- Checklist, start-up, US, US Market
Are you thinking of expanding your business to the US?
Taking your business to the US is not an easy task. This checklist will help you think about which basic questions you need to address before expanding your business to the US. Below is a sneak peek of the infographic that includes relevant sources guiding you through the first basic steps.
When expanding your business there are many things to be aware of culturally and legally.
- First of all, you really need to consider which market to enter and why. Even though the US seems attractive you have to analyze the business potential to get an idea of what exactly you want to gain from this specific market and why it is relevant to your business strategy.
- Once you’ve decided to expand to the US the next big question is where to locate your business. The US is often considered as one market, however, you should think of it as 50 different markets – differing both legal and culturally. Therefore, the site selection process is very important in terms of identifying your market segment.
- Not all companies will need a physical presence in the US. If you’re only interested in selling your product on the US market, it might be enough to cooperate with an American distributor or agent. There are various types of legal entities to consider, when trying to establish a US presence. Is it enough with a local agent or do you need to establish a branch office, a subsidiary, or even acquire an existing entity? In that case, you would also have to decide where to locate you’re legal entity, regardless of where you’ve chosen to be physically. Even though the US has federal laws, each state has their own laws as well which makes it worth examining what benefits your business the most.
- Another aspect of your entry strategy is whether to hire American employees or send a Dane. You might even do both just to have a Danish delegate, but be aware of the remarkable differences between Danish and American employment law, and don’t get deceived by the fact that American culture seems familiar – Danish and American business culture is very far from similar.
It all comes down to these 5 basic considerations, as explained in the infographic checklist:
1) …thought about WHY you want to enter the US?
2) …thought about WHERE you’d like to start?
3) …considered where your legal entity should be based, regardless of where you want to be physically?
4) …thought about what kind of legal entity to start with?
5) …considered whether you’ll send a Dane or hire someone in the local market, and the Visa implications of this?
Download our checklist now!