Are you planning out to expand a business globally? Spain is one destination that’s not missed when growing a company. It is a highly developed and fast-growing nation. As the second-largest country in Europe and the third-largest country for expanding and growing your business, Spain is an invigorated land, having a central location between Europe and Africa, establishing the opportunities for your business to grow.
The reasons to expand your business and to grow it to Spain are easy to understand, but even though it seems logical to take the decision, it becomes more challenging when executing and actually making your company a success in a foreign country. The process of expanding a business will become simple when you choose the right partner to assist you on how to grow a business in Spain and work till the end of the business growth.
Reasons To Grow Your Company In Spain
Here are some highlights of why you should expand your current entity to Spain:
- Spain is the fourth-largest economy in the eurozone. Its stable economy is its strength and its potential for business growth.
- As a member of the EU, businesses operating in Spain can take advantage of free trade and may also benefit from trade in the single currency, the Euro within Europe.
- Spain is considered a business hub for trade and international business.
- Advanced IT and communication leader, perk to strengthen and expand business in Spain.
- Country focus on Research and Development, as well as pro-startup legislation, in order to promote, attract and retain talent, investments and startups scalability.
How To Enter The Spanish Market?
First of all, it is important to understand the Spanish intrinsic peculiarities when it comes down to business, here are some tips for entering the Spanish market with ease:
- Country language: In Spain there are several languages spoken, such as Spanish, Galician, Basque, Valencian/Catalan, etc. However, the official country language is Spanish and it is spoken all over it. So when it comes to preparing your website, communication campaigns, and other advertising materials it is mandatory that you adapt it to Spanish. At a business level, English tends to be spoken in general, but if you really want to do business in Spain and close a deal with a potential partner as an example, it is better if you speak Spanish, in order to create the proper approach.
- Spanish way of doing business: In Spain, we value meeting people in person. It is well known that Spanish people like to interact, get to know each other and have long conversations before closing a deal. Because of this, doing sales in Spain can be different from doing business in other European countries.
- Bureaucracy processes in Spain: This is something that normally drives foreigners crazy. While Spanish people are used to it, new companies might struggle at the beginning with its processes, steps and documentation that needs to be arranged. This bureaucratic process also tends to be time-consuming, especially if you are not familiar with it. This is one of the reasons for hiring the services of a company that can take care of the paperwork.
- State’s composition: Linked with the languages spoken in Spain, it is relevant to mention that the country is based on regions, called autonomous communities. This means that there is a strong regional identity, and it can happen that there are certain differences between them, such as subsidies to apply for, rules or regulations, etc. This is something really important when choosing your office location.
- The need of the country manager: Because all of the above explained, the figure of the country manager is highly recommended to be added to your organisation. This can be done by hiring a person and adding this new member to your team or by outsourcing it by hiring the services of a business development firm specialised in the Spanish market.
Advantages Of Counting With A Partner When Expanding Your Business To Spain
Companies decide to move abroad for many reasons, including to pursue markets to acquire new resources and reduce risk. However, the decision to move to a new foreign market introduces a whole host of important questions.
One of the fundamental subjects you will want to consider is how will you enter the Spanish market? This is an important question because when entering a foreign market, companies experience what is referred to as foreignness liability.
To manage a company’s liability of foreigners, companies need to consider whether they will enter the Spanish market by themselves using their own resources, networks and people, or if they will enter the market using some third party vendor or intermediary. Intermediaries are what you might call a transaction specialist. These are companies, like Gromi, embedded in local markets that possess specialized knowledge of the local market’s political, economic, social-cultural, and technological differences.
Not only do intermediaries help foreign companies decrease their liability of foreigners, but business development firms also allow the company to create new relationships and customise content for the Spanish local market. With that greater awareness comes more connections and ways to sell the product or service directly to the right target in Spain. These are the biggest advantages of counting with a partner when growing a business in Spain.
What Are The Services Of A Business Development Firm?
Working with a professional service provider is an arsenal, one’s own in their business growth. Experts know the market condition and work accordingly to grow business and ensure guaranteed results. Following are the top-notch benefits for working with business development professionals:
- Develop a conceptualized and goal-oriented business model keeping all the details of the Spanish market.
- Expanding business by keenly identifying customers, segmenting them, and defining ways to approach them.
- Risks, opportunities, success are part of the business. Business developers carefully do market research in order to open the doors of business growth.
- Working with Gromi helps you explore all the ways of accessing business in Spain, from how to why and when and where. We define a complete value proposition for your business, keeping in mind the nitty-gritty of culture and way of people.
If you want to know more about how to grow and expand your business to Spain and boost your sales in the Spanish market, feel free to contact us. We are happy to help!