The European market is highly profitable opportunity for many businesses aside from the fact that it has a stronger currency rate than US hence many companies strive to break into
10. European Business Etiquette
Countries differ in many ways from clothing and food to addressing someone in public. It’s not all the time that what’s acceptable in your hometown would be applicable to some other parts of the globe. In Europe, the manner of clothing and how you address someone can make all the difference to how your potential clients, suppliers and employees shall receive you. Before you and your employees set any foot in European soil, make sure you all are graced with sufficient amount of European Business Etiquette.
9. Tax and Currency
There are a lot economic considerations that you should know about when doing business in Europe. In UK, minimum wage varies with the age of the employee. You must register your business for VAT for all taxable goods and services amounting to more than £64,000 in a year. Always check with an expert in getting all the information you need including all necessary updates when it comes to state finance matters.
8. 2012 Olympic Games
Need I say more? This prestigious event will bring billions of pounds of revenue into Europe. It’s the perfect opportunity for you to offer your company’s services as supplier or sponsor.
7. Language
Don’t forget that Europe is made up of a lot of non-English speaking regions like France and Greece. Doing business in UK would be pleasantly amusing despite of minor language differences but potential non-UK clients would definitely mind. But not to worry, the best way for you to cope with this is to hire an interpreter and set aside budget for translation services.
6. The European Union
There are 27 member states in the European Union which means there are 27 countries for you to tap into to offer or invest your company’s products and services. With each country come its own unique business openings, tax advantages and foreign investment provision. Again, you’ll need an aid of an expert here to make sure all your transactions are legitimate and won’t be a waste of time.
5. The Law
No matter how much success you’re bound to achieve, seek advice to stay on the right side of the law. Overseas companies are legally responsible for compliance with various laws such as Civil Law and EU law (which is more or less equivalent to State Law and Federal Law).
4. Opportunity to Outsource
You can outsource some of your business needs to a local company that has already established a level of reputation within the European market - all for just a fraction of the cost of moving your business.
3. The European Consumer Populace
There are 500 million consumers covered by the European Union. All of which can potentially become your customers. Who wouldn’t want to take their chances with that number?
2. EU Country Commercial Guide
This guide is produced annually by the European Union’s US Mission Staff. It offers useful advice on each country in the European Union, including details on economic conditions, trends, political climate and foreign business investments. So before anything else, get your hands on this guide.
1. Use a Development Service
You have all the skills and business experience and you’re considering doing business in Europe – you’ll need local knowledge no matter how successful your product or service may be. You’ll need a company that can assist you with starting and promoting your business in European shores. Using a development service, many unpleasant surprises and headaches are taken out of your hands.
May your business be small or large, let International Business Development be there to share information and knowledge with you as you go along paving your way in the business world.