The article gives you information on Starting A Small Business Venture In Spain. Spain provides a good deal of opportunity to small and mid-sized entrepreneurs (SMEs) wanting to set up their business across various industry segments in the country. There are certain essential steps for SMEs to set up their entrepreneurship in Spain. Let us briefly go through the process.
Hire an attorney – SMEs have to face innumerable business challenges. It is therefore essential to hire an attorney with whom you can discuss the various business fundamentals. He should be able to guide you on areas such as getting the right capital, promotional and marketing strategies and facilities you can get as a business owner in the country.
Seek an identification number – if you wish to start any business in Spain, get the N.I.E. number or the identification number to conduct your business. This number is required even as a proof of identification even when you rent or purchase a property. You can collect it from the local police station.
Get an open license – The local administrative authority in Spain gives SMEs an open license to conduct business in a particular city or town in the country. The open license will enable you to define under which segment your business falls and the area where you have the autonomy to operate.
Register your business – You can register your business with the Social Security Office. The money you pay for the registration depend on structure and nature of your business. With the help of the registration, you are entitled to certain facilities such as housing allowance, healthcare facilities and so on.
Scout for venture capitalist – in Spain as the initial cost of setting up a business is very expensive. Moreover, SMEs require a constant capital flow for upgrading infrastructure and hiring manpower. so try to look for VCs for the initial funding.
Start with franchising – In Spain, where initial investment is very high for starting a business, one great option is to look for a franchise business. Most SMEs engaged in franchising achieve success in the country, especially among the expat community. It is not only a safer bet, but involves low capital and yet help you make a mark in the market.
Learn Spanish – SMEs often have to deal with local clients. Therefore, a good knowledge of Spanish is required because most of your clients will prefer to communicate in Spanish. One smart way to pick up the language well is by getting enrolled in a Spanish language schools that offer crash courses or diplomas in Spanish language.
Going for insurance cover – To safeguard your business, it is absolutely necessary for SMEs in Spain to opt for an insurance cover. There are a number of insurance firms in Spain that offers policies to small businesses. Policies such as product liability insurance, omission insurance and property insurance would protect you against various damages that affects the top and bottom line.
The SMEs are a backbone of the Spanish economy and if you are in the right business, you can even sit on a goldmine if you know the right business protocols to operate in the country.