Starting a country is your native country is a tricky and challenging job to tackle, however, when it comes to doing that abroad, it is a lot harder! While different currencies to deal with, different laws and policies it is vital that you do your research before you even embark on your venture. With that being said, just because something is hard it doesn’t mean you should be put off by it, you just need take extra care when it comes to planning what you’re up against. So, before you make your new exciting start-up move in Europe, start by following the below tips to help you understand what you’ll need to consider.
Do Your Research
Whether it’s business law, banking or taxes, these issues all vary from country to country within Europe. Depending on which place you choose, you could set up your company within a day or a few weeks so make sure you know the in’s and outs of your location’s requirements. Before you make the move, study the lay of the land of the country you’re wanting to setup in and investigate/enquiry how much it will take to incorporate, acquire a property and start working. Speak to local commercial property management companies to find out how much rentable spaces are within the location as well as prime spots to setup so that you’re in a strong place for footfall and accessibility.
Learn the Culture
An often but somewhat over looked point, cultures of course vary in every country. If you’re looking to set up a second shop, don’t just assure that people will love it just because they do in your home country, therefore you need to learn the cultural differences that could affect your business’ viability. Do your research so you know if what you’re planning to sell has a market and a demand for it.
In addition to your products, you’ll also need to overcome language barriers and country etiquette. It’ll pay to do a few trips prior to your move to take in some of the variance so that you can better understand how to fit into your potential new foreign business community.
Get Legal Aid
Any business expat will tell you that it always pays to seek the help of a local employment solicitors when starting a new business abroad. Lawyers are easy to track down across Europe so it’ll be easy to get one that knows the area and the regulations of the country. This why you’ll know that the solicitor understands your aims and has the knowledge and skill to guide you forward with the process to make a success of your business in its new foreign setting.
Don’t Rush Things
As exciting as any new opportunity is, remember you need to stay patient. Things don’t happen overnight and if you haven’t got the correct planning behind you, with the right trusted counsel and foundations to go off of, you could run the risk of failing before you’ve begun – as well as the loss of money. Remember that you’ll need to meet visa requirements before you can legally function in a new country and sometimes this can take up to 6 months, which is why you need to meticulously plan in advance.
Come to Terms with The Political Climate
It’s crucial that you understand the current climate of the country you’re entering, as well as its business history taxation and asset seizure. The perfect example of this Brexit. If you’re looking to set up your business in the UK, you need to consider the amount of uncertainty surrounding Brexit and the freedom of movement. As you or anyone for that matter residing in the country, won’t know the specifics as they haven’t been released, you could find that you will be restricted in a few years’ time when it comes to selling goods. In addition, as a business owner in a foreign country, you don’t want to be in a position where your profits are unexpectedly “taxed” or your assets are seized because the political climate is undergoing change. Watch carefully, and do your best to work within a country with a stable political and economic system.