1. Local Culture
The local culture and habits are extremely important for any entrepreneur who’s looking to start a business in another country. It is essential to know the ins- and outs of the local environment and how to get around. As hard as it might be, try to find a local investor or a business advisor who can inform and explain key factors of doing business in a specific area. Depending on your business and target market, get to know local consumer behavior. It’s key for your potential business to have local partners who are trustworthy; this key point can make or break your business.
Local business events are a great way to meet new people in the area. In case you are looking to build a network before flying out, which is a smart thing to do, use your current network to see if you can connect to someone doing business in that area. Another possibility would be to join expat communities and ask questions there. Join Facebook groups! They are surprisingly effective.
Studying a new language is hard and very time-consuming. It may even present a bigger barrier for you than running an actual business. However, learning the local language will prove to be a huge advantage when doing business with local people. Especially in Asian countries, people will show you more respect and trust when you speak the language. Besides the fact that communication will be easier, it’s easier to meet new people and you’ll most likely get better deals.
3. Way of Life
Integrate with the local community and neighbors through events and other get-togethers. This is a great way to meet new people, potential clients, potential business partners and besides that, a great way to learn more about the country and its culture. It’s an awesome experience to see, understand and feel how the local people live their life. Learn about their values and vision in life. Study the local market and local economy and how that knowledge can profit your business.