What questions should you be asking when it comes to setting up your business in France?
Many clients and potential clients reach out to me for help with their business project. Frequently, it’s part of a more extensive immigration and residency file, and we need to get them a business liberal visa or talents visa. To start with, they think they ‘only’ need one bit of information, but as soon as I start asking the right questions, we soon find out that the project is much bigger, and they need help with healthcare, moving logistics, business creation, and so much more.
For this article, we will concentrate on the business aspect. More often than not, people who want to start a business in France will wait for the right moment, for the right financial situation to be sure that it’s going to work. Then they start asking questions, go on forums, speak to friends and relatives…
And all of this is wonderful, but what happens when they cannot get an answer to an important question?
- No decision, we tend to procrastinate and once again put off our decision until the ‘right time.’
- We overthink it, and we tend to put obstacles in our way. I can’t do this. I’m not good enough. How will this work? I need to wait. I can’t afford it now.
I see this repeatedly, and I hear it regularly, not just in business but with many relocation clients ‘if only I’d met you before I came to France’ and why did I wait so long.
As a result, a consultation is booked, and what follows is a series of questions that I ask my client to understand their real objectives so that we can work with them to make it happen. We often need to work on their business objectives, financial objectives, and of course, all the other paperwork they may need in France (healthcare, taxes, driving licence…). You get the picture!
Financial Instability
Investment Of Time
Do you wonder if ‘now’ is the right time or if you have enough time to do this? Time is the most expensive commodity; we all know this. We cannot buy it back. Ask yourself the question, ‘If now is not the right time, when will it be? Once again, plan out your schedule and dedicate pieces of your time to your project, bring in an expert, outsource, talk with friends, colleagues and then decide.
Fear Of Failure
What Legal Structure Should The Business Have?
Often people get ‘stuck’ due to a lack of knowledge. Should you create a micro-entreprise (auto entrepreneur) or a larger structure. What are the structure’s tax implications and social contributions, and which is most suited to your project?
It is expected that you won’t have the answers to these questions, as this is not your area of expertise, so don’t panic. Just reach out to us at the LBS team or to someone in your entourage who can give you the correct answers to those all so important questions. To decide on a legal structure, we always ask the right questions first, and so should you.
Take that first important step and book a direct consultation with Tracy Leonetti to discuss your business project and how we can make it happen for you. If we can’t help you, we will surely know someone who can.
Now take a deep breath and pat yourself on the back for taking that first baby step to reach your goal.
