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‘Switzerland is extremely entrepreneur-friendly’

After working for a large company, Swedish-born Ann Söderblom, 31, recently took the plunge from employee to entrepreneur. Söderblom, who advises expats on how to start their own business, tells The Local why Switzerland is the perfect place to set up your own company.

'Switzerland is extremely entrepreneur-friendly'
Ann Söderblom

Tell us about yourself.

I’m originally from Sweden, where I completed my studies in human-computer interaction and went on to do a consultancy internship in Barcelona, Spain. Five years ago, I decided to move to Switzerland to be closer to my sister who was living there and to try something new. It also helped that Switzerland has a few more months of summer than we do in Sweden. I then spent a few years working for large multinational companies, doing project management work.

What did you make of the Swiss working culture?

There is generally a good work-life balance here and people don’t tend to work crazy hours. Swiss departments also tend to be very organized with a clear hierarchical structure. However, this hierarchy is not necessarily so good for women and the distribution of management positions tends to be very male-dominated. That’s one of the reasons why I prefer to work for myself.

Although, working for a multi-national corporation also meant I was very much a part of the expat community. In the last couple of months I am trying to be more integrated into Swiss communities by learning some Swiss German words and chatting with neighbors.

Tell us about your business.

My business, Söderblom Design, helps international people in Switzerland start their own business. I help them both with corporate identity and with making the transition from employee to entrepreneur the least stressful possible. My two current clients have a copywriting business and a life-coaching business. 

What made you decide to become your own boss?

I’ve wanted to have my own company since the age of 15, a dream that I kept alive while studying and working in big corporations.

When I was 15, I'd spend weekends, evenings and vacations producing and selling t-shirts, organizing and catering for events, sewing prototypes for children’s toys and later importing Japanese tableware. At first, I didn’t sell anything but it was all a good learning experience.

I learned a lot through making mistakes and hands-on experience. Finally, in 2011, I started doing corporate design work for a few clients, which inspired me to start Söderblom Design so I could pass on my knowledge with others.

Was it difficult to settle in?

When I arrived here, I had to apply for a work permit through the kreisburo, which was a very straightforward process. And when I started my own business, I got a treuhand (financial advisor) to take care of taxes for me.

I haven’t found the bureaucracy too bad here! Switzerland is really an efficient country when it comes to dealing with authorities.

So far, I’ve had no problems getting by with a basic level of German – but then most of my work is in English.

What advice would you give someone hoping to set up their own business in Switzerland?

I 'd say that starting a business is pretty much the same everywhere in terms of the fundamentals. Perhaps my best advice would be not to quit your job straight away but to start small and test your business ideas at weekends and in your evenings to see how it goes. Then start making a profit and you can scale it up over time.

One classic rookie mistake is keeping your idea secret because you think someone is going to steal it, when you really need to tell as many people about it as possible and get lots of feedback.

I'd also recommend learning just a few words in Swiss German as it gets people to open up a lot more. But you'll also find that people will be very happy to switch to high German – if you speak it.

Is Switzerland a good place to be an entrepreneur?

It's a very entrepreneur-friendly place. Not only are the taxes good, but there are lots of events where entrepreneurs can showcase and test their ideas — like the Technopark in Zurich, the Blue Lion initiative, Venture Kick and the Start-up Weekend for tech start-ups.

Would you ever go back to working as an employee?

Not very likely. Once you’ve tasted the freedom of having your own business, it’s quite hard to go back.  

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ECONOMY

Geneva watch show opens in throes of Swiss banking turmoil

The Geneva watch fair opened this week buoyed by booming growth in the watchmaking industry, but insiders warily eyed the banking sector turmoil, evoking painful memories of the 2008 financial crisis.

Geneva watch show opens in throes of Swiss banking turmoil

Industry professionals were upbeat on the first day of the Watches and Wonders annual fair, where 48 prestigious brands including Rolex, Patek Philippe and Cartier were showing off their new creations.

The fair, which runs until Sunday with the weekend open to the public, kicked off after two years of record gains for Swiss watchmakers.

