Many companies, from startups to large multinationals, decide to relocate part or all of their operations to new territories. The key to a successful business is early planning of a PR strategy, clear commercial goals, and careful execution. Consider first why the grass is greener on the other side?
According to Natalya Stein, head of the communications agency BMB Agency, startups usually cite 4 main reasons for relocation. They are labor and manpower problems, the need to upgrade facilities or equipment, the desire to enter new markets, and quality of life considerations. A number of global economic factors also contribute to the popularity of business relocation:
- Globalization
The disparity in growth rates between emerging markets and developed economies is accelerating the pace of globalization as companies seek access to capital, goods or markets in different regions of the world. The number of international employees is also on the rise. willing to relocate for these opportunities.
- Competitive advantage
As more corporate groups take advantage of opportunities arising from relocation, it is important to maximize value by reducing costs, thereby maintaining a competitive advantage.
- Tax Incentives
Many governments are adjusting their tax regimes to encourage companies to relocate and create jobs in their markets.
Now knowing all the benefits, consider the strategies by which it is possible to implement the idea of relocating your startup.
Get used to making decisions without complete information at your fingertips.
If you’re relocating your startup, you’re likely stepping into territory that hasn’t been fully cleared – there are a lot of unknowns. All the information you need to make a 100 percent guaranteed successful decision is simply not available. In fact, the work you’re doing right now can make a major contribution to the metrics that future generations will use to evaluate their decisions.
When your business is brand new, you don’t have historical performance data to use. However, that data can come from other sources. BMB Agency experts advise you to try market research. Market research is the process of gathering information about your potential customers and competitors. It helps you identify customers, your target market, and understand the viability of your business.
By studying the market, you can build your strategy for competitors, products, services and a broader strategy to better market your startup in another country.
- Submit yourself to a greater purpose
If you’re relocating your business just for the money, your company is likely to be among the 90 percent of startups that close in a new location within the first three years, as BMB Agency experts show. To attract a customer base that will love your product or service and be willing to act as your PR team (or give you capital to expand), you need to demonstrate a passion for something bigger than yourself. Your desire to provide the best solution to your target market’s problem should guide your efforts.
- Show, never tell
As a startup, you have no right to make statements about your product or competitors without backing them up with evidence. You may be the most authoritative person in your social circle. But no one else in the new country knows that-your job is to prove your integrity.
Will you go to the bank for a loan with lots of promises or take the time to write a solid business plan to prove you are financially sound?
A business plan is a document that describes your business, the products and services you sell, and the customers you sell to. It explains your business strategy. How you are going to build and grow your business, what your marketing strategy is, and who your competitors are.
Most business plans also include financial projections for the future. Sales goals, expense budgets, and cash flow projections are set.
A business plan can be more than just a static document that you write once and forget about. It is also a guide that helps you outline and achieve your goals. It is a management tool to analyze results, make strategic decisions and show you how your business will operate and grow.
- Realize that being a founder does not make you a master of business
You’ve raised the money and you’re fired up with a passion to relocate the business. That’s great, but it’s the first step. It alone is no guarantee of success. You’re still a beginner, and there’s nothing wrong with looking for mentors. It’s best to find a trusted companion who doesn’t work in your industry – your peers may steal your ideas (consciously or subconsciously). You also shouldn’t be afraid to ask stupid questions. And yes, some of your questions will be stupid.
That’s okay – remember that you are new to a new country. It’s much better to ask stupid questions than to make stupid mistakes and waste money, time, and resources.
- Understand how to create balance
The new business community you are now becoming a part of requires that you pay your dues. Before you can justify quality mentoring, you have to show your value. After all, why should everyone give you their time and advice if you haven’t proven your value to the community? Use your expertise instead of your money. What services can you provide to the business community that others would be grateful for?
If your products and services aren’t useful enough to attract mentors and like-minded people, perhaps they need a little tweaking before you spend money promoting them to a new market.
- Ignore the noise
Once you decide to relocate your business, you will become much more sensitive to other startups. It’s the same phenomenon that happens after you buy a certain brand of car – you start to see that car everywhere. Other startups can explode around you and get all the attention of bloggers. You’ll see their founders proudly sporting two pages of business magazines.
To some extent you have to pay attention (pay attention to what other startups are doing right and wrong so you can learn from them), but don’t lose sight of your own mission. Remember: you have something that no one else has to offer. You have to be fully in business.
- Know your local government
It is very important to introduce yourself and your business to local government and government representatives. Members of local congress, clerks, city council representatives and the mayor want to know how your business will positively impact their community. These officials may not always be able to help your company politically, but they have important connections and insight into the current growth and long-term goals of the community.
Reaching out to them lets these officials know that you are striving to be of service to the community. If you are planning to expand, local government can help your company grow and provide valuable resources; your personal success will contribute to the growth and success of the community. In addition, local government can provide information about similar or complementary businesses, potentially leading to community partnerships.
- Prepare a press release
Often startup PR initiatives are similar to those of established companies, overlooking the fundamental differences between a startup and an established company. You can’t expect the same results from a startup compared to companies that have been in the market for years, such as Apple, Amazon or Meta. Therefore, they require differences in strategy and execution – a PR strategy for startups must have startup-specific points.
For example, it must address the needs and concerns of the new company, starting with a short- and long-term focus on building brand awareness and becoming thought leaders. When an organization has no history, getting the first media coverage is difficult.
However, starting with a clean slate can provide a unique opportunity to build brand reputation in a new country from the ground up. Startups can do this by clearly defining what they want new audiences to know about them, how they will be different from existing companies, and how they will be more useful than their competitors. In this sense, a startup company has the advantage of choosing a PR strategy according to how it wants to be heard-in other words, you have complete control over the narrative.
- Remember, the decision is up to you
You can get all the advice you want. Some of it will be good and some of it will be bad. But don’t risk your startup.
For example: A millionaire with a great reputation advises you to invest in a certain service provider, and you do so, but it turns out that that provider doesn’t have a good reputation. Now you lose money and look for someone to blame.
Unfortunately, it’s yourself – because you didn’t do the research. In the startup phase, small mistakes can have long-term consequences. Take responsibility for your decisions and make sure you’ve done your due diligence.
- Risk should be mitigated, not sought
You took a big risk by deciding to relocate your business. The rest of your decisions should be about mitigating risk. Remember the educated guesses we talked about earlier? They should be your best friend. Run a series of MVPs (minimum viable products) to see if your idea has market potential before investing thousands of dollars and hours into a fully functional product. This is one of the best ways to reduce risk.
It doesn’t take much to get your startup off on the right foot in a new country. These tips all boil down to the following: You have to be attentive. If you don’t pay enough attention and often go into risky situations blindly, small mistakes that an experienced company might brush off can ruin your progress.
Remember that small problems can quickly turn into much larger ones. But clear communication and attention to detail will give you the best chance of success.
