While looking at an Iceland travel guide you may have come across the business statistics of the country. Iceland may be the smallest country in Europe, but it still has plenty of room to nurture new businesses and make them flourish. Still, launching a brand in Iceland requires an understanding of some local quirks, as well as knowledge of what types of businesses are most likely to succeed there. If you’re thinking about starting your own company in Iceland, or simply want to expand into the country with your existing brand, this beginner’s guide on how to launch a brand in Iceland will help you get started on the right foot—and leave less room for mistakes that could ruin your business later on.
How to Launch a Brand in Iceland: A Beginner's Guide
What you need
Getting your brand off the ground requires more than just plunking down some cash for a Facebook and Twitter account. If you want your business to stand out, you need to do it right from day one. This means picking an appropriate name and legally protecting it (and yourself) by registering trademarks and copyrights. You also need logos, domain names, office supplies, business cards, packaging design, and more—all of which can be acquired through an online logo generator like Logaster or Logogear.
Know your audience
When starting a brand in any new market, you want to make sure you’re speaking to your audience in their language. With so many nuances and slang words that can mean something very different in Iceland than they do elsewhere, it’s important to get a grip on how native residents speak and communicate. By taking time to learn about Icelandic culture, you can ensure your marketing efforts reach consumers in-language. You don’t have to launch a brand without knowing if your audience is even available in Iceland. A good idea could be looking into vacation packages in Iceland and first travelling the country to make the decision.
Consider Hiring an Agent
If you’re planning to launch your business in Iceland and/or abroad, it can be worthwhile to consider hiring an agent or licensing company to get your products in front of stores. These companies are hired by businesses who want their products stocked in shops; they work on commission, which means that their focus is selling. If your business is still new, an agent may be able to generate buzz before you even launch.
Pick your niche
The first step in launching a brand in Iceland is picking your niche. As you’ll see, it’s easier than you might think. Though of course, it should go without saying that if you have no idea what type of business to open, but want some guidance, you should research and make your decision after thinking it through.
Build Relationships
While most of your business relationships in Iceland will start out online, you should still do what you can to build good face-to-face relationships with people in your network. The old saying you never get a second chance at making a first impression is true, so don’t be afraid to step outside of your comfort zone and really shake hands with new business contacts. Networking events are great for meeting potential clients, partners, and industry leaders—but not so much for connecting with other creatives.
Where to sell products?
When it comes to selling products in Iceland, your options are limited. There are fewer than ten shops that sell natural, handmade and local products — for instance, artisans can sell their product at Reykjavík’s main flea market or at Hverfisgata’s Saturday outdoor market. However, the online market is growing and you can try building a business online.
Plan for shipping and storage space
When you’re launching your brand in Iceland, consider how and where you’ll store your products. The last thing you want is for your items to get damaged or lost when in transit. Determine an appropriate method of shipping and storage for both domestic and international deliveries. Use online tools like Postal Web Tools to determine an estimated cost for shipment so that you can create a realistic budget for all costs associated with launching and operating your business, including shipping, storage, and taxes. Also think about warehouse space. You'll need at least 15 square metres for storing products near downtown Reykjavik or about eight square metres if you're located in Hafnarfjörður outside of Reykjavik.
