Do you want to embark on the great adventure of business creation? Discover in this article practical tips to put the odds on your side. If mounting your box is now within everyone’s reach from an administrative point of view, entrepreneurship remains a journey marked by pitfalls and difficulties. Put the odds on your side from the start by discovering our 15 practical tips to create a successful business for entrepreneurs.
Business creation advice # 1: carry out a market study as concrete as possible to make sure you create a successful business
Do not just do a survey on the Internet or go to look at statistics on the INSEE website.
To realize realistic and relevant market research, it is essential to go out in the field to meet your future customers, suppliers, and competitors.
This will allow you to fully understand the expectations of customers, to understand the constraints of the business, but also to verify that the market is not saturated.
Business creation advice # 2: consider a plan B
At present, nearly 50% of start-up projects fail within 3 years of launch. This failure rate even reaches more than 90% for startups.
It is therefore essential to anticipate from the outset the risk of failure, to know when to give up, and to have a plan to bounce back if necessary.
Business creation advice # 3: don’t go undercapitalized
If it is theoretically possible to create a company with only € 1 of starting capital, you will in practice incur considerable start-up costs: equipment, creation of a website, legal support, marketing costs. Not to mention savings which will allow holding during the first months of activities which will probably be loss-making.
Anticipate and make sure you have a “mattress” of cash to react to the unexpected: when it comes to starting a business, things never really go according to plan, so it is better to overestimate your financial resources.
Business creation advice # 4: anticipate the impact of entrepreneurship on your personal life
Starting a business requires a very large investment of time. You will probably have less time for your family and friends when you start your business.
It is therefore essential to discuss your relationship with your spouse in the first place and to ensure your support. Also remember to provide you with recreational beaches and outings, so as not to isolate you completely.
Starting a business is an endurance race, not a sprint.
Business Creation Tip # 5: Anticipate the reaction of your competitors
Like you, your competitors have worked hard to start their business. Your sudden entry into the market will directly impact them: it would be very naive to imagine that they will let you grab their market share without reacting…
As soon as you launch a range of competitive intelligence is therefore essential: you must carefully follow the reactions of your competitors, and be able to respond to them by being inventive.
Business creation advice # 6: Save time for managing contingencies in your action plan to create a successful business
In any business, there are always unforeseen events that nibble on time: a customer who does not pay and who has to be relaunched, new regulations which come into force, an employee whose recruitment takes longer than expected, the service after-sales that can be time-consuming, etc.
Consequently, it is essential not to opt for an overly tight action plan: keep some room for maneuver for the management of these unforeseen events, otherwise, you risk gradually falling behind on your plan.
Business creation advice # 7: make mistakes as soon as possible
If you create a box for the first time, you will inevitably make mistakes and this is completely normal: it is by forging that one becomes a blacksmith!
Try to commit them as quickly as possible … and especially to learn the lessons and adjust the shot.
Business creation advice # 8: learn to delegate
The bosses of VSEs and SMEs tend to run out of time permanently. Learning to delegate is essential in order to free up time for the tasks that you enjoy most, or on which you bring the greatest added value.
Train your employees and entrust them with more tasks, call on external providers for what you cannot do, or which is not your core business.
Business creation tip # 9: value your time
Do or do is always at the center of the debate. It is often tempting to do it yourself to save a few euros, but we tend to forget the opportunity cost.
It is essential to calculate what will bring you the most in the long term.
In order to evaluate your time at its fair value, an effective trick is to set an hourly rate and compare it to the quotes of providers received for each task that you hesitate to delegate.
Business creation advice # 10: learn to arbitrate
Being a business owner means making decisions all the time. It includes choosing a supplier, recruiting one employee over another, choosing a specific marketing channel, and so on.
Learn how to decide quickly to move quickly, even if you need to backtrack from time to time when necessary.
Too many entrepreneurs tend to stay in the thinking process by neglecting the act, while it is in concrete and inaction that the company evolves.
Business creation advice # 11: create a costed marketing plan
Take the time to think about the most relevant marketing techniques to reach your customers. Evaluate the potential costs and benefits of each one.
Business creation tip # 12: focus on one goal at a time
Your resources will initially be limited. It is therefore essential to prioritize your actions. It is an important thing to create a successful business. You have to
Business start-up advice # 13: beware of start-up aid
Reduction in start-up costs, unemployment, loan of honor that can only be repaid from the second year…
The numerous start-up grants sometimes have the pernicious effect of underestimating the cash costs and disbursements within the financial forecast.
We recommend that you create a variant of your financial forecast to create a successful business without including these temporary helpers. It can validate that the business is profitable. It will help you to avoid ending up with a non-profitable business when the help ends,
Business creation advice # 14: set clear and realistic objectives
To motivate and succeed in starting a business, it is important to set long-term goals. These objectives can be diverse and varied: sales volume, turnover, popularity, etc.
The main thing is that they will allow you to consider your project in the future. Be careful to ensure that your goals are realistic. Aiming for an unattainable goal will only bring you discouragement and disappointment.
Business creation advice # 15: surround yourself with the right people
Finally, a good entrepreneur is also someone who knows how to surround himself with the right people, Loneliness and isolation are the worst enemies of a business leader.
Why not consider setting up your business with others? This will allow you to associate with one or more profile (s) to yours.
Were you looking for the keys to successful business creation? We hope you have found this article useful. Do not hesitate to contact us if you have any questions or comments … And to share this article with those around you who could find inspiration!