Starting your own business is a challenge that is undoubtedly worth taking it on. But you must keep in mind that perseverance is the key to success. Although you will surely have many setbacks, you will save some of them with these tips, so read on!
Points to bear in mind when creating an SME
The business idea
An SME is not something that comes out of nowhere, since the first thing is to have a business idea. If you want to start your own company, what would you like it to be? It can be a project that has recently caught your attention, or it can also be a project that you had in mind a long time ago and now may be a good time to finally start it.
The important thing is that this business idea goes with your preference, according to your tastes and aptitudes. So, you will have some knowledge and skills to start. Also, keep in mind that it does not need to be a very elaborate idea, just do not stop asking yourself what you want, what you could do, what you excel in and how you could take advantage of your skills and knowledge.
Keep in mind that any project requires planning before you start investing money in it. That is why you should spend time planning your business idea, what the first steps to follow would be, what raw materials or tools you need. Think about how your business idea can be elaborated to have a plan of action.
On the other hand, it is essential that you analyze the profitability of your business and think about who your target customer is. Is your idea really feasible? How can you make it profitable? Especially, you should have a minimum budget and an “ideal” one to start your business.
For any business to start it is necessary to invest money in it, and in case you can’t cover everything you need to start, then how about looking for investors? These are people to whom you will sell your business idea to motivate them to invest in it in exchange for; for example, a percentage of your company or you can only offer future profits if your business works.
Most of the initial investors end up being partners; however, you must consider the fact that if your investor ends up being your partner, it must be someone you can trust. Keep in mind that both of you will be together in this project legally, so it is a kind of “marriage”, where you must respect the agreements made and work as a team so that everything goes well as planned.
First of all you should decide what the company’s name will be, then you continue with a slogan and start thinking together with your partners (if you have them) how the logo would be, of course you can always hire a designer; but ideally it should be something that has an added value, an important meaning for you as founder. Consider the corporate colors you want, the values; start with some sketches and everything you consider that can represent your brand.
Keep in mind that to sell any product or service it is necessary to carry out advertising strategies and, in this case, it is very important to have a defined brand, that is to say, an identity that will allow you to launch your business as something stable that can be trusted.
If you want to create your own business, the best thing is to have a place where you can receive your customers, that is, a place that is registered as the main headquarters of your SME.
Although we are in the digital era and, in fact, a business can perfectly develop through the Internet; it is also true that for legal requirements it is necessary to have a place. This will depend on the legislation of your country at the time of registering your business.
Keep in mind that a company does not grow alone, and you alone it’s not enough, you need to have many other people. Being an SME is no exception. So, you should analyze the minimum number of employees you need to start, how much you should pay them according to the laws and how much you can actually offer them, maybe some extra bonus for sales can be a good incentive where everyone wins.
The most advisable in these cases is that you do not let your family or friends take control of your business, just hire the people you really consider qualified for it. Remember that as an entrepreneur you should separate the emotions from the profession. Once you have completed these six basic steps, you will have everything ready to start your own business. But keep in mind that this is just the beginning; you must pay close attention to any legal requirements in order to prevent any problems and consider what advertising strategies will allow you to get more customers. In both cases, it is worth investing in the service of professionals in the area that will guarantee you the desired results.