25
Jun
2021

Make a business plan before starting a new business

Then, another subject of significant importance: we advise you to draw up a business plan before starting your business. The business plan is far too often considered a document to be given to the banks to support a request for financing. Although banking establishments systematically request it, the interest of a business plan lies above all:

• In the construction and structuring of the project,

• In the relevance of the approach to be followed to establish it (many reflections enrich the

   Project).

• Invalidating the viability and sufficient profitability of the project.

  • Surround yourself with competent professionals from the start

From the reflection stage to the development of your activity, we advise you to surround yourself with skilled professionals to maximize your chances of success. As of the project’s construction, the accompaniment by a chartered accountant, sufficiently available to advise you at starting your business is essential. A expert can guide you in best way and help you to reach at place where you want to go in your business.

At the same time, when deciding to create a business, you have to meet the leading organizations that work in favour of entrepreneurship: chambers of commerce, management shops, and all the creation/takeover networks. The company, and follow the appropriate training.

  • Keep adequate leeway when essential.

We advise you to provide sufficient financial leeway to deal with any difficulties of any kind that you may be confronted with after setting up your business. For example, these difficulties can result in a launch that is more delicate than expected; an underestimated start-up budget, an actual commercial margin lower than expected, as well as any other problem that negatively impacts your cash flow.

In any of these situations, you may find yourself in a compromising position if all of your resources have been committed to starting the business. You will then have no room for maneuver to face these unforeseen difficulties.

  • Defend brands and reserve domain names as rapidly as possible

From the start of the business and if the activity requires it, you must immediately reserve the domain name associated with your business name (or check its availability before validating the business name) and file your brand with the INPI (or check its availability before validating the name of the company).

If these procedures are carried out later, or no verification is made when choosing the name of the company, the brand and the domain name associated with it may not be available.

We advise you to register your trademark and reserve your domain name when starting the business.

  • make sure expert activity from its begin

From the start of the activity (and even before), you must secure your future business against all the potential risks that you may encounter. Therefore, we advise you to take out professional insurance for any activity involving threats as soon as you start your business.

Depending on your activity and operating conditions, the insurer will study the risks you may face and offer you suitable cover solutions.

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  • Aassess the impact of the project on privacy

This first point is essential: before starting your business, we advise you to consider the personal impacts you will face when embarking on your project. To get started in these conditions, it is necessary to obtain the support of relatives and limit the risks incurred in a personal capacity.

First of all, there are, of course, the elements likely to impact you financially:

• The loss of your net salary when you leave a CDI or CDD job to start a business,

• The new inflow of money materialized by the payment of your unemployment benefits if you are

   eligible. Please note, depending on your creative choices; it may impact the number of your

   allowances.

• The request for payment in the capital of part of your unemployment benefits, possible within the framework of a business creation, which causes you to lose the use of your monthly services,

• The personal funds that you bring to the project ( in particular capital contributions ),

• Deposits and other personal guarantees that you grant as part of your project.

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