If you have built a successful business and want to take it to the next level, it may be time to consider expanding to Europe.
Such an important move may seem counterintuitive in the wake of Brexit, but while it presents a fair share of obstacles, it is still viable and potentially even profitable. However, European expansion has some particularly attractive advantages if you are willing to overcome these obstacles. These include easy access to a vast market and a highly educated workforce.
If you are confident that your business has a strong enough foundation and sufficient financial foundation to make expansion in Europe achievable and worthwhile, the most important considerations before you begin are: Read on to discover some of the key elements.
Research is the key to successful expansion
Conducting market research in Europe is the first and perhaps the most important step to take before starting any business expansion. You need to make sure there is enough demand for your product or service to make moving a viable option. You also need to educate yourself about your European competitors, how they are fighting and what kind of marketing strategies they are using.
A thorough understanding of the land’s lies makes the expansion far more likely to succeed than a poorly prepared one.
Consider local laws, taxation and compliance
Now is the time to expand your business to Europe. This may look in Europe particularly challenging, but with the right amount of research and preparation, it’s still achievable.
If you want to avoid penalties and stay on the right side of European law, it is essential to familiarize yourself with the local regulations regarding compliance and taxation, as well as the more specific laws relevant to your particular sector.
Partner with local players in the industry
When it comes to expansion, some companies choose to do it alone and set up new branches alone. However, some companies have decided to take a more collaborative approach and partner with local players in the industry.
While the latter option comes with some unique hurdles, having a local partner can also bring some real benefits as you can have insider knowledge and assistance with all aspects of setting up your business.
Speaking of setup, creating your own European business bank account is also important. is recommended. Financial technology experts such as Silverbird enable you to: Open an international bank account with a quick and easy processso whether you want to know how to open a UK business bank account for non-residents or to accept multiple currencies, they have the solution.
Prepare for unexpected challenges
Expanding into Europe is a thrilling prospect and could offer many opportunities that we might not have otherwise grasped, but it is still important to prepare for the worst during the expansion process. You should have a contingency plan in place to handle the various obstacles you may face.
These are hard times, after all. The aftereffects of Covid-19 are still there and Brexit brought about many changes in the way business is done across borders. The conflict in Europe is also affecting businesses across the continent, especially regarding fuel and energy costs.
As a result, while it is important to stay positive and seek out new opportunities and collaborations on European soil, it is also wise to be prepared for a range of challenges. This will give you the best chance of a successful expansion.
Focus on the long term
Finally, on a related note, we encourage you to focus on your long-term goals as you pursue your European expansion. Expect immediate profits and success in these uncertain times. may not be realistic. However, focusing only on achieving short-term goals can make it difficult to allocate resources wisely and neglect the more basic task of consolidating its position in Europe.
By choosing to focus instead on long-term results and building a strong reputation in new locations, you can lay a stronger foundation for your business. It may and will undoubtedly pose some serious roadblocks, but with the right preparation, perseverance, and resources, it can be one of the best business decisions your company has ever made. could be one.
