10 steps to start a business

1/ Find the idea

2/ Market Research

Market research is an important step in a project of a business, although often overlooked by many people.

 

It allows among other things:

  • Collect information on the business environment
  • Knowing the market trends
  • Knowing the competition
  • etc..

 

3/ Building the Business Model

This visual tool allows you to define the nine essential components of your business elements that determine the value it has on the existing market. Real tools start-up, the business model will therefore help you in many ways to validate the basics of your business strategy.

  • Partners: Who are our key partners, suppliers, what resources we gain from our partner, what activities our partners realize?
  • Activities: What activities are necessary to achieve our offer, our distribution, customer relationship, sources of income?
  • Offer (Value Proposition): what value we provide to our customers, which customer problems we solve, what products or services we offer our clients.
  • Customer Relationship: What type of relationship each segment customers wants us to build with them, how relationships are integrated with the rest of our business model.
  • Customer segments: for which we create value, which are the most important customers
  • Resources: What resources are necessary to achieve our offer, our distribution, our customer relationship, our revenue ...
  • Distribution channels: through which channel we interact with our customer segments, how our channels are integrated to our business model, which works best ...
  • Cost Structure: What are the most significant costs of our business model, what is the cost of resources, activities, our revenue
  • Our sources of income: for what value our customers are willing to pay for, what offers they currently pay, how they pay and how they prefer to pay?


4/ Define its marketing strategy

5/ Choice of legal form

There are two legal forms of enterprises, namely: individual companies and corporations.

 

The choice of structure is generally based on the following criteria:

  • The nature of the activity: Some activities - they are rare - impose the choice of legal structure.
  • The desire to join: It may be tempting to create a company for several different reasons, economic, fiscal or social heritage.
  • The heritage organization: If you have a personal wealth to protect and / or to transmit, the choice of legal structure becomes important.
  • Financial needs: You normally determined the financial needs of your business when establishing the provisional financial statements. When important, the creation of a company may be required to accommodate investors in the capital.
  • The operation of the company: Depending on the structure you choose, the operating rules will be more or less restrictive mode of operation of individual firms differs from that of companies


6/ Taxation of the Company

The choice of the legal form of a company will have an impact on the tax system. You can choose to be taxed as an individual (income tax) or as a legal entity (corporation tax). The choice of system will have an effect on your tax base, place of payment, and the records to be kept. Standards and tax laws vary from country it will therefore require to adapt your taxation to the local taxation.


7/ Establishment of Business Plan

The business plan is a tool to further a project throughout its design, to assess its feasibility, and to follow its trajectory. A path that must be realistic about the evolution of the company forecast.


At this point you will find out information such as: company overview, founders and management team, market analysis, the company's products, positioning relative to competition, production, marketing, strategy development, means necessary to project, financial records, calendar, keys to success.


8/ Methods of Financing

There are several modes of financing, but before adopting a payment should be first know what it is going to finance, this information come from information you obtained during field studies. As financing modality we have:

 

  • Personal contributions: funds come from the person undertaking the project of his entourage
  • Micro-credit or loans: granted by credit institutions
  • Bank debt: loan from a bank

 

Next to these modes of financing we also have leasing, participating loan, grants etc…


9/ Installation and Formalities

10/ Supports & Advices

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