Weekly Tip 1 #LocationAustria: Mistakes to avoid when expanding to Austria

© Julius Silver

Some companies expand without focusing enough beforehand on their strategy and the choice of the right foreign business location. What should you consider in advance?

Whoever takes the step to locate in Austria needs more than just a good product and the wish for corporate growth. Above all, a business plan is required to ensure that the initiative is successful. In addition, a good business plan offers the basis for convincing potential investors and keeping track of how things develop.

“Whoever wants to be well prepared should be ready for future eventualities” is the advice given by Birgit Reiter-Braunwieser, Director Central and Eastern Europe and Russia at ABA – Invest in Austria. “The business plan should cover at least three potential scenarios. Small companies in particular frequently underestimate this.” It is also important to specify the nature and scope of the business activities planned for the new business location. What will be done at the headquarters in the company’s home country and what will be carried out by the new foreign subsidiary? Sales, production, marketing, R&D? In this regard, expanding to Austria should be considered in the same way as setting up a new business.