Starting a business is an exciting adventure. You will work a lot, learn a lot. You will meet people you would probably never have met in other circumstances. You will imagine concepts, products, services. You will familiarize yourself with the terms “market research ”,“ Business model ”,“ business plan ”,“ prospect ”.
Above all, you will encounter new challenges almost every day. You’re going to have to find solutions and turn every problem that presents itself into an opportunity. You will have to question yourself often, appreciate your qualities, your lacks and the possibility of training yourself. You will have to measure your strengths and weaknesses, call on partners and funders to convince them of the validity of your project.
With all this, you can imagine, the creation of a business is fairly complex alchemy between the project leader, the environment, the market, the choice of the idea, the moment of implementation. Success or failure is based on little. A good idea here will prove catastrophic elsewhere, a good idea here and elsewhere will develop differently depending on the team in place …
If there is no magic formula, it is nevertheless possible to determine the prerequisites essential to a possible success and to put the maximum of chances on his side.
In this article, we will explain the different steps to be taken to successfully start a business and give you some advice.
The Glossary Of Business Creation
Let’s start with some basics. You have decided to get started in entrepreneurship… You will therefore have to learn to speak the “language of entrepreneurs”, the one that your future partners and the funders who are likely to believe in your project also speak.
For example: what is the business model? What is a business plan? What is market research? What is the customer segment?
The Stages Of Business Creation In Summary
Have you familiarized yourself with the vocabulary of the entrepreneur? Perfect. Now, take a look at what awaits you in terms of the work to be done, the studies to be carried out, the documents to be produced. Because no, you will certainly not get started immediately, nor start setting up your premises tomorrow.
Starting a business is first and foremost a reflection phase during which you will transform your initial idea into a product or service that a specific audience is ready to buy. And it doesn’t happen with the snap of a finger!
- the definition of the business model
- carrying out the market study;
- marketing strategy;
- writing the business plan.
Tasks To Be Performed To Start A Business?
Launching your business is not easy. and you shouldn’t forget anything or neglect anything. In this article, we offer you a memento to see, at a glance, all the stages of business creation and the approximate duration of each of them.
Depending on your project, some steps will need to be added. However, whatever your project, none should be neglected! You may need more or less time, but everything must be done.
For each step, visualize at a glance:
- the subject to be treated;
- what it represents;
- why it is necessary to deal with it;
- the actions to be taken;
- the tools to be used to carry out these actions;
- the approximate time to carry out these actions.
Obviously, everything depends on the project. Your advisor will be able to adjust this schedule with you.
Business Launch: The Conditions For Success
You can never be completely sure that the business you create will find its customers. Despite the studies, despite the anticipation, despite the advice of professionals, the chemistry may not take hold. However, it is possible to reduce this risk considerably by preparing correctly for its launch, by thinking about its strategy, and by keeping in mind the following tips.
1. A Team With A Vision
Whatever the project, its size, its objective, you will not be able to succeed alone. This doesn’t mean you have to have associates, but at least allies, people you can trust, people who can support and advise you.
Likewise, you will not be able to succeed if you do not know where you want to go: you must have a clear idea of what your business will be like in one year, two years, three years … even if things change. If you don’t have a heading, you won’t get anywhere.
2. An Idea That Suits You
You will “become one” with your business. You will devote your energy and your resources to it. You must therefore take pleasure in managing and developing it. For that, the idea that you carry must correspond to your personality, your values, your ambitions, your objectives. and not only your competences: competences, it is acquired, passion, no!
3. An Idea That Meets A Need And That Will Find Its Market
To make money, you have to sell enough. To sell, you need customers, enough customers. To have customers, you have to sell what the customers want! What customers want to buy are solutions that meet their needs, solve their problems or bring them pleasure.
4. A Business Model Adapted And Validated In The Field
There is no such thing as a “good” or “bad” business model. There are only unsuitable or insufficiently innovative business models. As with all the steps: theoretical assumptions are made and they are checked in the field.
5. Appropriate Processes And Actions
Reflection is important, the action is essential! What is your manufacturing strategy? Of distribution? Communication? Loyalty? It is the execution that will make your business successful!
6. Sufficient Financial Profitability
Your activity must earn you enough to pay you sufficient remuneration, have the capacity to invest. This means selling at the right price, to a sufficient number of customers, with controlled expenses.
7. Optimal Financing
You must of course optimize your financing plan, define the best financing strategy for today and tomorrow, in complete safety.
8. Partners To Support You
With your Chamber of Commerce and Industry, you will have access to tailor-made support and all the resources you need, in particular, the network of CCI partners, experts and funders.
9. Perseverance
Are you determined to get started? If necessary, assess your level of determination with our quick test! Determination is essential, but perseverance is the ultimate weapon!
Testimonials From Entrepreneurs
Finally, to end this overview, and before you dive into the concrete with the idea of business creation, the market study and the business model, we invite you to listen to the testimony of several entrepreneurs. They share with you their feelings about starting a business and the project they have carried out, as well as their tips and advice for success.
Also Read: Business Strategy: Design, Strategy & Structure Of Businesses