Is This the Right Time to Move into Foreign Markets?

Some would say that the current business environment is unfavourable for a start-up, while others would tell you that fortune favours the brave! One thing is for sure, the state of digital tech empowers the business owner who wishes to penetrate foreign markets and as we prepare for 5G and the Internet of Things, it has never been easier to make the contacts you need to do business with foreign companies.

Voice over Internet Protocol

VoIP is a game-changer for the global entrepreneur, with real-time audio and video on a platform that uses the web to send and receive data and with on-demand real-time translation, you can converse with people of all nations. If you would like to source your products directly from the factory in Kazakhstan, for example, you can have meaningful dialogue with the factory owner using real-time translation and video meetings. Costs are very favourable when compared to telecommunication networks, who charge you by the minute and your virtual meeting will be confidential.

Setting up a branch office

Once you have found a foreign market that looks promising, the next step would be to set up a branch office, which allows you to carry out extensive market research. This would typically be a non-trading entity and when you are ready to do business, turn it into a limited company and you are good to go. Ideally, you would have a single foreign employee to manage the office, with perhaps several local employees to work in the office. Click here for tips on post-covid business.

Economic bounce-back

Many experts predict a surge in all sectors when the pandemic finally ends and if this is the case, your newly established business should reap the benefits. Local advertising will be a challenge; luckily there are online translation services to make sure that your message is loud and clear. Many countries offer attractive concessions to foreign investors and registering a business in Thailand offers many benefits, plus the cost of living is generally lower than in your home country.

The world is shrinking

Thanks to digital tech, the world has become connected and this really does empower those who wish to penetrate foreign markets. The online translation service covers 500+ language pairs so you can talk to anyone; simply register as a user and book your translation; it’s as simple as that! We’ve come a very long way in just 50 years and the global business arena is full of opportunity for those that are brave enough to take the plunge.

Google is your best friend

There are many services that you will need when you move into a foreign market and all of them can be sourced online; it is important to fully understand cyber-security and take necessary precautions. Once you have chosen your marketplace, find a local law firm and they can help with the business registration, plus source anything you need.

You will never know if your business will be successful unless you go ahead and do it and with the current level of technology, you have all the tools you need for success.