Did you know that an estimated 5.5 million British people currently live permanently abroad? This amounts to a staggering one in 10 of the entire UK population, with the emigration of Brits having occurred in cycles during the last 200 years.
This included a growing number of so-called ‘mumpreneurs’, who combine the challenging job of raising children with entrepreneurship and launching a brand-new business venture.
This can be hard enough at the best of times, but it’s even more difficult when looking to achieve this overseas. Here are some steps to help you on your way:
1. Choose the Right Product or Service for Your Market
Whilst there are some products and business ideas that have universal merit across the globe, there are others which are far more restricted.
With this in mind, you’ll need to tailor the nature of your venture to suit your chosen location and overseas market, in order to ensure that there’s both demand and the potential to sell products or services for a profit.
So, whether you’re looking to sell translation services to locals or market an entire range of products for a specific demographic, you’ll have to do your research and ensure that your business model is fit for purpose.
2. Seek out Expert Legal Advice
If you’re a mumpreneur who’s serious about transferring your business and your employees abroad, you’re undoubtedly going to need some help along the way.
Make no mistake; establishing operations in a new country or territory can be exceptionally challenging, and it’s important that you seek out detailed advice on issues such as immigration, tax requirements and the necessary visa documentation.
Service providers like Withers can help in this respect, and firms of this ilk will definitely play a key role in your firm’s migration.
3. Invest in Childcare Services Where Necessary
Whilst you may love the idea of combining parenthood with entrepreneurship, this can cause challenges when these boundaries begin to blur.
With this in mind, you may need to work a dedicated number of hours outside of the home, whilst identifying reputable and accredited childcare providers who can look after your kids during this time.
To achieve this, you’ll need to understand how the childcare market works in your new jurisdiction, whilst identifying service providers that are located as close as possible to your home.
This will enable you to create the optimal work-life balance and make the most of your overseas entrepreneurial adventure!