Creating a successful business has always been a huge challenge that demands total commitment from the entrepreneur and even then, success is never a given. However, there are levels and setting up a business in a foreign country where they don’t speak English is quite another animal; communication is vital in any business environment and if this is something you are going to negotiate, here are a few tips.
- Check Out the Playing Field – Let’s say that a person wishes to set up a business in Vietnam or Thailand, where English is not generally used; this can be a huge obstacle, as many failed foreign ventures can confirm. The smart thing to do is search online for a Vietnamese law firm that facilitates foreign business registration and they will explain the various options and the benefits of each. You might be best suited to a foreign representative, which allows you to carry out essential market research in Vietnam and it supports a work visa, while also being 100% foreign owned. With the right legal advice, you can move forward with some confidence, knowing that the business will be legally compliant.
- Use Local Business Services – Whether payroll in Vietnam or bookkeeping in Thailand, source a local specialist, where the staff speak fluent English and you won’t have to worry about essential reports and accounting. Once the payroll or accounting is set up, everything is done online, negating the need for people to travel and should there be anything you wish to add, an email is all it takes to inform your local provider.
- Do your Market Research – This is essential: get this wrong and you could be in for a very expensive lesson. Are you sure your products or services are in sufficient demand? Do you fully understand the culture and customs? Answers to questions like these need to be addressed and this is why a business plan is so important; the document covers every aspect of the business, including a detailed marketing plan that clearly shows market penetration, with strategies that are effective. Click here for a few search engine optimisation tips, which is useful to all business owners.
- Find a Local Partner – Of course, this would have to a person who speaks English and has local knowledge; there are so many pluses for having a local partner that we advise you to consider it. Even if you do not know of anyone who could partner, the law firm that facilitates your business registration can provide trusted nominees. This will solve your language issues in a single move and your local partner will make sure that you are not overcharged when dealing with local providers and can always source reliable services, due to their intimate knowledge of the marketplace. Click here for government information about Vietnam.
Setting up a business in a country where English is hardly spoken is a real challenge and can only succeed with the help of a local law firm that offers a wide range of services for the foreign entrepreneur.