Some advices for young people to start their small business in a foreign country

Xin chào!

Today I just want to share some thoughts aka my advices for young people who want to go broad and open a their own business.

Be noted that these advices below are my own opinion and from hands-on experience gained by running my own coffee shop in Lithuania.

Advice 01: Before you start a business, you must brainstorm the biggest goal of your business besides money!

Money is always the first goal of any business but if you don't think further and you keep copying the way of already-successful business. Then you are just another imitator and I doubt if your business is be able to succeed and survive in a freaking picky market.

So, put the money at the second in your goal list and put all your focus on what work you can do the best and you feel happy to do everyday. That is the main goal of your business: doing your thing and never feel boring! When you know your most daily favorite work already, write it down on the paper. Now you know the inspiration of your first goal for your future business.

Next, I will tell you how to choose the market for your future business and be able to apply the method do your thing to make you happy and make others want to pay to be happy like you.

Advice 02: Internet is the must for your market study then travel to witness how your chosen market is.

My highly recommended market is always small countries from Eastern Europe. Why? The answer is everybody does not want slow money in a small market and as a result most of medium & small new businesses want a big market in big and rich Western countries.

We have a Vietnamese expression that we learnt from the elderly Bigger boat, stronger waves. I know big market is big income but you must know where there are big markets, there are also a lot of sellers, too much competition that you not be able to handle with your youngexperiences. The market of big countries have everything, any types of sellers there, Why will you come there to make your business more difficult to survive?

Hence, it will be a smart choice to choose a small countries from Eastern European countries to start your small business. I am sure your business may not be unique in other big market but there is 90% more chance that your service will be unique in small cities of small countries because there are very less provider than demand in those places.

The thing I recommend you to do is a serious research about which service is needed but not available in one of the biggest cities of Eastern Europe countries. After you make up your mind about which city will be your first main market, pack and go there to see how local people do their business everyday to learn their business culture.

If the language is the biggest barrier for your business, you will need to hire a local lawyer to take care all paperworks and give you some advices of advantages and disadvantages when doing business in their place. You should ask many lawyers to compare the prices and see which lawyer can be trusted for your long term business. Follow your gut. No one can tell you who is good or bad!

Advice 03: Understand clearly about the traditions of local people where you will operate your business.

You should do your homework by yourself before asking your lawyer many questions. She or he is not business dictionary but only human with advanced knowledge of the national law.

What homework am I mentioning? That is reading, taking notes, and researching all information that you can find about the country you are going to invest. Any thing, not only business but everything basic about their culture, their history, their food...You cannot know everything but you must know at least basic things that help you make friends with local people easily.

Another interesting lesson I learnt is spending your money in the local ads will not guarantee its effectiveness and sometimes it can be a waste of money. I strongly recommend some small promotion projects of making your neighbours (local people living near/around your business) notice you with their own eyes. They will help you do the organic ads by spreading their own words about the new existence of your business.

Social networks are your best friends but don't spend all your money to do advertising with them. It just does not work like that in small cities of Eastern European countries. Photos with attractive and friendly captions on popular social networks with some useful hashtags will work better in this case. The most important thing is to do the services with your heart and your brain together.

Advice 04: Be patient in first two years of running business.

The culture of each country is obviously different. However, one common point I learnt is they always love the home-made healthy products or family service. Every customer loves to be treated specially like a family friend when he or she buys a product or the service from your business. You should care about each of first customers by yourself, not your employees.

Please kindly remember that any business needs time to be known.

The real feedbacks from customers of my business

Hope you like what you read from my articles. I am always open and all ears for any opinion and correction.

Stay strong and positive everyday!

Alex