For entrepreneurs fortunate enough to have the flexibility to move abroad, the question arises: what do you do with your business? If you have a digital business that can be easily relocated, count yourself lucky. However, there are still some accommodations you need to make if you and your digital business are moving overseas. Here are some important considerations for anyone looking to run their business from a new country.
Section 1: Resetting Your Work Hours
**1.1 Adjust Your Work Schedule to the New Time Zone**
Given that you will most likely be in a different time zone than your home country, you may need to shift your work hours. For example, if you have relocated to Italy from the United States, you would need to account for the time difference and adjust your availability accordingly. Consider working later in the evening for client calls or meetings, while utilizing peaceful mornings for concentration-intensive tasks.
Section 2: Managing Client Expectations
**2.1 Communicate with Clients to Address Concerns**
When you inform your clients about your move abroad, it is important to have a conversation with each of them to address any concerns they may have regarding your ability to continue delivering the same level of service they are accustomed to. While you may need to make adjustments such as rescheduling meetings to accommodate time zone differences, reassure your clients that the quality and output of your work will remain consistent.
Section 3: Using Familiar Tools
**3.1 Leverage Digital Tools to Maintain Business Operations**
In today’s technology-driven era, you can bring your essential tools with you no matter where you relocate. Utilize apps, software, and websites that help you streamline your work processes. For instance, platforms like Asana, Zoom, and Google Docs are accessible from anywhere, providing a sense of connection to your home country’s business culture. Additionally, consider using the Google Translate plugin to easily translate foreign websites as you navigate your new surroundings.
Section 4: Allowing Time to Settle In
**4.1 Prioritize Adjusting and Settling Into Your New Environment**
Settling into a new country takes time, both logistically and emotionally. Allocate a sufficient period to adjust to new work hours and overcome potential cultural challenges. Communicate to your clients that you will be taking some time to settle in, but strive to exceed their expectations by returning to work earlier if possible. Taking this time will help you establish a strong foundation for your business in your new home.
Section 5: Understanding Your Tax Obligations
**5.1 Familiarize Yourself with Local Tax Regulations**
Different countries have varying rules and regulations for expats regarding taxes. It is essential to gain a clear understanding of the tax requirements in your new country of residence. Seek out an accountant or tax professional who has experience working with foreigners in similar work situations. Determine if there are tax agreements between your home country and your new country of residence that may impact your filing obligations. Additionally, be aware that you may need to file taxes both in your new country and your home country.
Section 6: Managing Finances
**6.1 Maintain an American Bank Account**
While opening a local bank account is advisable, it is also recommended to keep your American bank account, especially if you still have American expenses. This allows clients to continue paying invoices as usual. However, diverting some of your revenues into your local account can be beneficial. Depending on the payment methods your clients prefer, provide them with alternative options such as your International Bank Account Number (IBAN) or payment platforms like Bill.com or PayPal. Keep in mind that these platforms may deduct fees from your profits. Additionally, consider using currency converters like Wise to facilitate transactions involving different currencies.
Section 7: Embracing Change
**7.1 Embrace the Evolution of Your Business**
Finally, in addition to the practical tips discussed thus far, it is crucial to embrace the changes that come with moving abroad. Your business will naturally evolve as a result of this transition, and it is essential to allow room for growth and adaptation. Be open to new opportunities and approaches that may present themselves in your new environment.
Remember, running your online business from a new country may have its challenges, but with careful planning and a positive attitude, it can also bring about exciting opportunities for personal and professional growth.