5 Tips for Starting a Business in Europe
Starting a business in a foreign country comes with its own set of challenges. As a continent with 44 small countries and 26 countries falling under the Schengen area, Europe is a dream for many business owners. Therefore, setting up a business here certainly opens up doors to many opportunities.
Even though the 26 countries that fall under the Schengen umbrella have certain similar policies, it is no surprise that they follow different laws and have different cultures. There are some European countries where it’s easy to get the required permits to start your business, and at the same time, it’s much more difficult to start a business in others. Either way, the best part about starting a business in Europe is that you receive access to all Schengen countries once you set up your business in any one of them.
That being said, here are a few tips for starting a business in Europe.
1. The Devil is in the Details
Europeans believe that detailed discussions lead to improved relationships and more effective understanding, and therefore, great results. When setting up a business, potential European investors will be interested in learning more about the product.
Similarly, once your product has been launched, your audience will also be interested in learning more about you, your company, and your products. When starting a business in Europe, always be thoroughly prepared with abundant information memorized at your fingertips.
2. Present Yourself Well
The quality and features of a product or service you have in mind are quite important. However, for most Europeans, ‘who you are’ is a huge factor as well. If you’re planning to start a business and are searching for European assistance, you should know that Europeans will judge the deal’s worth based on their business associate as much as a product or service. To become a successful businessperson in Europe, you must be well-educated, well-informed, and well-qualified.
3. Sophistication is Key
Europeans are extremely sophisticated individuals, which shows by the way they sit, eat, drink, or talk. Bearing this in mind, they expect their business associate to be equally sophisticated. If you’re searching for business opportunities in European countries, it can be a game-changer to mirror their style and personality, especially when it comes to the non-tangible aspects of business meetings, such as after-work dinners, social engagements, etc. Whether you’re going for a formal visit or informal drinks, make sure to reflect their hospitality with gracious acceptance.
4. Money Is Not as Important (at least overtly)
While the technology, features, and quality of a product are quite important when starting your business in Europe, it’s important to remember that Europeans aren’t money-minded people, at least obviously. European businesspeople don’t mind spending their money on products that they deem worth the investment. However, at the same time, the relationship with the person behind the business they’re dealing with is just as important.
5. Close Deals Over Dinners
Dinners and drinks are a significant part of conducting business in the European culture. If a European business counterpart calls you over for a drink, they could be indicating they want to seal the deal. However, remember to be well-prepped before you show up for the meeting.
Europe is an extensive market that offers easy access to most countries if you manage to get a business or residency permit in any one of them. Try out the above-mentioned tips for starting a business in Europe for some real success. To learn more about expanding to Europe, click here.