Bryce Maddock is CEO of TaskUs (www.taskus.com). In this video he discusses how to open an office in a foreign country.
- Use your network resources
- Contact people in EO or YPO groups
- Take advantage of LinkedIn resources
- Keep yourself protected from every angle
- Explore a potential country for at least 1 month
Opening an office in a foreign country can be one of the most challenging things that a business has to do. So, the first thing I recommend is tap your network. You wanna make sure you're connecting with powerful business with local leaders in the country that you're going to open an office in 'cause those are the type of people who could open doors, introduce you to the right people who get things done. If you're part of the group like EO or YPO or no members of that group, I definitely recommend tapping into their network and getting introduced to people. Take them to lunch when you go to the country and begin to build those poweful alliances. If you're not, use LinkedIn and see who you're connected to in the country and get those introductions before you even land in the country you're gonna open an office in.
Next, it's very important that you protect yourself when you're going into a foreign culture. The first thing I would do on the ground is meet with the best lawyers in the best accounting firm in the country. You wanna understand everything from the labor laws to the tax code before you proceed with investing in that country.
Lastly, it's very important that you're planning to open an office in another country that you go to the country yourself and spend at least 1 month there. Doing that so remotely in my mind absolutely insane. You're gonna learn so much about the team you're working with, you're gonna learn so much about the culture you're dealing with by being present on the ground and talking to people face to face.
Building office in a foreign county can be absolutely exhilerating experience. Something that's very, very powerful. Very poweful tools for your business but it can be also very dangerous so it's very important that you protect yourself and surround yourself with a very powerful network when you decide to do so.