With France widely regarded as one of the strongest economies not only in Europe but in the world as a whole, it is no surprise that you can easily find many people looking to start a business in France. All sorts of professionals – from a Master in Public Health to a Master of Accounting – aspire to be able to put up a business that taps into the potential of the French market. In this post, we will talk about some of the most important considerations in order to successful start a business in France.
First, look into the regulations that govern the industry where you want to put up a business. France is known for significant government intervention in many business matters so even something as simple as offering Information Technology degrees can be fraught with bureaucratic red tape. Still, there have been significant strides to this end done in the last few years and a definite relaxation of the regulative powers of government has been in full swing so one shouldn’t worry as much.
Second, scout the competition that might lower your profit margin. Fashion and winery, for example, are the bread and butter businesses in France and starting a business in this sector is very challenging. Conversely, forays into the French education system might be more successful because of lack in competition. Companies that offer a Project Management degree online or online Masters Degree programs in general are not as common and should be assessed for business feasibility.
Third, summarize your feasibility study reports taking into account potential cost like insurance, taxation, manpower, overhead expenses, advertising, office rental, office equipment and the likes. Even if you are offering virtual services like computer science degrees online, you will incur overhead costs such as server fees, programmers, VoIP, teachers and the likes. Failure to take these into account exhaustively oftentimes compromises the profitability of a business.
Fourth, business permits are very important towards a successful venture and regardless of your chosen industry, you should ensure 100% compliance with all the regulations. Likewise, recent changes in French laws have created many benefits and exemptions for business owners including exemption from social security contributions for up to two years from the day the company is put up. Obviously, you do not need a Master of Social Work or someone with a finance degree to tell you that exemptions are important to improve your bottom line.
For a thorough approach to compliance on regulations, you will need the services of a lawyer and an accountant to advise you how to properly register your business. These are professionals whose work is consultative in nature so you will have to spend to get their opinion on regulative matters. However, it bears no need for emphasis that legal compliance is a non-negotiable commodity when starting a business.