We all dream of living and working abroad, and for some aspiring entrepreneurs, this could become a reality. With the impending exit of the UK from the European Union, more and more business owners are looking at where they can move their business in order to benefit from EU business laws and the free movement of goods. But how viable is this for your business? While you may be able to turn to Uncle Buck payday loans in the event of a personal financial emergency, the same can’t be said when it comes to your business and you will need to ensure that you are financially stable enough in order to make the move abroad a success. Here, we’re taking a closer look at what you will need to consider when working out how much it will cost you to make the move abroad.
Local Business Laws
Having a clear understanding of the local business laws in your area is imperative, as they could be significantly different abroad than what they are in your home country. While this could be beneficial for your employees, you could find your business paying a significant amount more out, just to have their business based abroad. While the dream may seem appealing, the reality isn’t always quite so sweet, so you should always ensure that you have thoroughly researched the local business laws prior to making the move to avoid any nasty, unexpected surprises.
Understand The Cost Of Living
Even if you can afford to run your business in the country, you may find that the cost of living for your personal life is unaffordable. This is a particularly important consideration for your employees too. Are the costs of living in the country higher, therefore warranting a much higher wage for each of your employees? If this is the case, will your business be able to cope with this hike in outgoings? Make sure that you have thoroughly researched the cost of living and evaluate how much of an impact this is likely to have on your business. You may find that the cost of living in your new country is significantly lower than in your home country, making the move even more promising. This could help you to narrow down your potential prospect countries and make a more thorough decision instead of choosing the right place for your business based solely on operation costs.
What About The Move Itself?
Prior to arranging your move abroad, you will need to calculate how much the move itself will cost you logistically. Are you going to be transporting all of your current equipment, or are you purchasing new equipment when you are out in the country for ease? It is actually cheaper to do the latter or the first option? What about the cost of the new office, setting up telecoms and internet connection, as well as all of the furnishings such as desks, phones, a photocopier and a coffee machine?
There are a great number of factors to consider when it comes to working out the true cost of a move abroad. Once you have worked all of this out, is it still financially viable to move your business abroad, or will you be leaving your company in financial jeopardy for the sake of a few extra rays of sunshine?