In the business world, it is essential to know exactly what you want and how to get it. Furthermore, you must like what you do and dedicate yourself 100% if you really want to be successful. In my opinion, an English man who started a business in Hungary, if you seriously take these aspects into consideration, you will certainly make your dream come true. Here are the challenges of doing business in Hungary.
It is very important, that once you decide to move to another country, you learn the language. This is very important if you really want to be a professional. The Hungarian language can be quite challenging for many people, but it is actually easier to learn than you would expect to be. You just need to be persevering and serious, and you will be able to learn it in a short period of time, at least at the conversational level.
Politics and Economics
Due to the fact that this country has an open and small economy, it is very sensitive to external development. After the economic crisis that took place in 2008 and 2009, Hungary’s economy recovered slowly and it is expected to expand next year, in 2009. Its growth will actually be determined by both investment and consumption. Therefore, if you plan to start a business this year, in 2017, you must take this aspect into consideration.
Even though Hungary doesn’t force you to hire local directors to your company or have a local associate either, you will have some problems in hiring people, if this is what you want, due to the fact the unemployment is at the moment at a record low. It is very hard to find skilled employees who can help your business to grow. However, this situation seems that it has improved since the economic crisis, and Hungary is very optimistic regarding the following years.
One of the biggest challenges of Hungary at the moment is the unregistered employment, especially when it comes to the construction sector or the farming one. The hotel industry also has some problems, but things have definitely improved this year in comparison with 2016 and 2017.
If you still want to start a business in Hungary, then you must know what the risks are. The crime rate in Hungary has slightly decreased, but fraud still remains a problem. Street theft is similar to what other countries from Europe face. The police and ministry put out a lot of effort over the years to tackle trafficking, but this is still an issue that remains a concern.
A few years ago, renting a flat or an office wasn’t expensive, but the prices have increased over the past few years and this is definitely a big challenge for anyone who wants to move here and start a business. However, if you are lucky enough you can still find some places to rent with discounts for newcomers.
All in all, this is the information I want to share with you from my experience and from what I have learned since I am living and working here, in Hungary.