It is easy to dream of having a successful company, restaurant or whatever a future entrepreneur is thinking of, but some steps need to be followed in Portugal to make this work.

Have an idea

Firstly, a person must think about what they want for their company. Instead of having one idea, there must be a lot of ideas, to fit every possible scenario. Then market necessities should be studied, and the objective of the business and the product must also be noted. The future entrepreneur must also consider the target audience.

Get to know the law

Each country has its own rules when it comes to starting a business. The person who wants to follow their dream of having their space must know all the rules the country implies. The easiest way is to find support in Portugal is at an “Empresa na Hora” help desk.

For €360, the professional in the assistance counter will give all the details needed to open a company and start a business. The company must have a name, which does not need to be the name of the shop or restaurant the entrepreneur wants to open. It is necessary to choose an Official Accountant Technic and bring all these documents: Cartão de Cidadão or Bilhete de Identidade, Passport or residency authorisation. The entrepreneur must also indicate their NIF. This is according to Portuguese law.

Spending money

Opening a company and starting a business will cost money. All the accounts must be made before starting the business. People must make sure if it is necessary to ask for a credit or not, as well as evaluate the gains and expenses the company will create. If it is needed to hire workers, the workers' rights should also be evaluated, as all people deserve a fair salary according to the work they are doing. The entrepreneur must take into account that every worker also has two subsidies in Portugal. The Christmas and Holiday subsidy, which are of the same value as the monthly salary. The subsidies, in Portugal, can be divided and included in the monthly salary, or given in total at the end of the year, or contract.

Find the right place

After opening the company, it is expected that the space has already been chosen, as well all the details with the municipality have been dealt with. The place must be chosen according to the evaluation of the market that was mentioned before. Finding a place can be an easy task if the ideas are well organised. For example, if it is a snack bar that is being opened, maybe it is a good idea to find a place next to a high school. Students and teachers may visit a place to have a coffee or even to lunch if the prices are economic and offer a good menu.

Have success

Once the entrepreneur has everything completed legally, has the space, workers and the will to start working, it is time for success. After opening the space to the public, it can be useful to publish on every social media that a new place will be open and ask friends and family to share it as well. Starting with a good promotion or a special menu can be also a good idea. Make sure all the workers are nice and offer an enjoyable experience to every customer.

Starting a business is always a big step in someone’s life, but it can turn out to be the most amazing experience someone will ever feel. It may be challenging, but if everything runs as it is supposed to then it can be very fulfilling.

Author

Deeply in love with music and with a guilty pleasure in criminal cases, Bruno G. Santos decided to study Journalism and Communication, hoping to combine both passions into writing. The journalist is also a passionate traveller who likes to write about other cultures and discover the various hidden gems from Portugal and the world. Press card: 8463. 

Bruno G. Santos