How to start a profitable business in Europe
By The Forex Review - 26 / April / 21 750
Dominick Bell
The EU attracts entrepreneurs with its uniform market rules, number of consumers of a particular service, low level of corruption and logical paperwork. When choosing a particular country, it is worth examining the demand, opening costs, ongoing labour costs, certification and obtaining ISO (if necessary). The first question that arises for entrepreneurs is the procedure and speed of obtaining the necessary visa. The latest studies show that the following countries offer the easiest conditions and the most acceptable timeframe: France; Ireland; Italy; the Netherlands; Spain. Every year the World Bank research group publishes a report ranking the countries of the world in terms of ease of doing business. The scores are given on the basis of compliance with ten requirements: the procedure for starting a business;
Obtaining building permits;
connection and electricity; registration of property rights;
credit;
security of investors;
taxation;
international trade;
protection of parties to a contract;
bankruptcy proceedings.
Which businesses are opening in Europe in 2021 There are 15 main business areas in the EU that are most attractive in 2021. The ranking is only of an advisory nature and is not mandatory. But it makes it clear which businesses are thriving in Europe today and which industry is worth looking at. Biotech is a business that is gaining momentum in Germany. The government is investing millions of dollars in research and supporting companies involved in the development of the promising field.
Fast food is the most profitable small business in the entire EU.
Trucking, taxis.
Grocery industry - food consumption is increasing in proportion to population growth.
Car rental - long a popular business in Europe.
Internet marketing and advertising services - the trendiest business today, but requires creativity.
Freelancing (freelancing) is an easy way to enter the market. The popularity of this service is growing daily. Overseas companies are interested in reducing labour costs.
Domestic services - a popular activity for high-income households.
Financial services - accountancy companies, auditing for individuals and legal entities.
Car repair, car washing, sale of spare parts.
Cleaning companies - organised cleaning of private houses and territories, offices and buildings.
Hospitality trade.
The tourism industry.
IT-technology.
Consulting.
Be guided first of all by your financial possibilities and knowledge in one or another field. Study the information on the official government websites about the demand and development of commercial areas in a particular country, pay attention to production figures and profits. Small Business Activities which do not require large investments are becoming more popular every day. It is also a good start for the non-EU resident entrepreneur. A mini-business in the EU is a job that commands honour and respect. Even one self-employed businessman works for the good of the state, improving the economy and creating new jobs for himself and others. Small businesses popular in Europe are primarily family businesses. The specifics of their activities are absolutely different, from an online shop to a small production facility. A system of simplified registration and reporting has been developed for them. As a rule, expenses are deductible. Examples of small businesses in European countries abound. They range from roadside cafés and e-commerce to childcare or, for example, vending machines. Home business (home business) is very well developed in European countries. Profits can be made from almost everything. The priority is ecology and saving personal budget.
New business in Europe Every day new companies are opening up across the EU. Some new businesses are fun and some are surprisingly simple. For example in Germany: an online muesli shop, but not a simple one, but one with an interesting approach. Each customer chooses which kinds of muesli he wants to mix. The entrepreneur's start-up capital was three and a half thousand euros. A service for printing out receipts to make a purchase. It was created especially for those who are wary of entering their credit card details online. Or Swedish business innovations - monthly taxi subscriptions, grocery cars, takeaway kitchens, kebab houses on wheels. And the latter accompanies people on picnics, where you can always offer customers hot meat with seasoning, and a campfire and barbecue are not needed at all. There's plenty of new business in Europe in 2021. It's quite possible that you'll be the one to offer something that hasn't been there yet.
Businesses that are available in Europe but not in Russia Doing business in Russia involves various subtleties and the mentality of the locals. Therefore, unusual ideas from Europe do not take root here very well, but they deserve attention. Rubber paving tiles. A fascinating idea that has failed to find favour in Russia. However, recent reports from a small number of companies in the market show a profit margin of over 40%. A restaurant that takes into account the calorie content of its food. The energy content of the food is written across from each dish on the menu. With the threatening scale of the problem of overweight, this approach is very much in demand among people who lead a healthy lifestyle. Advertising on snow pavement. Relevant in places with moderate winters. Requires minimal investment and is very effective. How to open a business abroad Opening a business in Europe is a good investment in terms of development and raising living standards. First of all, study the rules and conditions for registering a company or sole trader. Based on this, it will be clear whether you will need a specialised lawyer, solicitor and additional advice. Pay particular attention to the accounting and taxation procedures and the timeliness of payments. Visit banks and find out the terms of opening a debit account, lending rules. Write down any preferences you can count on as a new business. A sound business organisation is key to success. How much it costs to open a business in Europe The cost of opening a company depends on the chosen location, the type of business, the equipment costs and the investment required by the government. Don't forget that taxes are also an expense. There is no one-size-fits-all answer to the question of the cost of starting a business in Europe. Each type of business is valued differently. For example, opening a small café in Poland will cost 10,000 euros, and that is the minimum. In France, for a similar café, you have to pay five times as much. Buy a ready-made or open a new one? Such a question arises for many entrepreneurs. Not everyone can spare the time to start a company from scratch. That is when the idea of buying a ready-made business comes up. The idea has a right to life, but deciding on such a deal, study the possible risks. In most cases, a company is sold due to unprofitability. Less frequently, for personal reasons or for a better offer. Keep in mind that: the low value of the company may indicate a complete obsolescence of equipment, which will require high costs; in many countries, the purchase of ready-made business does not give the right to long-term stay in the country; underpricing may characterize the loss of the company due to unlucky location or similar factors; legal problems, errors in registration of property objects - also a reason for low value. Gather as much information about the business you are interested in, hire consultants, talk to local people. Meticulousness will more than pay off. How European visas for business people are made out For acquaintance with partners, negotiations, conclusion of contracts and deals, an entrepreneur will need a special visa providing for such activities. Visas for businessmen are subdivided into: business (negotiations, conferences, trade fairs); commercial (signing of documents, negotiations with suppliers). Detailed information on terms, necessary documents and requirements to the applicant you can find on a site of consulate of the country where you plan to go. It is possible to open a profitable business in Europe. All you need to do is follow the procedure and choose the location of your company responsibly. You should have at least three countries on your list, this will give you the room to manoeuvre in case of unforeseen difficulties.
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