Starting your own business can be a very good idea today, even if it requires a lot of effort, energy, and investment. Doing business in another country is yet another challenge to take that, however, has a great payoff.
The internationalization of business is now considered one of the crucial and nearly mandatory points of the entrepreneurs’ work. With many businessmen and businesswomen following this notion, it can be said that such a venture is more than possible. Starting a business in the other market is a great idea, especially if such a market is as large and as developed as Europe.
So, What’s the Catch?
The catch of doing any business internationally is the relative instability and quite a lot of surprises during the process of starting the business and then in keeping it afloat. While you might be in full control of your company even while operating from a very distant place, you might not be always in control of the situation on the outside. The economic and political climate, consumer preferences, competition, PR and communication, media, and many other things will certainly affect your work in another country. Added by your probable physical absence on site, this may be a tough challenge to take.
Europe is full of specifics when it comes to doing business there. At the same time, this is a very big market with its over 400 million population, making it extremely attractive. So, how can you go conquering the this market and not get lost there? Let’s take a look at a couple of the most noted challenges (and their solutions) on the European market and find out.
- Consider the legal matter (and you need to know and follow the laws). Europeans are very law-abiding; they respect their legal system as, when it comes to business, they have lots of advantages. Yet, when it comes to letting non-Europeans start up there, there might be some legal and tax constraints that can turn into considerable barriers. So, make sure to study the legal framework of your target country in as much detail as possible before you go.
- Get local experts to help you. You might study the country from A to Z, but you’ll likely still miss something that might later be of crucial importance. Having someone working for you from the inside is the best way to avoid any unexpected issues when operating any kind of global business. Considering that the European market might be a very challenging location work in, having your own European partner (employee, co-director, or business partner) is a huge plus you may want to think about.
- Consider the language barrier. It might seem, of course, that in the 21st century, with the powerful technology of the internet and our globalized communication, language cannot be a problem and we’ve got it all covered. Yet, but not always. Language barriers still create problems in communication, including in business. Having a language barrier in your way can be a serious issue in Europe. You might even hard it extremely hard to start your business just because your documents are not properly translated. So, it’s always best not to save on such matters and pick only the top translation companies reviewed to ensure the best result. A lack of proper communication and documentation can largely disturb your plans, delay contracts, lead to disciplinary issues in employees, and so on.
- As you get your documents and other things for internal purposes translated, do the same for your marketing campaign. Only don’t stop after translation. In order for you to attract your customers, you must make sure they perceive your company and product or service as something familiar and relatable. Today, localization is the key to success in customer communication, so make sure not to miss this one out for sure.
- As you go venturing on such ground as Europe, don’t underestimate any detail and plan ahead. One thing about the European market is that although it’s quite a challenging ground, it’s also pretty stable. So, it is more than reasonable to think ahead. try to develop at least two scenarios of your end game, one for the successful launch and future operation, and one exit strategy in case if you’ll need to fall back for any reason.
A Tough Land to Master
The market of the European Union is quite a challenge but it’s certainly worth a try. However, going international is not a child’s play, so you have to be prepared before making such an endeavour.. Remember that Europeans are just people like all others, the only difference about them is that they inhabit one of the smallest continents on our planet and are somewhat demanding regarding the things they buy. Otherwise, all other means of communication and influence work with them just fine, you only need to learn to be patient.
About the Author
By traveling, researching, and experiencing the world, Mark Blackwood develops his career as a successful writer one step at a time. He writes each of his posts with the idea of personal development in mind. The major point to Mark’s philosophy is: “If I can learn something new, then I will help others to do the same.” Join Mark on his research of this fast-paced and ever-developing world and keep up to date with today’s modern trends.
