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Many business owners began like this…
They found themselves staring at other successful business owners living “their dream life” in an exotic country while staring out the window of their apartment building in a crowded city.
Denying themselves sleep while searching for steps to starting a business overseas…
…and one day, they urgently woke up with a feeling of “I’m definitely doing it!” And that’s all that it took. Now you’ll probably see them soaring high at the top of their industry.
Nevertheless, building a top successful business abroad isn’t just about luck. Your best picked entrepreneurs didn’t centralize their business idea around just anything that seemed profitable at the moment.
They understood the rules of business and didn’t rely on luck but rather their passion, love, dedication, motivation, and strong will to face the many risks and overcome them.
Have you already figured out how you’re going to launch your business in a foreign country?
Not to worry if you haven’t!
I’ve made a list of 7 important tips to help you successfully launch and develop your own business ideas overseas!
1) Ask yourself “Why”
Starting your own business might seem to be an intimidating task but many have come, done it and gone before you. Being constantly rejected after attending job interviews can take its toll and drain your self-confidence.
As earlier stated, starting a successful business doesn’t come easy; heck starting any business at all isn’t easy. What this simply means is that you must be heavily motivated at all times and believe in yourself always and in your business in order to succeed 99.9% of times.
When you finally decide to start a business as a last resort, you’re already down 2 points( believe it or not).
Dig deep – and I mean really deep. Find the true answer to why you want to start a business. Once you can answer that, it’s ready to go to stage 2.
2) Let’s Nail It Down
Chances are you already own a business in your home country but might want to re-brand and introduce it overseas in a new market. For the sake of this post, I’m assuming you don’t have a business yet; maybe your business is just in the “idea stage”. First off, it would be pointless to reinvent the wheel.
Here’s the catch:
Try to find an idea that is already done and has been available on the market and simply improve it! For example, I and a friend developed an idea and started our own business in our last year at the University.
During this time, it was compulsory to do 6 months internship abroad. I decided to do my internship in America, Chester to be specific. In Chester, it’s quite hard to find a company that’s willing to provide an internship to foreign students due to all the paperwork etc. That’s why a lot of agencies have emerged offering a service that will fetch you an internship.
However, I was still very much dissatisfied with how a lot of things were handled. It was poorly put together from start to finish and I had to take care of so many things myself. I thought to myself “I can certainly do this way better” and at that moment, I conceived and birthed an idea.
Based on that experience, I decided to start my own little internship agency, offering internships in Virginia for a fixed fee and my agency would take care of all the paperwork, Visa documents, housing, airport pickup, and a few extras.
Feeling inspired? Look around you while thinking about this example and maybe you’ll come up with an awesome idea to improve an already existing service or product.
3) Business Plan
Most business plans written are of full of ever unending documentation of countless pages with expectations, calculations, market trends, assumptions, fluctuations, what’ll happen in 2, 3, or 5 years, and so on highlighted.
It’s simply too much.
Problem is: it contains way too much information. It will take way too much time and effort, and for what? It’s almost impossible to predict what your budget or revenue will look like in 3 or 5 years. I read a book titled “$100 Startup by Chris Guillebeau” and I highly recommend it for my dear readers! Chris shows us a great example of a “one-page business plan” that covers:
- What you are selling
- What is the value of your product or service?
- Who is going to buy it?
- How are you going to find customers?
- How much will you charge?
- What are you going to do to make it happen?
Easy as making a pie right? But there’s a catch…… Try to answer all these questions and you will find out that it is not as easy as you might think.
4) Target Market
Let’s discuss: your potential customers.
When thinking about your potential target market, try to really narrow it down as specific as you can. For example, when you sell libido boosting drugs for me, don’t just target all men.
Narrow it down by targeting women who are interested in a better sexual lifestyle, fitness, body shape, lasting longer on bed, experiencing premature ejaculation during intimate encounter, etc.
You get my point.
Furthermore, you can take your targeting your specific target audience through the use of social media campaigns also. The longer you are able to narrow down your audience, the better the results are.
It’s better to reach out to a small group who you know will be interested in your product or service instead of targeting a very large group who might not be interested at all.
Lastly, analyze and test your own campaigns. Develop an A/B testing strategy to optimize your campaigns and utilize your full potential.
5) Pricing Strategy
Pricing has proven to be quite a problem when it comes to business. You don’t want to charge too much, yet you most certainly do not want to charge too little. Instead, you should be realistic and recognize a fair price for your product or service that people are willing to pay for it.
This also means, if you’re offering something of great value, don’t be afraid to give it the price it deserves!
Set realistic goals and calculate how much you need to sell daily/monthly or weekly in order to break-even or surpass your goal. Again, be realistic, this is important. Calculate any overhead costs such as delivery and/or any other incurred costs, it’s simple and certainly not rocket science.
Update and revise your financial overviews every month.
6) Startup Capital
When you’re just starting out, you want to keep the costs as low as possible. Be creative and be careful with spending money. Don’t rent premium equipment or a fancy office at an expensive location if that is not directly increasing the success rate of your business.
When I first started my business, I moved to Ajah with just a single suitcase and my laptop. My room was a shared one-bedroom apartment with a private kitchen.
If I wasn’t driving around visiting companies, I was either working from home or a local cafe. Much, A few months after this, I decided to rent an office.
Do you need extra starting capitals and you know you can’t reach it alone? Tryout new, old and available options among crowd funding websites. It has proven very effective to raise a certain investment. You can even invite friends, family or old business partners to support your business idea. One of the most famous crowd funding platforms is Kickstarter.
7) It’s Time for Action!
Your business idea can be incredible, awesome, or great. Yet, without customers, your business won’t exist for long.
This is part of a follow-up on section 4 – your target audience. When you’ve been able to pinpoint who your potential customers are, it’s now time for action! The most important thing is to get started. It doesn’t really matter how, where or when – just do it. Don’t overthink it too much.
Create a great list of companies or individual prospects that might be interested in your product or service and go after them. Call them, visit them, and email them. Repeat this process again and again till you arrive at the needed result.
Try to build a network of like-minded individuals and constantly expand. Schedule social media advertisement campaigns to raise brand awareness, engagement or following.
Are you still sitting in that chair, in your apartment building, in the crowded city?
I know I’m repeating myself here but it’s the most important thing to start your own business: It’s time to get out from that chair and take action. Nothing is going to happen if you don’t get started! Hopefully, this list of great steps will give you a push you in the right direction.
Did you already experience how it is to start your own business? What were some of your biggest challenges?
Let us know in the comments below! Thanks for reading 7 steps to starting a business overseas