Foreign SME start-ups must understand their trading nations
Sep 06 2007
Before starting a small business abroad it is vital to understand the culture, laws and language of the chosen country, experts have warned.
According to the Global Property Group, one of the key aspects of starting an overseas enterprise is to fully grasp the way in which the new market operates.
Stressing the need to immerse in a foreign culture, especially when the natives do not have English as their first language, Mike Dunkerly, director of the Global Property Group, says: 'If you want to start most types of business you have to understand the local business culture, laws and you have to speak the language because you are both buying and selling.'
He adds: 'If you have to interact with the local business community and the wider local community then you might be advised to take on a local partner who can do this for you whilst you get yourself up to speed.'
Research by the AXA group shows that many small businesses are not fazed by the consequences of the expansion of the EU. Some 75 per cent were unconcerned by the move.
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