Suppose you are planning to start a business and don’t know anything from where to start and how to start. Then before starting up of business, take suggestions from an expert who can guide you in the best way how to start a business.
- Business creation advice # 1: carry out as concrete market research as possible
Don’t just survey the Internet or look at statistics on the INSEE site. To carry out realistic and relevant market research, it is essential to go into the field to meet your future customers, suppliers, and competitors. It will allow you to understand customer expectations fully, understand the business’s constraints, and check that the market is not saturated.
- Business creation advice # 2: think about a plan B
Currently, nearly 50% of business creation projects in France fail within 3 years of launch. This failure rate even reaches over 90% for start-ups. Therefore, it is essential to anticipate the risk of failure from the start to know when to give up and to have a plan to bounce back if necessary. So your mind get ready for any loss.
- Business creation advice # 3: don’t go under-capitalized
Suppose it is theoretically possible to create a business with only dollar 1 of starting capital in practice. In that case, you will have to incur considerable costs at the start: equipment, creation of a website, legal support, marketing costs. Not to mention a nest egg that will make it possible to hold out during the first months of activities, probably in deficit.
Anticipate and make sure you have a cash flow “mattress” to react to the unexpected: when it comes to starting a business, things never quite go as planned, so it’s best to overestimate your financial resources.
- Business creation advice # 4: expect the impact of free enterprise on your personal life
Starting a business requires a very substantial investment of time. It means that you will probably have less time for your family and friends when you start your business.
It is therefore essential to discuss with your spouse beforehand and to make sure of his support. Also, remember to spare yourself some leisure and outing beaches so as not to isolate yourself completely. Building a business is an endurance race, not a sprint.
- Business creation advice # 5: anticipate the reaction of your competitors
Like you, your competitors have worked hard to build their business. Your sudden entry into the market will directly impact them: it would be naïve to imagine that they will let you grab market share from them without reacting.
Therefore, it is essential to plan for competitive intelligence as soon as you launch: you must carefully follow the reactions of your competitors and be able to respond to them by showing inventiveness. Also read about elaine starchuk.
- Business creation advice # 6: make time for contingency management in your action plan
In any business, there are always unforeseen events that eat up time: a client who does not pay and that must be revived, a new regulation which comes into force, an employee whose recruitment takes longer than expected, the service after-sales, which can be time-consuming, etc.
As a result, it is essential not to opt for an action plan that is too tight: keep some leeway for managing these unforeseen events. Otherwise, you risk gradually falling behind on your project.
- Business creation tip # 7: make mistakes as quickly as possible
If you are creating a box for the first time, you are bound to make mistakes, and this is quite normal: it is by forging that you become a blacksmith!
Try to commit them as quickly as possible … and above all, learn from them and adjust the focus.
- Business creation advice # 8: learn to delegate
The bosses of VSEs and SMEs tend to run out of time constantly. Learning to delegate is essential to free yourself up time for the tasks you enjoy the most or bring the most significant added value.
Train your employees and give them more tasks; call on external service providers for what you do not know how to do or not your core business.