Step 1: Have A Clear Idea
It is important not to go headlong! Starting a business requires great thought beforehand.
This involves thinking about its concept ( brand name, decoration, differentiation advantages, company image, product categories or services, etc.). It’s an opportunity to express your creativity! Be careful, however, that the concept chosen corresponds to the expectations of the clientele you are targeting!
If you are lacking in inspiration, do not hesitate to consult our guide to find ideas for starting a business.
Step 2: Define Your Project
Once the image of the company defined, it is imperative to carry out a market study. To do this, several elements must be carefully studied before setting up your own business: the density of competition in the desired geographic area, the quality of competing products or services, the diversity of the offer, the prices charged, etc.
The purpose of the study market is to determine whether his business creation project is timely and has a good chance of success.
Step 3: Have A Proper Business Plan
Once the market research has been carried out, you should not neglect the writing of a business plan, a key step in starting a business. Developing a business plan is essential to determine the future financial balance of your business between expenses (cost of equipment necessary for your activity, rent linked to the premises, salaries …) and the revenues (product sales, services …).
This is an essential step because it helps determine the chances of profitability of your business, both in the short term and in the long term. Don’t hesitate to download our free business plan model to help you get started with your project.
Step 4: Finance Your Project
If your business plan holds up, it’s time to think about the different types of financing for business creation that exist to launch your project! Several options are available to you:
You have enough equity to start your business without outside funding. In this case, you can now go to step 5.
You do not have enough personal input to start your business. In Chi’s hypothesis, you must think about financing solutions. Find out about business start-up aids, bank loans and the ten key steps to raising funds.
Having drawn up a clear and concise business plan can prove to be very useful in convincing your potential funders to invest in your project.
Step 5: Choose Your Legal Structure
Once your financing plan is established, you need to think about the legal status of your business. This step is also of great importance to start a business. Indeed, it involves a certain number of practical consequences: creation formalities, the flexibility of daily business management, tax and social systems, etc.
If you hesitate, we invite you to consult our questionnaire on the choice of legal form to help you make the right choice for your project.
Step 6: Start Your Own Business
The formalities for setting up a business vary depending on the legal status chosen:
Self-employed: the formalities to become self-employed are simple. A declaration of the start of the activity to CFE (Center de Formalités des Entreprises) is enough! It is useless to write statutes to create your business.
Creation of a company: the procedures are heavier than in business. It is necessary to constitute a file ( statutes of company, form M0, certificate of non-condemnation, legal announcement, etc.) and make a deposit of share capital at the bank. You can then proceed to register your company with the competent Registry which will send you the Kbis of your company in return.
If you need help, think about finding out about business creation training.
Step 7: Let’s Go!
Communication is a vital element to the success of your project. You now have multiple channels to highlight your activity ( creation of a website, social networks, advertising via the paper press and online, distribution of flyers, etc.
Use them wisely to make yourself visible to the general public and optimize your chances of success!
This involves thinking about its concept (brand name, decoration, differentiation advantages, company image, product categories or services, etc.). It’s an opportunity to express your creativity! A business name generator can help you come up with a catchy name if you’re needing inspiration. Be careful, however, that the concept chosen corresponds to the expectations of the clientele you are targeting!
Also Read: 10 Online Business Creative Ideas To Start A Business