6 Tips To Take Your Plunge As An Expat Entrepreneur

Becoming an entrepreneur this year, starting your own business, what if it was for you now?
Eagerly, after repeatedly thinking about it, you are about to take the plunge. Unemployment, under-skilled jobs, life on hold : enough of it!

You have a business idea, it’s time to test its viability. Your expertise is quite sufficient to offer your services as a solo-preneur. So many motivating reasons to get into action: what a fine resolution!

Does your product or service idea fit the needs of a market?

Question yourself upstream about the number of potentially interested and recurring clients you may get.
If your offer is for expats, see how far you can also propose it to a local clientele. Today you are settled in this country but have you thought about the transposition and the portability of your business? If you possess the soul of a globetrotter or that your partner can lead you to an other part of the world from one day to another, it’s worth thinking about it now.

Take the time to polish your market research

Devote at least 50% of your creation time to it. It will enable you to identify the main outlines of your environment and the opportunities and threats to come. Trends, actors, consumers, competitors, technological, regulatory and societal challenges count among the factors to consider to fully measure your chances of success. It is also strongly recommended that you start in an area which you are familiar with or in your expertise, even if that means training yourself beforehand.

Start early saving personal funds

In time, your banker or funder will appreciate this effort that demonstrates you believe in your business. Also, you can provide for the initial start-up costs as well as the working capital needs outlined in your business plan.
Analyze the usefulness of all expenses. The excitement of creation often makes commit the mistake to spend on material where not immediately needed. Only rent premises when necessary for your image or if the comings and goings of clients could become a nuisance. Otherwise, consider sharing: co-working is an excellent opportunity to share and find partners or associates.

Welcome the competition as a chance to do otherwise

Let your personality, your methods and your tools make the difference. The temptation is often great to copy those we think the business is going well. If practicing competitive intelligence is crucial, this should serve to work on a new positioning: take the risk ofthinking an doing outside the box”.
Besides, are you sure of the level of competition? Do your so-called competitors address the same market? Do they use the same approach? What if your potential competitors could become your best partners?

Understand the challenges of intercultural and rules of this country

Although entrepreneurship has the same basic challenges everywhere, business habits, legal and tax laws are different in each country; even in Europe where we mistakenly think standardization is the norm. For your business, get acquainted with the rules related fees, terms of sale, payment conditions, employment law, insurances and other import and export practices.
However, do not get too hung up on this; first, spend time on your market research and tie up your product or service offer. Specialized expat professionals can help you there.

Take a break and relax

Entrepreneurs tend not to count their time and hours. This is normal as an independent and multitasking person. To make a good break, hire the services of expatriates offering yoga activities, relaxation therapy, meditation… These are great ways to step back and meet new people who share the same motivations. On vacation, you may be tempted to take your office with you, so easy with a laptop, smartphone or tablet linked to the Cloud.
Taking an even short disconnected vacation will allows you to enjoy alone, with family or friends, new sources of inspiration to recover, think about it !

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