Legal and Finance Finance Tips on Setting up a Business in Greece
Tips on Setting up a Business in Greece
Are you thinking of setting up your own business in Greece? You may be wondering what kind of business to set up, what type of people you want to deal with and whether you want your business to appeal to tourists, locals or both. Setting up a business can be a risky game so you have to do your homework. Although we can't tell you exactly what type of business you should start and what will earn you the most money, we can tell
you what to avoid and how to succeed. To succeed in business, either at home or abroad, you need to have a bullet proof plan that is not going to fail at the first hurdle. Need some inspiration? Then take a look at our tips on setting up a business in Greece.
Know Your Market
Think of who you want as your target customers, if you want to appeal to certain customers more than others, make your business that way. Some people try to avoid getting involved in a business where the target market is other expats and tourists, because they are more likely to return home and leave Greece compared to the locals who have lived there their entire life. Find out what your potential clients want and what they don't want. Ask them what the area might need, is there anything missing, what would be a good business to set up. Getting on the side of your potential customers is the key to building a successful business, especially when you have the support of clients and the public.
Avoid Repeating Someone elses Mistakes
How often do you hear that people move abroad and start up any of the following businesses?
Property Management
A shop selling imported goods
Hotel
B&B or Guest House
Bar or Restaurant (that appeal
Unless you can guarantee that you can start up one of the above businesses but with a difference, it is better to stay clear and not to go down that street. So many people decide to start up these types of businesses but fail within the first 6-12 months because they are repeating someone else's mistake and over populating the market with a particular service that doesn't have such a high demand.
Do Your Research
Before diving in to a new business project, ensure that the product or service that you are trying to sell is suitable for the area, country and the people living there. If you are having to import or make the product, work out the costs of buying or making it and calculate how much profit you will make. If you can't guarantee on making a profit on a regular basis, then stop now before you lose out. Check with the Greek laws to know your rights on setting up a business in Greece and what laws you need to abide by. Ask yourself whether your product or service is something that people are going to need regularly or not so often, then ask what will you do when you have fewer clients. How many clients do you need per week to break even? Although you may have thought through most of your plan already, you can never be too sure when it comes to business, as you usually always forget something and that one thing may cost you everything!