Starting a business in Europe is the dream of many Americans. This is because there is plenty of untapped potential across the continent, and it can be an exciting venture. At first, many Americans are put off with establishing a business in Europe, as they don’t know where to begin. Continue reading as we will cover some things that are useful to know before you get started!
Different Cultural Expectations
The first thing you need to know before setting up in Europe, is that the continent is vastly different from the States! Back in the States, you will be familiar that there is a difference between the south and the north of the country.
While there is a difference between areas of America, there will be nowhere near as many differences as across Europe. There are many cultural patterns of Europe that you need to be aware of. In particular, you should research the culture of the country you’re looking to start your business in, to begin with.
Local Currency And Economical Demands
Any American looking for success for a business in Europe must understand how the economy is here and understands the currency here. While operating in America, you will know that you only dealt with dollars, perhaps one or two other currencies. In Europe, most places wouldn’t accept the dollar, or trade-in dollar unless absolutely needed.
While doing your initial research, you may have noticed that many countries in Europe use the Euro as their currency of choice. It’s important that you do further research on specific countries, as certain countries will have their own currency. For example, Albania uses the Albanian lek, and Russia uses the Russian ruble. While many European countries, especially those within the European Union, will use the Euro, it’s not guaranteed. Do your research and speak to local experts.
If you plan on operating in the UK, then you can trade in Sterling, and sometimes the Euro, depending on what business you’re working with. If you wish to operate here with success, then it will be a good idea to open a UK business bank account. Financial institutions such as Silverbird can help you set up a UK business bank account for a non-resident. You will then be able to use this account to trade and set up payments and receive payments through the account.
Marketing And Advertising Needs
As an American looking to get set up and established in Europe, it’s crucial that you understand the difference in how to market and advertise here. While the rules and regulations don’t differ massively, it’s still important for you to ensure you are following the laws. Do your research and read up on famous marketing case studies across Europe.
As mentioned above, there are many countries in Europe. With 45 different countries on the continent, it’s likely that each country will have different ways of approaching marketing and advertising. This means you need to change up your marketing strategies, and perhaps employ local marketing experts who can provide you with local expertise. The last thing you want to do is market a product to a country and accidentally insult its culture through some insensitive advertising. It is unlikely this will be something you set out to do, but it may accidentally happen if you don’t understand the local culture.
