What Are the Benefits of Doing International Business in Greece?

You’ve opened your own small business. The business weathered the tumultuous first years, achieved some stable profitability, and shows some growth. Now, you’re looking at strategies for expansion.

You could always open new offices or branches. Some businesses favor product line additions or new services for business growth. You could also look at expanding into international business.

Of course, expanding internationally means deciding to which country or countries you want to take your business. While Greece may not top your list, it’s worth giving the country a long look. Not sure why?

Keep reading for a look at the benefits of doing international business in Greece.

Costs

Labor costs are routinely one of the highest costs for any US business. While entrepreneurial success depends on assembling a good team of employees, there’s no denying that payroll takes a bite out of your bottom line. When expanding into Europe, labor costs are still a primary concern.

The labor costs in Greece are typically well below the average for the European Union, which provides you a competitive advantage when taking your business into the region.

Education

The Greek population is relatively well educated, with around a quarter of the population holding a bachelor’s degree. Greece also has a strong vocational education tradition. That means you should have no trouble finding employees with the right skill and education to fill roles in your business.

Resources

Greece is a solid source for several important resources, such as:

• Oil
• Copper ore
• Aluminum
• Fish
• Olive oil

If you use these resources in your business, such as for manufacturing or food production, setting up shop in Greece can make sourcing materials easier. Its location in the Mediterranean also means you’ll have an easier time importing necessary materials from nearby countries.

Infrastructure

Greece also boasts a solid logistics infrastructure, which will receive a major overhaul over the next few years courtesy of billions of dollars worth of planned transport infrastructure projects. These infrastructure improvements will make an already solid infrastructure system even more efficient over the next decade.

Greece also enjoys a modern communication system that supports traditional and cellular phone technology, as well as widespread Internet availability for homes and businesses. Of course, setting up shop in urban centers will improve your access to tech resources.

You will, however, want a Greek translation for all of your important business documents and website. While many people in Greece speak English, Greek is the business standard language there.

Taking Your International Business to Greece

As a small business owner, you have options for driving business growth. You can look at local options, but you should consider Greece if you’re thinking of going international in Europe.

You get access to an educated population with low labor costs compared with the rest of Europe. There’s excellent resource availability. You also enjoy the benefits of good infrastructure to support logistics and communication.

Looking for more tips and ideas about taking your business into international markets? Check out the posts in our Business section.