Creating a company and making it sustainable is the dream of every entrepreneur. However, achieving this purpose is not an easy task, since it takes cunning and planning to achieve the objectives.
In situations such as unemployment and lack of job opportunities, the start of a new year seems the perfect opportunity to start a new stage of life as an entrepreneur. If you are one of those who have dreamed of having your own business, then this article is for you.
Although it is not an easy process to start, today there are more public and private institutions that support entrepreneurs, either through financial resources or other means in order to support their business ideas.
However, obstacles still persist, such as: tax burden, global competition, restrictions on access to financing, business informality, unfair competition, lack of resources and lack of seed capital.
How not to fail?
If you are determined to start your own business, keep in mind:
- What will you invest in? Analyze the reasons why you would present your idea to an investor. Carefully study the pros and cons, always thinking of the fields of action where it would generate the most profit.
- Investigate. Know the behavior that the future consumer or user of your company may have, answering questions such as: who are they ?, what do they do ?, what is the level of knowledge that you have of the competition ?, who could be your marketers ? …
- 100% competitive. Think of offering high quality products with a view to improving the market’s perspective. Be innovative and offer attractive products for the labor market.
- Plan each detail. Start from the assembly that the company would need and the number of employees it would require to operate.
Next, establish a strategy to maximize the certainty of the process to start.
- Evaluate the risks. Just as you will make a profit, you will always be exposed to possible losses. Make a budget with clear the amount to invest and how much is the stipulated time in which you intend to recover what was spent, with estimated projections of income and income.
- Set objectives. Plan your short and long term objectives, this will allow your company to always be in constant corporate and business growth, without leaving it as it started.
- Have an advertising and promotional plan at hand. Start by giving your company an attractive name, so that it generates remembrance in your potential customers; define the location of it; and specify what is the portfolio of services and products to offer.
- The essence of a company is its work team. Employees are the engine of their new project, for this reason, demand that they are always attentive to differentiation and innovation.
- Apersónese of your administration. The organization and planning are the key to the success of a company, to this is added a good attitude, commitment, structure and effort.
- Enter the formal world. A formalized company will be able to obtain a credit easier before a financial institution. Therefore, start by registering your company with entities such as the Chamber of Commerce, among others.
- Simple structures. As far as possible, the entrepreneur should try to ensure that the company acquires a flexible and easily understood organization model. This is helped by organizational charts with few hierarchical levels or, in any case, do not insist too much on them. The idea is that the relations between the members flow naturally and that, in case of unforeseen events, the scheme can be intervened without this being a problem in itself.
- Permanent austerity. Invest in what is strictly necessary and avoid credit commitments that are beyond our means. All businesses have high peaks and low peaks, and it is better to be prepared for each of them. Neither the fat cows are so fat nor the skinny ones are so thin.
- Reinvest the utilities. Not all benefits should be left to the people in charge of the business. You have to reinvest in the needs that are created, and do it at the right time. In addition, if the entrepreneur has higher aspirations, it is logical that over time allocate part of that capital to the expansion of the business, such as the opening of new venues, the hiring of more staff or the expansion of the supply of products .
- Modernization. Another way to reinvest profits is to strengthen aspects such as training, training and internal improvement processes, which will have an immediate impact on productivity and business performance.
- Have a projection A company should never limit itself to its possibilities or those of those in charge of it. Do not lose sight of the different options that may arise along the way. Limiting a company is like throwing the anchors of a ship in the middle of the maritime adventure.