Why Europe?
Growing your business in Europe can bring your company a wealth of perks. Europe provides economic stability and fertile ground to grow your business. Whatever your business goals are, European expansion can help you diversify your products and services, find new customers, and grow your revenue streams.
European expansion is no longer only for big corporations. SMEs, start-ups, scale-ups, remote-first businesses – you name it. All can tap into the European market if you know how to do it correctly. Read on to find out how you can grow your business in Europe.
European expansion is also a great way to source the best talent. Particularly with the rise of remote work, you can easily reap the benefits of global employment.
But you still need to know how to navigate the various challenges that you might face along the way. Here we clue you in on how remote employment could be the perfect strategy to grow your business in Europe.
Why Grow Your Business in Europe?
If you grow your business in Europe, you can access an incredibly diverse market, great infrastructure, and affluent customers. The EU and many local cities and countries have also been working on incentives and simplified processes for foreign businesses to set up shop in Europe.
Customers, however, are not the only perk of European expansion. You can also tap into a highly educated talent pool. Global employment in Europe will help you diversify your company culture, bring your team a range of expertise and skills, and build the right products, services, and business strategies in your selected markets. Let’s break this down further.
Access to a Diverse Market
Europe is home to a diverse market. The region is economically interconnected, particularly through the EU, EEA, and Schengen agreement. But it is also extremely diverse. Regional differences vary greatly, allowing you to pick and choose the right place, economy, and population to build your European expansion.
Access Top Talent with the Right Skills
To grow your business effectively in Europe and globally, you need access to a diverse talent pool with the right skillset. Europe can offer you just that. You can set up a physical office space or simply grow your remote teams. Many countries are making new provisions for remote employment, such as Belarus, to help companies stay compliant. You can employ your new European talent remotely and develop a remote work culture.
Opportunity to Save Costs
By having a business base in Europe, you can save on shipping, transportation, and manufacturing costs. While the initial investment may be high, European expansion could really help you build your products, services, and brand in ways you wouldn’t otherwise have considered.
Customers, however, are not the only perk of European expansion. You can also tap into a highly educated talent pool. Global employment in Europe will help you diversify your company culture, bring your team a range of expertise and skills, and build the right products, services, and business strategies in your selected markets. Let’s break this down further.
Cultural Differences Across Europe
Europe is linguistically and culturally diverse. You will have to adapt your products and services in all the countries where you want to access customers. When building your global employment strategy, you also need to consider how employees in different countries will have different expectations and different ways of communicating. From when to take lunch breaks, onboarding, and how to approach customers, to linguistic barriers – these differences need careful consideration when planning your European expansion.
Not All Countries Are Part of the EU or EEA
While free movement of goods sounds perfect, you also need to remember that not all countries in Europe are part of the EU or the EEA. You will have to look into your home country’s individual tax and trade agreements with your target country to figure out how you can sell your products and services compliantly.
Legal Compliance Can Be Complex
While the EU and EEA agreements provide some uniformity across signing countries, there are still many legal differences on how a business can operate. This includes remote work and remote employment regulations. Wherever your employees are based in Europe, you will need to consider individual countries’ working hours, paid leave, and wages, among many others.
Customers, however, are not the only perk of European expansion. You can also tap into a highly educated talent pool. Global employment in Europe will help you diversify your company culture, bring your team a range of expertise and skills, and build the right products, services, and business strategies in your selected markets. Let’s break this down further.
Is European Expansion Right for Your Business?
Whether European Expansion is right for your business or not depends on your business goals. With a careful strategy in place, you can grow your business sustainably. Take your time to evaluate how much you are able to invest in business expansion at this point. Then you can plan where to start.
You might want to begin in a specific country where your product or service is particularly relevant. Do your market research and find out where your potential customers are and who they are. Then tailor your brand, products, and services to their needs.
You should also invest in proper research into legal compliance in the country where you would like to grow your business first. Find out what options you have as a foreign employer.
You also need to look into local employment law and practices. With the right remote team on the ground, you will be able to reach your customers in the right way. While your own company culture is important, respect your employees’ local business and working practices as well.