Opening a business abroad is always a challenge: it puts your professional competence and tenacity to the test, creating opportunities for entrepreneurial growth. If your business is gelato, there are plenty of opportunities to be had.
The first rule is to think about the service or product you’re going to be marketing, your potential customers and the characteristics that distinguish your business from the rest of the market. Should you be going for a traditional gelato parlour or a corner dedicated to gelato in a bar? Are you going to be aiming at one-off customers or do you prefer to go for loyalty? Are you thinking of a franchised brand, perhaps in a shopping mall, or is your style more of a display case out on the pavement? These are all questions that you should make sure to clarify at the beginning of the journey, as each answer corresponds to key information that will help you achieve your goal with even greater success.
1. The first rule: funding the business.
The initial capital to start the business is crucial in helping to determine the direction of the business.How much capital is needed to start up, how should you invest it, which areas of strength can help us to establish the route to travel and your cruising speed. Do you have enough funds or do you need external loans? And the question to be asking before seeking funding is whether there are any incentives for specific businesses or geographical areas
2. Studying the business plan.
The business plan is a strategic tool for developing the business and needs to contain some essential elements, such as:
a description of what kind of activity you intend to start up; understanding who will be buying your products or services, and why; making a financial forecast, indicating the capital needed to start up. You can get a personalised consultation at the Chamber of Commerce.
3. Competency screening.
The main step is to understand the market you are working in. Your chances of success will be higher if you have the skills and experience you’ll be needing to start up and manage the main tasks in your business.Otherwise, you can go on one of the training courses offered by firms in the confectionery sector or at the Chambers of Commerce.
4. The competitive advantage.
In a highly competitive market, it’s good to know how to leverage customers and how to use their strengths to stand out from the competition.
5. The financial side, taxes and services.
Open a bank account to register and keep a record of all the transactions in your business. Look for the best offers from banks and building societies and set up meetings with their consultants to discuss your needs.
The ICCIUK (Italian Chamber of Commerce and Industry for the UK) offers this service through its partners.
Your business has to be registered with the Inland Revenue within three months of startup; the government agency will calculate how much you need to pay in taxes and National Insurance contributions.
Once the corporate structure has been decided, the business needs to be registered. The main types of corporate structure in the United Kingdom are: Sole Trader (Self-employed); Partnership; Ltd. Company. There is an information guide about each form of legal status which you can get from ICCIUK.
6. Value Added Tax
If you make annual sales of over 67,000 pounds, you have to register your business for VAT. Contact the Inland Revenue on +44 (0) 845 010 9000, visit their website at www.hmce.gov.uk for updates or ask for some help from ICCIUK.