3 Tips For Starting an International Business

3 Tips For Starting an International Business.

If you’re in the market for gaining access to international markets, you need to do your homework before you jump ship. Growing your business and tapping into new markets can be lucrative, but there are challenges that come along the way. Take a look at these three tips to help make your next business move a smart one. 

Check the Tax Situation

Taxes can be complicated enough in the United States, so, when you expand your business, adding a new tax situation in a different country can be a headache. Always consult a tax accountant when building out your plan for growing your business. Taxes operate a little differently in each country, and you want to make sure you are setting yourself up for success. 

One perk to check out—if your business is based in the United States, you may be able to qualify for the FEIE (foreign earned income exclusion)—which may help you out during tax season. 

Know the Economy

Just like looking at another country’s taxes, take a look at its economy. No two economies are created the same. You want to take a thorough look into how similar companies are operating and generating revenue. Have you considered the country’s GDP? This can provide a more complete picture in helping you decide if the economic climate is right for your company to survive. 

Study the Culture and Language 

We may feel like we live in an English-speaking bubble in the United States. However, other countries do not make English-speaking nearly as easy and accessible. If you are planning to grow your business in a country where English is not the first language, you may need to get creative with your communication style. It will be well worth your time and money to hire a qualified interpreter to help you do business. Don’t let important business information get lost in translation. 

Have you launched your business in a new country? If so, what tips have you found most useful? Tweet @StarterNoise to let us know. 

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