Starting a business: where do you start

Starting a business: where do you start?

Step 1: Is your project idea realistic and conceivable? Before embarking on a business creation, you must first develop your idea to make it a real project. In this phase, it is interesting to exchange with several people about your idea. This is particularly important if you are targeting a sector other than the one in which you work. For innovative ideas, care must be taken to properly protect the concept before revealing it.

The objective also consists in defining all the operational functioning of your future activity: what are the necessary investments? what products and / or services are offered? in which sector will the company be established? how will it be supplied? who are the customers and how will you communicate? do we need staff? do you need commercial premises?…

Market research and analysis of the competition allow you to assess the reliability of your business creation project. In your geographic area, is there enough space for your future business? can you offer a coherent offer compared to what exists?

Step 2: Does your financial situation allow you to start a project? The analysis of your personal financial situation is essential. What are your current earnings? What are your financial needs? What is your potential for financial contribution to the project?

Then, you must set a maximum period from which you have two options:

either your new business allows you to remunerate yourself sufficiently and you continue your activity, either it is not the case and you must find a new gainful activity (a new job) in parallel with your business, or quit your business. To determine this time, you have to be careful. It all depends on your resources and financial needs, as well as your ability to find a suitable new job, depending on your qualifications and experience.

If you have just lost your job, you are receiving unemployment benefits and you have a project, you have a period in which you can reasonably afford to start a new activity.

The situation can be a little more complicated if you have immediate financial needs (a loan to be reimbursed every month for example) and you are not sure about the financial aspects of your project. In this situation, the security of an employment contract has no equivalent. Depending on your availability, you can still try to test your project in parallel.

Step 3: are you able to start your new business? In addition to the financial aspect, you must also analyze the compatibility of your project with your situation on other levels.

First of all, if you are currently on an employment contract, you must verify that you cannot be subject to a temporary non-compete obligation. In addition, you must check the time required to leave your current position (notice period, transition time, etc.) and the possible termination arrangements.

Then, you must verify that you have the necessary qualifications and training to exercise the envisaged activity. It is sometimes necessary to obtain specific authorizations to exercise an activity.

Finally, it is also necessary to ensure that the project can be implemented without difficulties. For example, did you find a potentially interesting space? will you be successful in hiring the right people?

Step 4: Do you feel ready to start your business? The study of personal constraints and requirements related to your project is essential for all project leaders.

Generally, setting up a business turns everyday life upside down. You will undoubtedly have different working hours, your project can generate periods of stress, you may be less available to your loved ones…

Then, your personality must be adapted to the conduct of a business creation project. It is important to be well organized and comfortable in dealing with third parties. If you plan to hire, you must have a minimum of managerial skills. Other qualities, specific to your profession, are then necessary.

Concerning the future business, you must be aware of all the tasks you will have to take care of: business development, exercise of the activity, administrative management ... First, you will have to do everything, it requires time and investment . Creating a business is not only working for yourself, you have to manage everything (commercial negotiation, quotes, invoicing, accounting, purchasing management, inventory management, people management

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