4 mistakes business owners make
1. Doing it all alone
When opening a business in Europe, there are several bureaucratic procedures you have to navigate, along with unfamiliar laws and regulations that might differ significantly from your native country. Even without the language barrier, it is daunting for anyone to sort through and take care of all the paperwork. Attempting to do it all alone will likely result in mistakes, frustration, and takes valuable time from what you should be focussing on: business development and planning.
An experienced accountant knows exactly what challenges businesses like yours face: how to navigate the VAT regulations in Europe, how to issue an invoice in Hungary or how to comply with strict regulations. An immigration specialist has experience with what kinds of documents you need to get a Schengen visa or how to obtain permanent European residency.
2. Not doing market research
Even though you successfully run a business in your country, the circumstances in Hungary might be very different. Is the product or service as popular as in other countries? How price-sensitive is your customer base? Have your potential competitors covered the existing demand, or is there room for expansion? Thorough market research can help you make well-informed decisions and save you from nasty surprises.
3. Not having a written contract
Shaking hands on a deal after a pleasant business meeting might seem enough, but having a written agreement in place will definitely work in your favour. You’ll avoid potential misunderstandings and forgetfulness, and you’re more likely to think of important details. The safest way to go is to have your business agreements looked at by a legal professional, as an experienced lawyer will help you avoid potential problems and points of conflict before they arise.
4. Putting all your eggs in one basket
Relying on revenues from one big customer is a good way to kick-start your Hungarian company’s activity, but it might not be enough in the long run. What if they suddenly find a better supplier, or even stop buying the product altogether? Turn to a specialist to boost your marketing activity, helping you acquire more partners and securing a steady influx of revenues.
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