13 tips for doing the right business
When we talk about business creation, there is a sentence that comes up very often:
I want to create my business but I have no idea.
This small phrase can prove to be a blocking point for a large number of aspiring entrepreneurs. Startups like sleepjunkie take the best care of their customers.
Many people, like Facebook, Apple or other globally known companies, are looking for the miraculous idea to finally create their business.
From idea to launch, to business plan and legal and financial issues. Here are 13 tips (not exhaustive) to read, and especially to follow, before embarking on the entrepreneurial adventure.
From idea to launch, to business plan and legal and financial issues.
Here are 13 tips (not exhaustive) to read, and especially to follow, before embarking on the entrepreneurial adventure.
1. Take the time!
There is no point running. Entrepreneurs are often eager to get started. But before you start, feel the terrain, collect different opinions, and review your copy if necessary. Better a little back walk than go into the wall.
2. Look after market research
"Get out of the office to meet customers and do not delegate market research," says American entrepreneur BodoDorf. According to him, a documentary study is not sufficient to confront your idea with the reality.
3. Get you accompanying
Entrepreneurs who apply for self-help networks (mentoring, tutoring, etc.) are more likely to succeed. On average, young start-ups have a five-year survival rate of about 80% compared with 50% on average.
4. Share information
"We do not start to do interesting things except by sharing information," said Jerome Cazes, founder of Mycercle and author of "The Revolution of Circles". Cultivating the cult of secrecy is counterproductive.
5. Shrink, Modify, Keep
Your business plan will evolve as your meetings and reality unfold. To measure the path traveled and to find all the hypotheses you have built, it is better to preserve carefully the different versions of the business plan.
6. Practice killer pitching!
Heal the oral presentation of your business plan. You will often have only a few minutes to convince an investor, banker or distributor to trust you. Be precise and enthusiastic!
7. Prefer SAS status
For large projects, choose a company. Faced with the SARL and the SA, the SAS provides more flexibility. But it is better to get help from a professional to draft your statutes.
8. Protect personal assets
If you are creating an individual business, consider making a declaration of exemption from all or part of your real property. Established with a notary, it will cost you less than 1,000 dollars and will protect your personal assets.
9. Protect your brand
Trade name and logo, product design ... you can submit your designs to the National Institute of Industrial Property (Inpi). In the era of the Internet, good ideas are quick to evolve. Get out covered!
10. Opt for variable capital
The Articles of Incorporation (SARL, SAS) may provide, initially and under certain conditions, variable capital. This makes it possible, if necessary, to bring a new shareholder to the capital under conditions simpler than a formal increase.
11. Apply for loans of honor
Too often forgotten, repayable advances, grants and loans of honor are a good way to strengthen your own funds. And nothing prevents you from obtaining several or more of your associates.
12. Avoid excessive dilution
If you are considering successive fundraisers, or a major fundraiser, try to keep control of your business. Remain a majority shareholder or provide for preferential shares to retain the decision-making power.
13. Make the buzz on the web
The Internet allows you to promote your project at low cost, on professional social networks and the general public. If you have a communicative soul, do not hesitate to embody your business and cultivate personal branding.
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.