Exports soared by 31.2 percent in 2021, after a strong rebound in sales in the United States and the Middle East.

And the return of luxury tourism to Europe in 2022 after two years of Covid disruptions pushed exports up a further 11.4 percent to 24.8 billion Swiss francs ($27.1 billion).

The growth has also continued so far this year, with exports up by another 10.6 percent during the first two months of 2023, according to statistics from the Federation of the Swiss Watch Industry.

But optimism at the Geneva fair was somewhat dampened by the angst surrounding the turbulence currently lashing the banking sector.

Switzerland – whose vibrant banking scene is a key part of the country’s economy and culture – has been rocked to the core after the government strong-armed the nation’s biggest bank UBS into swallowing up its troubled competitor Credit Suisse, in a bid to ward off a larger global banking crisis.

READ ALSO: ‘A dark day’: How Switzerland reacted to shock UBS buyout of Credit Suisse

‘Global repercussions’

The upheaval has brought back difficult memories for Swiss watchmakers.

After the 2008 round of bank failures sparked a global financial crisis, Swiss watch exports plunged 22.3 percent in 2009 – more even than during Covid-dominated 2020.

“I am unable to say what the global repercussions will be,” Thierry Stern, the boss of Patek Philippe, told AFP.

“But I still think it should be easier than in 2008-2009.”

Participants are seen next to a giant watch by German manufacturer of luxury and prestige watches at the luxury watch fair in Geneva', on March 27, 2023 in Geneva.

Participants are seen next to a giant watch by German manufacturer of luxury and prestige watches at the luxury watch fair in Geneva’, on March 27, 2023 in Geneva. (Photo by Fabrice COFFRINI / AFP)

For the moment the difficulties remain “very localised” as Patek Philippe “sells all over the world”, said Stern, who is counting in particular on Asia to ensure growth in 2023.

Jerome Lambert, managing director of the luxury giant Richemont – owner of the Cartier, Piaget and IWC brands – acknowledged that the turnaround in
demand in 2009 had been “very rapid” and very “severe”.

“But it was a big lesson for us,” he said, explaining that the group had since taken distribution in hand.

Edouard Meylan, owner of the Hautlence brand, nevertheless believes that “lights are turning red”.

“If there is a financial crisis, it will have a very big impact on our sector,” he told AFP, especially since with supply difficulties some watchmakers have gone from “very large orders from their suppliers” and risk finding themselves with large stocks if the market turns.

Other analysts believe there is little reason to panic just yet.

“For now, I would expect the impact to be muted,” Jon Cox, an industry analyst with the Kepler Cheuvreux financial services company, told AFP, adding that he is still expecting to see growth this year of around 10 percent in exports.

READ ALSO: Swiss sweat over size of new superbank

Full steam ahead for China?

However, the Credit Suisse debacle, which threatens tens of thousands of jobs in the financial sector, could take its toll.

“The financial community is an important part of the buying public for the watch industry and there could be impact in local markets, such as Switzerland, on domestic business,” Cox warned, adding though that “this is likely to be offset by tourism”.

For now, Swiss watchmakers are looking to the Chinese market to pick up pace and ensure their 2023 export growth.

When demand was exploding in other markets as they rolled back pandemic protection measures, the watch market in China remained subdued as the country ploughed on with its zero-Covid rules, and then saw infection numbers explode when it abruptly ended that policy late last year.

But watchmakers and experts are expecting that to change with the reopening of the Chinese economy.

Jean-Philippe Bertschy, an analyst with Swiss investment managers Vontobel, warned however that “a return to normalcy” for Chinese watch sales – traditionally Swiss watchmakers’ largest market – will take time.

On the positive side, he told AFP he was confident, given “the level of savings the Chinese had set aside during the health restrictions”.

As for tourism, he cautioned that while Chinese travellers may quickly flock to Asian destinations, “it will take more time before they return to Europe,” due to the continued limited air transport capacity and visa backlogs.

By Nathalie OLOF-ORS

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