18.02.2022

HOW MUCH TIME AND MONEY DOES IT TAKE TO START A BUSINESS IN DIFFERENT COUNTRIES?

Many people around the world dream of pursuing their ambition to own their own business, but a relatively small number of them are taking real action to make that dream a reality.

One of the most common reasons for postponing this decision is the lack of sufficient start-up capital. In some countries, however, this process takes a relatively short time - literally hours, according to a study by money.co.uk.

The publication tries to understand how long it takes people in different European countries to work full time to afford the start-up costs of starting their own business.

To this end, experts take into account the minimum administrative costs of setting up a small or medium-sized enterprise, which are listed in the World Bank's Doing Business ranking. They then compare them with the average salary in different countries.

The British, for example, have to work only 1 hour and 21 minutes to earn 14 euros - the amount needed to start their own business.

In second place is Denmark, where you have to work 6 hours and 6 minutes on average to cover the start-up costs needed to start your own business.

The Republic of Ireland is in third place - 1 day, 1 hour and 47 minutes is the time that Irish people will have to work to have enough funding for the start-up costs needed for an independent business venture.

In Romania (1 day, 7 hours and 3 minutes), Sweden (2 days, 1 hour and 41 minutes), Lithuania (2 days, 1 hour and 54 minutes) and Finland (2 days, 6 hours and 26 minutes) are needed less than four working days to finance the costs of starting your own business.

Bulgaria is on the 18th position in the ranking, which includes a total of 35 countries. Bulgarians have to work 1 week, 2 hours and 49 minutes to accumulate enough start-up capital to finance their business idea.

At the bottom of the list are Italy (11 weeks, 4 days and 5 hours) and Albania (11 weeks, 3 days and 7 hours).

Money.co.uk personal finance expert Salman Haki also offers some valuable guidelines for start-up entrepreneurs:

The first is to make passion and inspiration your priorities.

"Sustainable long-term success is easier when you're emotional about what you're doing. This principle is especially true in entrepreneurship," says Haki.

The second important step, he said, is to seek expert advice.

"As with starting anything new, you can make your life easier by connecting with reliable entrepreneurs for potential mentoring opportunities. On social media, it's easier than ever to do it. The valuable advice of these people could be shed some light on the techniques, business planning and legal specifics of the relevant laws and regulations," said the expert.

According to him, the third important thing is to find a balance between business management and personal life. Starting a company is undoubtedly a very stressful process, because it all depends on the entrepreneur.

This is why many people find themselves in a situation that causes them to neglect their physical and mental health, and this is never a good decision.