There are many reasons to want to open a new business overseas if you’re an entrepreneur. One is that you’ll be experiencing not just a change in scenery but also a change in thinking and culture. This is something that could do you a world of good if you find your current surroundings a bit too stressful or taxing to handle.
Another point is that it opens you up to new business opportunities that you won’t be able to take advantage of or find difficulty in when staying in your home country. The latter is a much more significant reason, especially if you find that the business scene in your country is becoming too competitive or crowded to try and break out into.
With that said, what are these new business opportunities that you can only access if you move to a different country?
Let’s discuss some of the more notable ones that you should definitely consider as an overseas entrepreneur.
As a caveat, though, we encourage overseas entrepreneurs to always make sure to do their homework when it comes to running a business in a completely different country, ideally before actually doing it. For example, getting international health insurance from a reputable insurance provider, such as Now Health International. Another is to research extensively into the laws of their host country when it comes to foreign-owned businesses, to ensure that everything is legal and airtight.
Now that’s out of the way, here are those business opportunities that are ripe for the picking for the overseas entrepreneur.
A goods importing or exporting service
If you’re planning to live in an entirely new country and that country’s native goods are highly desired where you’re from, then what you can do is to open up an importing service for your customers back home. Not only will you be able to procure their desired products easily, but you’ll also be able to enjoy quite a healthy profit due to the unique nature of the goods you’re selling. Alternatively, you can also import goods native from your home country to potential customers in your host country.
A freight forwarding service
Similar to an online foreign goods shop, but instead of you buying your host country’s exclusive products for your customers, it’s them doing the buying. All you’re doing is providing a local address in your host country for them to have the products delivered to, as opposed to them being sent through international mail. From there, you repackage the item and send it to your customers in a safer and cheaper mail delivery option, such as bulk box shipping or boat shipping. This is another essential niche service, as many products sold overseas are usually restricted to their local countries. Another reason that this business can prove popular is that direct international shipping can also be exorbitantly expensive.
A tourism-based business
If you want a business that’s a bit easier to manage, then consider opening a tourism-based business in your new host country. This could be anything from opening up a portion of food or retail establishment in key tourist spots, or simply opening tourist accommodations, such as with Airbnb. A souvenir shop can also be quite profitable while not requiring a whole lot of startup capital.
A farm or vineyard
This is a great idea, especially if your host country is situated in the Mediterranean region such as France or Italy. The geographical location means warm weather and rich soil, both of which make for perfect farming ground for fruit and vegetables. If you’re a self-confessed wine lover, you can also look into buying or putting up vineyards for your own wine label or to sell to other wine producers. Whatever you pick, you’re sure to get a healthy yield and profit.
An expat-targeting service
If your host country is one that’s a popular choice for expats, then you can easily take advantage of that by opening a business that specifically targets them. This could be as simple as selling items from their home country at easily affordable prices, or a delivery service where they can send money or gifts to their relatives back home easily and conveniently.
There you have it, five business opportunities to consider if you’re looking to open a business overseas. Again, we do remind you to always check with your host nation’s government to make sure that your business is legit and up to standards, no matter what you pick. This may seem bothersome and quite an expense even before you start procuring the goods and equipment necessary to actually start your business, but it’s going to pay off massively by saving you a lot of headache in the long term.