How To Start A Profitable Business In Malta
Fondly called as the traveler’s Mediterranean paradise, Malta is also one of Europe’s booming economies. Its taxation and legal system is among the most advantageous in EU, making it attractive to both local and foreign investors.
Are you now considering doing business in Malta? If you are, do your research as early as now, especially on where to buy a property in Malta, the kind of company you like to establish, and the marketing plan. Specifically, here are the ways to make your enterprise profitable:
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Conduct a field study. Business is exciting, and the thought of making a profit might push you to make hasty decisions. Before doing anything, be sure to visit Malta and conduct a field study. Know the culture and preferences of the Maltese. It’s also important to know your competition. You should look for answers to these questions when doing your field study:
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What type of business should you open? Would you like to open a sole proprietorship or corporation?
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What are the businesses that offer the same services or products as you?
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How are you going to market your company to get ahead?
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Ask expert support from the government. Unless you’ve had many years of experience as an entrepreneur, starting a business is challenging. To make sure your start up will be launched the right way, seek government help for the following:
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Financial Aid – This is most useful if you need to pool more money for your company.
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Business Plan – Success in business actually lies on how well you’ve planned for it. To ensure a realistic plan, collaborate with government authorities when creating your business plan. By studying the island nation properly, you’ll know when and where to source suppliers and buy a property in Malta.
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Legal Advice – The Maltese government also provides consultations about the legalities of companies, especially the B2B guidelines, employment contracts, licenses, and shareholder agreements.
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Financial Advice – You should also consult a financial expert for the taxation rules, commercial property rates, utilities, and labor cost.
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Prepare all your documents and apply for licenses and certificates. Once you’ve planned out carefully, start applying for the licenses and certificates for your company. This might include your license to operate. Remember that you might be required to undergo different evaluations depending on the type of business you’re going to open. If you’re venturing into the hotel and restaurant, you might need to schedule an ocular inspection for your bistro. Side note here, if you consider opening a pub/bar, restaurant or a bed and breakfast, keep in mind – location location, location…. St Julian’s is the busiest place in Malta where most tourists and locals hand out in the evenings.
Or if you’ll open a manufacturing company, you might need to set an inspection of your facility, especially on whether it is worker-friendly, tidy, and safe.
Quick tip: To speed up your application process, it would be wise to hire a local agency who knows the ins and outs of processing documents.
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Start executing your business plan. Are you now confident in the behind-the-scene details of your business? If you are, it’s time to open your company to the public. Make the launching memorable by using different marketing campaigns. During the first years of your company, be sure to track the following:
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Sales, profit, and debt – Be sure to know how your numbers are fairing.
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Performance in relation to the competition – Conduct a Strength, Weakness, Opportunities, and Threat (SWOT) study to allocate your marketing cost wisely.
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Stakeholder Relationship – Be sure to submit regular reports to your investors (if you have any) on the financial performance of your business. Collaborate with the locals on projects that will benefit the community. And most importantly, send an effective feedback system that will allow your customers to rate you. All these will contribute to your branding that will help you build your credibility.
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Although there are a lot of factors and aspects to consider, the four steps outlined above will help you get started in your venture in the right way. With expert help and effective research, you’ll know where to purchase a property in Malta and when to open your branches to maximise seasonal peaks.
Lastly, there’s no one-size-fits-all strategy in business. Making a business profitable is really just about taking charge of all the details, especially prior to the formal launching.