Starting your own business usually means stepping into the unknown. Because many of us do not have enough experience and knowledge about what to do. Attention should be paid to the details and most importantly, you should know why you started this business. When setting up a new business, you need to go through a comprehensive working process. Studies, preparations, and plans should proceed in a certain order and harmony.
If you have the idea of starting a business, consider whether the 5 things below are useful to you before taking the first step.
1. Realistic and Single Project You Choose from Different Options
The first and most important thing is to decide what you want to do and which project to implement. Only then can you proceed to the other steps in this list.
Perhaps because you have doubts about your project, you can eliminate other options. Or you have a few other good options that can be an alternative. You should start a business only when you are convinced that it is exactly the project you want to achieve.
Many of us think that the greatest opportunities are innovative projects. No. It can be a great idea that no one has noticed before. It is almost impossible to establish and develop a business without the right analysis and team. The plus of unique ideas is that it’s easier to attract investors and the media, but it’s not enough by itself.
2. What Did You Risk to Start a Business?
This question can only have one answer – everything. If a young entrepreneur intends to set up his business only to take advantage of his free time, he points to the investor with a meaningless attitude and a project that is likely to fail. You can have sleepless nights for your new job, neglect your hobbies and postpone your annual trip.
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3. Strong Team
If you are starting a new business, you need a rose team. You have little chance of success without having teammates. If you have produced a great product and do not know how to sell it, your teammates will present you with new ideas. When evaluating projects, investors first evaluate whether the company has a team that can achieve the set goals.
Everyone in the team is valuable and they all have different abilities. If a job is being done, the idea of the whole team is taken and the job is completed in this way. The key to the road to success is teamwork.
4. Product Development Process
There are no products or services that cannot be developed. However, there is a risk. If you do not make your product perfect before offering it to consumers, it is likely that you will not be successful. And if so, it may turn out that buyers in their current form do not need it at all or that competitors are already ahead.
Then you can make the necessary changes. Although there are many different options in most electronic items, we do not need most of them. In order for the product to be popular and sold, it must have basic features.
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5. Think Global, Don’t Limit Your Project
Many young entrepreneurs see Latvia or the Baltic countries as their main market. It is thought to be too early to export. However, it is a known fact that the Latvian population is decreasing gradually. While the population of Germany is 80 million and the USA population is 300 million, the fact that the Baltic population is only 6 million is an indicator of this.
This is a story of ambition and scale of thought. There are several successful examples where a company has focused exclusively on foreign markets from the very beginning and realized that it is possible to reach more horizons. Here we come back to the second point – what do you want to do for your company? Juris Birznieks‘ experience shows that the company’s team must be ready to temporarily change where their team resides to conquer another country’s market.
To-Do List Before Setting up a Business
We have already mentioned that before setting up a business, your preparations, plans, and goals are important. Let’s take a look at what needs to be done about them: [*]
- >>> Evaluate your business idea by analyzing your sector
- >>> Set your personal and company-related goals
- >>> Review your financial resources
- >>> Calculate your costs and possible risks
- >>> Determine your field of activity by doing market research
- >>> Identify your potential customers and investigate your competitors
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Steps to Be Taken
If you have completed your research phase and preliminary preparations, now you should take steps to create the business. Among the things to be done during the incorporation process, we can count:
- >>> Choosing your company structure (Limited, Joint-stock Company, etc.)
- >>> Registration of the company name
- >>> Accountant or financial advisor
- >>> A lawyer who you can get information from if needed
- >>> Action plan
- >>> Opening of your bank accounts
- >>> Applying to benefit from incentives appropriate to your situation, if any
- >>> Having your company insured to minimize possible risks
- >>> Making sure you have the necessary licenses and permits to become operational
What to Do Just Before Setting up a Business / Becoming Operational
- >>> Get your corporate identity and e-mail addresses
- >>> Print business cards
- >>> Prepare your company website
- >>> Buy furniture and necessary office equipment
- >>> Be sure to become a member of associations and unions related to your sector.
We support our customers in arranging all kinds of details and procedures during the establishment of the company. You can call us with all your questions, demands and opinions and consult us on any matter. You are welcome to call us for detailed information.
To Get Professional Help About Registrar a Company in Baltic States (Latvia, Estonia, Lithuania) Feel Free to Contact with us.
Igors Krumins continues his activities as a commercial and international lawyer within the body of “Jurmala Invest”. He has more than 10 years of experience, especially in the investment sector, and has provided consultancy services to numerous companies with his legal expertise. He successfully completed his undergraduate studies at Baltic International Academy and graduate studies at Latvijas Universitate. Apart from his native Latvian language, he can also speak Russian and English fluently.