreneurs and small (or large) business owners with skill sets that differ from the local population. The six key elements to consider when starting a business are as follows.

 

1.     Political Climate and Property Rights

 

Some countries around the world have a history of seizing foreigners' property and/or businesses. You should probably avoid visiting those countries. Others have impeccable records, solid property rights, and complete access for foreigners. Finding a jurisdiction with the least amount of political risk is critical. An index of international property rights can be very useful in this regard.

 

2.    Economic Situation

 

Countries with low debt-to-GDP ratios, low or declining unemployment, and strong consumer spending are usually good bets. Positive indicators include a growing middle class, low inflation, and rising incomes. It is certainly possible to establish a profitable business in a country with a stagnant economy, but it may be a difficult task.

 

3.    Your Personal Knowledge of the Industry

 

It is not always necessary to be an expert in the industry you wish to enter, but keep in mind that bringing in managerial help will increase your start-up costs. Working with a reliable local who already has experience and contacts in a particular industry can significantly increase your chances of success. Finding situations where you can contribute skills (rather than just start-up capital) is usually preferable.

 

4.    Market Research

 

You should devote significant time, energy, and capital to analysing local spending habits, as well as how much time, energy, and capital will be devoted to marketing your products or services. Before investing large sums of money, set up a trial run or conduct surveys if possible. Don't overlook how much you'll have to pay employees or the country's work habits.

 

5.    Language Barriers

 

This may not be a problem if your company caters to other foreigners. However, being able to communicate easily with the local population will make launching your venture much easier. If you are not fluent in the language of your target country, try to avoid paying for translation services except for the most critical procedures (such as revising contracts and/or the business constitution, if applicable). In most cases, hiring a translator will significantly increase your costs. Instead, look for a bilingual individual you can hire on a weekly or monthly basis, someone who can help with the language when needed but will also be useful for general business tasks.

 

6.    The Incorporation Process

 

The International Finance Corporation and the World Bank have created a fantastic page that compares the costs, amount of time, and number of procedures involved in forming a business in 183 countries worldwide. The page is intended for businesses with between 10 and 50 employees, but it can be useful for both smaller and larger operations.

 

Some examples:

 

●       In New Zealand, you can start a business in one day with very little paperwork (two days in Australia).

●       In Panama and Chile, establishing a business requires six or seven procedures and can be completed in less than two weeks.

●       The process in Portugal can take as little as five days and involve as few as five procedures, but the country's overall economic prospects are not promising.

●       Setting up a business in Singapore and Hong Kong involves three procedures that can be completed in three days. Opportunities exist, but depending on your type of business, startup costs may be prohibitively expensive.

 

Spending tens of thousands of dollars on a business degree or MBA isn't the only way to prepare for opening and running a business in another country. While studying business can be beneficial, the years you spend in the classroom can also be productive, income-generating years if you choose your market and jurisdiction wisely.

 

Starting your own business overseas will undoubtedly necessitate diligence and careful consideration of the six factors listed above, but with less than $1,000 USD (and even less than $100 USD in some places), becoming your own boss may not be as difficult as you think.

 

If you want to start your business overseas, it can help you with that. So, what are you waiting for? Get in touch with us today!

Why the franchising business could be the Indian Economy's Shining Star

The franchise business is witnessing tremendous growth and is thriving with opportunities.  It is a wise decision for the franchise if a proper strategy is in place.  India is a hot spot for many multinational companies who are looking to foray into this India Market.  Entrepreneurs are not missing this opportunity to increase their profits by taking franchises of well-known brands.  This sector is a collaboration of everything from food to clothing.

 

Furthermore, franchise India has witnessed a growth of 30-35% over the last few years and is estimated to keep growing, as more and more entrepreneurs are moving towards franchising opportunities in India.  Having one of the fastest-growing economies in the world, there is a lot of potential in the franchise business.  This growing trend is leading to an avenue of job opportunities across many sectors in India.

 

Why Entrepreneurs are choosing Franchising Businesses in India?

 

Entrepreneurs are opting for well-known franchising businesses because the main reason, they are already established and have an existing business model, which makes it simpler for them rather than starting from scratch.  Thus, just with a few formalities in place, entrepreneurs prefer to operate and function as franchisees of already establishes franchisors.

 

When stepping into these business models, entrepreneurs tend to save a lot of money as the portion of sale and promotion of products and services is not very extensive.  Nonetheless, franchisers give full training on how to operate the business with a set of SOPs.  Not to forget, acquiring finance for a franchise is much easier because the banks have a history of the existing business and performance.

 

What does Franchising Entail?

 

Companies who want to grow and diversify their business at an optimal cost, opt for the franchising business model, which gives them the benefit of reaching out to a wider sector of customers across the country.  Under this business model, companies authorize entrepreneurs to sell or distribute their products or services under mutual terms listed in the legal documents.

 

This, in turn, helps in earning good profits.  Training and assistance in marketing are also part of the terms provided by the franchiser.

 

Why Choose FranchiseBazar to FranchiseYour Business

 

Franchisebazar brings a more useful meaning to the concept of franchise expansion across India, where we educate companies about the different types of franchise models, franchising consulting in India, and how it is a joyous feeling, to get expansion across the globe.

 

 

FranchiseBazar helps budding entrepreneurs get to choose from the latest franchising opportunities in India, in various investment ranges.  Having been rated as the best franchise website in India, we keep updating our sites with the best businesses to start in India which are highly profitable.

 

Our team of consultants with this expertise can guide you on which business is best to start in India, based on your skills, investment level, and interests. 

 

Nonetheless, we allow you to sign up as the first from your city to own a franchisebazar franchise in India.  Business owners come forward to us, seeking franchise development services in India.  We guide you on how to franchise your business, and how to give franchise your business in India, along with sample templates of the necessary process.

 

So, if you are a franchisor, or a brand, and what to sign up for a franchisebazar franchise in your city in India, or want to give your business to a franchise in India, schedule an appointment today to get the best guidance and consultation.