Business Ideas in Budapest

Abo Lamees wrote:

Hi Every one ,
                       Me & My Family Have Permanent Residency of Hungary , Can any one help us to guide which actually start Business in Budapest with 100k(100,000 Euro) ,Because i don't have an idea in which business should i invest or start That i can earn reasonable profit so i can fulfill  my family expenses , Actually right at the moment i am in Saudi Arabia and currently i am in field of sales of building ,Construction & Hand tools Business   and want to Move there in Budapest with family , and i was there in Budapest once for 9 days OR If any one have better idea for investment , please share your views Thanks .

Do you speak Hungarian?

If not, then business options are quite different than if you do.

hi Klsallee
                      Thanks but Unfortunately i don't know Hungarian Language , so do you think ? with out Hungarian Language i am not able to do invest or Business ? Actually i never been in Budapest except 9 Days in Vacation in this July 2017 .

If you do not speak Hungarian, having your own retail store where you do business is then a significant issue. Yes, you can hire staff to run the store. But do you know anything about Hungarian labor law? When and if you can fire an employee, and under what terms? And even finding competent employees may be a problem. just yesterday I was in a tool store, and asked (in Hungarian) if they had drill bits for stone. "No", I was told by the clerk. Then I looked at the rack, and there one was (labeled in English, German and Hungarian -- "Stone"). I showed the clerk. He had quite a surprised look on his face. Also, you have to have an accountant (it is required by law). Finding a competent one that speaks fluent English is not easy unless you pay one of the International firms, then it is not inexpensive.

Also, nine days gives you no idea of the local social and business culture if you want to instead partner or invest. It can be dog eat dog here. Interpersonal relationships are critical here in business, and those take years to develop. Most successful businesses I know are run by families only, because no one outside the group can be trusted (but sometimes not even family can be trusted). Any weakness you have can be exploited. And not speaking Hungarian is a significant weakness. A business partner or investing group may treat you fairly, or only see you as a mark to take advantage of. You would never know as you probably would not be able to check the books and don't know your legal rights, etc. You can hire a private attorney and bookkeeper to keep tabs on things for you, but those are additional expenses, and quite frankly, you will never be sure they are really "on your side" or business partners'. None of what I said is just conjecture. Actually seen it happen.

So, if you want to start a business in Hungary I recommend one you can personally control and run. Which due to language issues I would not suggest a business that actually does retail or wholesale business in Hungary. Import/Export is one suggestion. You do not even have to import/export to and from Hungary, just have your business base here. Import/export from other sources in the EU or around the globe.

That is just my experience, and just my suggestion.