If you’ve taken the leap to live and work in an entirely new country, money is likely on your mind more often than not.
And while the idea of starting your own businesses while abroad might seem a bit crazy, it’s become easier than ever given the rise of remote work.
Consider that you can put together a team from just about anywhere if you’re running a digital business. Additionally, you can start your newfound business as a side gig and test the waters while still keeping your day job.
That being said, anyone looking to start a remote business abroad should keep a few pointers in mind for the sake of steady growth and not getting in over their heads. Below we’ve highlighted four tips to help you make your entrepreneurial ambitions a reality.
Mind Your Budget
Although there might be a lot of initial excitement when you get your business off the ground, make it a point not to neglect your essential expenses.
For example, you can afford to let your remittance payments or savings go down the drain. This is why starting on the side is a smart move, as it only using your discretionary income in the early goings of building your business.
Furthermore, you can boost your bank account by cutting the cord with subscription services or trying to go out less. Likewise, you can look into services like Remitly to find savings on essentials like your aforementioned remittance.
Assemble an Awesome Team
If the idea of hiring remotely freaks you out, there’s no need to panic.
The global economy and popularity of freelancing spell great news for anyone assembling a team while abroad.
Sites like Remote and Upwork represent a treasure trove of talent. While it might take some interviews and paid tests to find the right person, there are hidden gems who will commit to working at a price you can afford. If you’re second-guessing a potential hire, a quick call or Skype interview can help ease your mind.
Additionally, you can onboard them quickly with the help of virtual meetings and webinars so there’s less back-and-forth. Once you’ve gotten the hang of spotting talent, the process becomes much, much easier the next time around.
Over time, you can put together a team who can help you take care of tedious tasks that allow you to focus on your strengths. You might be surprised at what a virtual assistant or freelancer will do for the fraction of the price of an in-person employee.
Take Time to Understand Your Tax Situation
This is a huge pointer that might seem obvious but is easy to overlook if you’re doing business in the United States.
For starters, business tax laws vary from state to state and can quickly overwhelm entrepreneurial newcomers who aren’t familiar with the country’s tax code. These details become even more complicated and nuanced once you start talking about structuring your business as an LLC or S-corp.
As a result, you may consider spending some time with a lawyer before getting knee-deep in doing business. Ideally, you can talk to a fellow expat who’s started a business themselves to pick their brains. Do some digging online to see what you can find at a glance before reaching out to a lawyer.
When in Doubt, Bootstrap Your Business
Regardless of whether you’re involved in ecommerce, marketing or consulting, the act of bootstrapping is a brilliant move.
That is, you should only reinvest in your business once money in starting to roll in.
Sure, you might be tempted to invest in paid marketing and ads from the beginning, but such investments are exactly what get newbie business owners in the red. Considering there are free tools out there for everything from email marketing and invoicing to social media and analytics, success through bootstrapping can be done if you’re resourceful.
Doing business remotely and across borders is more certainly possible for those living abroad, granted you take the right approach to make it happen. These tips can help you set the right expectations and get your business off the ground in a steady, sustainable way.