The limelight is on government hurdles hindering start-ups in Luxembourg. A lot of this focus is on the cost of funding a SARL or SA, but legal challenges continue to affect entrepreneurial success long after its inception. Strict HR regulations produce risk in staff investment, which in turn slow down business growth.
Here are some tips for new businesses to work around these challenges:
– Consider expertise you will need in the future and hire the person you will need tomorrow, instead of the one who fits the bill today
– Start by outsourcing work you will one day have done in-house
– Develop a virtual organization of experts who you can call on as needed. As well as building ‘bench strength’ it cuts down on office space requirements
– Seek professional guidance to create a long-term staff strategy to ensure you have a plan to manage the regulatory hurdles.
Read David Bernstein’s editorial about the challenges in the Luxembourg Start-up scene here: