Do you want to grow your business and to expand it to another country this year? If you are considering expanding your Bahrain business to New York, think twice, because besides all the tasks you need to finish and things to learn, there is also the coronavirus pandemic all over the world. Especially in New York. This year, 2020 maybe did not start well (especially not for the USA), but it does not mean your business needs to stop. Maybe this year is your year.
Tips for expanding your Bahrain business to New York
Expanding your business overseas takes a lot of time, energy, and money. But you need to invest to earn money and to grow your business. It takes a lot of time to prepare for an international move, especially when it is about business. Here are some simple tips to help you with this process.
Are you ready for international expansion?
First, make sure your company is ready for expanding to another continent. After all, it is a big financial risk and you could lose a lot of money. Hire a market-research team and find help to assist the trade in two countries. Create a business plan and prepare finances.
Some of the challenges of international business
There are many benefits of expanding your business to NYC but also there are some challenges you will have when expanding your Bahrain business to New York.
- Language and cultural differences are huge. Hire staff members who speak Arab and English too. Culture in Bahrain and NY have nothing in common, and also laws are different.
- International compliance, regulatory issues, different tax codes, and different packaging standards.
- In NY, the business world moves fast and keep in mind that doing business overseas will take longer to resolve.
- Packaging may also be different.
- Local competition is strong, and they already know the market here and they have clients.
Find partners and experienced team
Expanding globally requires the right team of experienced people and partners to work with. A partner can be someone to teach you everything about doing business in NY and their market. Hire team and work together, it is a secret to success.
Consider new ideas
A new market – new ideas. Be ready to change directions a little bit because you must keep in mind that customers in NY want different things. Think about how foreign customers will receive your ideas and your Bahrain business.
Work on the marketing
Marketing is one of the most important things when opening or expanding a business. Let people from the USA know about your business and introduce your company the best way. Invest time and money on your website, places banners in NY, work on digital marketing, etc. Hire a company to work on your marketing, that will attract more clients, which is the goal.
Hiring a company to help you move a business overseas
How to move your office from Bahrain to the USA? True, it is not easy and simple, but with a reliable and experienced moving company, it can be. After getting all the permits for running a business in NY, it is time to organize the relocation. Research online and choose the best transportation company to transport your office equipment and goods. One of the websites to visit is fourwinds-bahrain.com. If you don’t have time to do research, assign this task to someone from your team.
Running a business in NY?
How to start a company in the USA as a foreigner and be successful in your business field? NY state has more than 2 million small businesses, so the competition is strong. Running a business in NY won’t be simple, but it is one of the best places for businesses because there are a lot of residents and tourists and the economy is strong. What else you need to know before you make the big business step?
- NY state has a lot of regulations about running a business, and they are very different from the regulations in Bahrain. First, make sure to know all those complex regulations.
- Taxes in NY are not low, and it is not a secret that NY is one of the most expensive states. Running a business here won’t be cheap, but on the other hand, it is worth it because it is one of the most popular places.
- Be ready for the competitive labor market and that there are a lot of other businesses too. Research your competition and find a way to be different and unique. But you will have a lot of talented employees to hire, so that won’t be a problem.
- One of the major benefits of expanding your Bahrain business to New York is the proximity to New York City. This city is the world’s business capital and a hot spot for the economy.
- The minimum wage in NYC is $15 per hour, while in other cities in NY is about $12.5 per hour. Also, keep in mind that the costs of living are high too.
Summary
It won’t be easy to grow your business in 2020 because of the COVID-19 pandemic. It affected the economy too, but life cannot stop. Having a business in NY is a big deal, especially when your main location is in Bahrain. Expanding your Bahrain business to New York this year will be a big step, but not impossible. Create a good business plan with your team and start working.