Source: Yahoo! —
Meet Makeda Smith, the Founder and CEO of Savvy Chicks in Real Estate®, a global network that helps women in real estate build and expand their businesses, online and offline. Born and raised in Chicago, as a child, she never dreamed of venturing outside of the United States. Now, however, with over 20 years as a licensed realtor under her belt, she has been able to grow her business abroad.
Smith has conducted business abroad in locations, such as Bali, Dubai, Jamaica and the Bahamas. Her business dealings in these places have allowed her to learn and grow her brand. In doing so, she has gained invaluable experience and enjoyed the many benefits that come with expanding beyond the U.S.
Benefits and Challenges of Doing Business Abroad
“One of the biggest benefits of doing business abroad is not relying on one market for the success of your business,” Smith said. “For example, if your business is located only in the U.S. and the U.S. has a recession, you have a high risk of taking a huge hit to business. However, if you’re operating in multiple countries, you put yourself in a better position to still increase your revenue because you have options, just like other billion-dollar companies.”
Smith urges business owners who truly want to make their company “recession-proof” to expand to other locales. This does not only include locations across U.S. zip codes, but also provinces, countries and various continents around the globe.
Despite the numerous benefits, the CEO warns that doing business overseas does come with some challenges. One of the toughest things for business owners to navigate is learning and understanding laws and regulations in each country. These vary greatly from country to country, and they can be difficult to keep track of. However, it is essential that you are in compliance at all times.
Research is Key to Doing Business Abroad
“Whether I’m traveling domestically or internationally, I always research the local real estate — what types of properties are trending, what price ranges they are in and even what the local requirements and laws are — because everywhere is so different,” Smith said. “When I traveled to Dubai this past October, I learned that certain properties in Dubai only allow you to have ownership of the property for up to 90 years.”
The research of laws and customs is crucial, and something Smith always recommends for business owners looking to expand overseas.
