Expanding a business into the United States is an exciting proposition for most business owners. Of course, the expansion process is also a challenging one. For many business leaders, though, the rewards far outweigh the risks and struggles.
One of the ways you can help your expanding business meet the challenges of the American market is by making sure you have the right partners on your side. Getting optimal advice and expertise is crucial to a successful expansion, especially in a tough market like the US.
One of the many partners you may choose to bring on board is an employer of record. There are many EORs out there, and all of them come with their pros and cons. How can you ensure you’re finding the perfect partner for your business?
Asking the right questions goes a long way. The next time you talk to an EOR, be sure to ask these three questions before signing on the dotted line.
1. What Experience Does the Employer of Record Have?
The first question to ask any potential employer of record partner should be what their experience is.
The most important aspect of this question will be about their experience in the United States. How long have they operated there? Are there states they don’t serve?
You may also want to ask for case studies about challenges they’ve faced in the US market and how they’ve helped their clients overcome them.
A second question to ask is what experience they have in your home country. In many cases, international expansions require HR teams to be familiar with the rules on both sides of the border. This is especially true when it comes to business structure and tax efficiency.
2. What Support Does the EOR Offer?
Whether this is your first international expansion or one in a long list, you’ll likely have questions about payroll, employment law, or compliance at some point.
How will you communicate with your employer of record to get those questions answered? Some EORs offer dedicated support, which means you know exactly who to turn to whenever a question crops up.
Beyond that, dedicated support allows you and your EOR team to develop a close working partnership to address concerns before they can become problems that slow your business down. Getting answers in short order will help you meet deadlines and manoeuvre in an ever-changing market.
3. What Services Does the EOR Provide?
Most business owners turn to EORs when they want help with payroll and employee management in the United States. As it turns out, they often need even more comprehensive HR services for their American team.
Always inquire about the services any given EOR will provide for your business. Payroll administration and tax assistance are two of the most in-demand services. Assistance with employee benefits like health insurance or legalities like workers’ compensation insurance are also important for many business owners.
Compliance is another key consideration. The legal framework for employing Americans is almost always shifting, which means your teams need to stay on top of the ever-changing laws. An EOR can help.
Many business owners also seek assistance with infrastructure during an American expansion. Opening a US bank account, for example, can be a time-intensive process with plenty of red tape. Working with the right employer of record could help you get access to the banking and insurance infrastructure you need to set up shop anywhere in the United States.
If you think an employer of record could be the ideal partner for your business, be sure to shop around and find the best fit. Asking the right questions will help you build a better partnership.