Taking Your Business International Do Your Homework

Do your homework and study the market
Study the particular market you wish to enter and find out who your competition will be.
The stronger your competition the harder it will be to promote your brand.
Study the local demographics to familiarise yourself with local customs and tastes.

Contact local organisations and associations
Join local chamber of commerce and or business organisations to obtain valuable advice.
Austrade Trade Commissioners overseas are also an invaluable source for advice.
Visit the Austrade website at www.austrade.gov.au/export

Start small
Minimise your initial risk factor by starting small.
Identify which of your core competencies make the most sense in a given demographic rather than trying to duplicate your domestic operations.
What works here may not necessarily work elsewhere and adjustments need to me made.

Business structure and support
Make this a first priority.
Overseas bank accounts, hiring employees, and statutory compliance are all matters for which you will need professional advice as each country has different requirements.
Other matters may include filing tax returns, arranging insurances and organising financing arrangements.

Professional advice is essential
Do your due diligence and make use of your contacts' local knowledge and experience to identify trustworthy partners.
Your accountant in Australia may well have an affiliation with a local accountant in the market you are contemplating entering which will ensure you receive the correct and trustworthy advice.

Secure legal binding contracts
You will be subject to unfamiliar regulations and depending on your agreement with distributors, you may have significant legal exposure.
Secure contacts with reputable entities only that are also legally binding.

Obtain tax advice at the beginning
Tax laws vary in each country.
There are many issues to contemplate such as carrying forward losses, timing of tax payments, categorising assets and expenses,  the different types of taxes you must comply with such as income tax, value added tax, withholding tax and payroll tax if applicable.
It is imperative that you are aware of all these matters and have in place the processes to comply with them before you commence operations.

Banking matters
Create a relationship with a reputable local bank to ensure all your financing requirements are in place.
Other matters which will have to be considered are exchange rate risks, ascertaining reliable credit risk of customers, letters of credit and or other trade financing instruments that may be available to provide solutions for your particular business operations.