There is no quick fix for creating a sustainable business. However, these 5 key steps will give you some ideas to get you started …
1. Find the right idea
Above all, the success of your business will often depend on your initial idea, the choice of this or that sector of activity. There are several ways to find “the right idea”:
- The idea by observation : it is the fact of observing one’s personal or professional environment, of scrutinizing lifestyles to find opportunities there. This is for example taking advantage of the limits of a product, an existing solution. Do your friends and family often complain about the lack of solutions for childcare between 8 p.m. and 11 p.m.? Create a daycare system with atypical hours!
- The idea by known activity : you excel in a field of activity and you decide to get started. If you like to cook, open a food truck. Have you graduated in childcare? Create your micro-crib!
- Technical innovation : you have invented a new technical process that will revolutionize this or that use? Why not make it your idea to start a business and market derivative products? In this case (and above all), don’t forget to file a patent!
- Applications from known techniques : here, you do not create ex nihilo. The technical solution exists, but you have an idea that makes it easier to use. You can for example democratize the use of the 3D printer by designing a low cost model to equip French households.
2. Choose your team
The right idea is found. Now you need to get the right team together. This phase should not be taken lightly since the future of your business (success or failure) depends on it. Here, the key word is COMPLEMENTARITY! Evaluate your own skills and those required by your project. Are you sufficiently trained? What are the complementary profiles to yours? The SWOT matrix will help you in this analysis.
3. Carry out market research
No creation without having validated that there is a real demand for your product or service. What could be better than a market study to define your potential target and collect (specify) the needs of customers. You will no doubt find general market studies. They will serve you and may sometimes suffice. But don’t forget that a product fits into a specific context and market. Field surveys will allow you to identify local demand.
4. Write your business plan
Precious sesame to approach the investors, nice tool to formalize your idea of creation, essential file to go to see the banks, the business plan is a must. An effective business plan must contain a textual part and an encrypted part (the financial forecast). It must be written and adapted according to the interlocutors who do not always have the same interests. There are Word templates on the internet, but also online tool solutions for writing a business plan so that win time for a professional result !
5. Mobilize funding
Love money, regional aid or grants, creation contests, banks, crowdfunding… many financing solutions exist. You will have to use it according to the resource needs established in your financial simulation.
Pour toutes vos formalités, n'oubliez pas de déposer votre annonce légale.
Image source: Shutterstock