The Covid-19 has changed our way of life and seems to act as a trigger. What if it was the time to make those dreams come true, those business ideas that are in our heads and setup your own business? To give meaning to one’s work, to no longer depend on an imposed framework, even if it means giving up on the stability and comfort of a salaried position. Setup Your Own Business involves taking risks, uncertainties, renunciations. To the list of advantages corresponds a list of disadvantages. To combat the fear of starting a business, you need to focus on the process and take it one day at a time.
In this article, we explain how to setup your own business in twelve steps.
This article is intended to give you confidence: we believe that anything is possible. We have plenty of examples of entrepreneurs who started from nothing and reached their goals! You have nothing to lose by following the first steps of this article (except to give up that dear procrastination!).Having the motivation and the ideas is a very good start. Knowing the steps is another one, to be able to overcome them and come up with a plan.
How to Setup Your Own Business Step by Step?
1. Take stock of your motivations and skills
2. Start from your current situation: professional and financial
3. Define your business idea
4. Develop a strategy
5. Set realistic goals and expectations
6. Make a one-page business plan
7. Talk to others and get help
8. Join Partnership
9. Give your company a name
10. Register your company
11. Create your first product or service
12. Know how to sell your business
How to Start a Business in 12 Steps
Before going into the details of the steps of this guide to setup your own business, we have distinguished 3 stages: Take stock and setup your own business – Challenge your idea – Make your business creation a reality.
1. Take Stock of Your Motivations and Skills
There are as many companies as there are personal situations. Setup your own business will depend on several factors: motivations and objectives, financial situation, skills, business model.
That’s why the first step to setup your own business is to take stock of all these aspects.
It’s true that it’s frustrating, when you have a great idea and you’re pumped up, you want to take action, to open your business right away. We want to do something concrete! Except that the first factor of failure is not to have taken this time of reflection. Do not burn the steps. First golden rule to become the entrepreneur of your dreams: patience and frustration management are two qualities to develop
Take it as a game, or a challenge, the opportunity to put down all those desires and ideas that are swarming in your head.
So, we take a sheet of paper (or two, or three…a notebook what and we pose in writing by answering the following questions:
- What deeply motivates me to start a business?
- Which of these motivations are the most important?
- What are my strengths and weaknesses? Can I do it on my own?
- Are my current skills sufficient to carry out my project, or do I need to train or surround myself with others to fill in the gaps?
- What means (material, financial) do I need to achieve this?
The answers you provide to these questions will have an impact on future steps.
The business model, the financial investments and the form of your company will not be the same if you want to set up your own business in a city, or to set up your own business online, if you want to be alone or to form a team, if you have the financial contributions, or if you start with zero budget.
It is very easy to setup your own business online, for example. But generating income from scratch is much more difficult.
You must be prepared to face this reality. There will be challenges, critical moments, doubts.
2. Start from Your Current Situation: Professional and Financial
Some will have built up a professional career and will want to set up a company with a project in line with this career and the skills they have acquired. Others, on the contrary, will want to start a completely new activity. In any case, there are several solutions: setup your own business in parallel with your current job to minimize the risks, and therefore combine several activities at the same time (the art of being a slasher).
Employees also have individual training rights (DIF). There are a number of aids available for setting up a business. State aids (e.g. unemployment rights) according to the
The conditions for leaving the company can be a springboard for creating a company. Find out more about your situation from the Pôle Emploi, for example.
3. Define Your Business Idea
The pandemic has changed many things in consumer habits, not to mention other world events that are happening at a dizzying pace.
Take the time to reflect and list new or upcoming needs and come up with setup your own business ideas in 2022.
You may also have a few business ideas running through your head. And if you’re not sure what to do, or if you have several overlapping desires, make a list of things you’re passionate about. For example, yoga, personal finance, dogs, movies, cooking or fashion.
And the one of your desires: to transmit a knowledge, to sell a product or a service, to write on a subject, to help companies or individuals in their steps, or simply to earn money on Internet. The strength of the entrepreneur is to know how to combine his interests with his human qualities and skills.
Now that your ideas are becoming clearer, you need to confront them with the reality of the market and explore the competing offer and demand.
This is what we call the law of the market, and to make a place in the sun, you must differentiate yourself. Several alternatives are available to you: lowering prices, or on the contrary going upmarket, surfing on a trend, finding a niche activity
There are other questions to ask when setup your own business: do you want to be fully involved in your business or just be the founder? Do you prefer to act alone or are you looking for a partner? Do you want to setup your own business a sole proprietorship, an EURL or a SARL? These are fundamental questions to setup your own business.
Everything is possible to setup your own business, from a Shopify store to a freelance activity. You can choose to develop your own consulting business and setup your own business or to set up your own company with a team, make your own products or manage a restaurant…!
To help you refine your list, use tools like Keywords Everywhere to observe the volume of searches on Google with SEO for each item on your list. This will give you a sense of how popular your ideas are.
Also use Google Trends to analyze the evolution of trends. Is the curve rising, falling or staying the same? Then determine the long-term viability of your niche. Don’t hesitate to ask questions to entrepreneurs who have started a similar project, their feedback can guide your project and be decisive. Be inspired by the success stories of entrepreneurs in your field.
Then take the three most popular keywords on your list and answer these questions, “In five years, which of these niches will still get me up in the morning? Which idea will excite me enough to still want to setup your own business, content, products and tools for it?”
You’ve got it? Congratulations, you have just passed a fundamental step in the creation of a company!
4. Develop a Strategy
Now that you have a good idea for starting a business, it’s time to look at ways to make a living from it. How to develop your business strategy?
For example, let’s say you want to start a dog-related business. You could open a grooming business, a dog-sitting site or an online store for dog products.
In this phase, you will determine which of these businesses is the easiest and most strategic to launch, if it fits your skills, if it fits your budget. Finally, you will analyze the performance of the sector.
It is also possible to setup your own business with several ideas. For example, a cooking blog can be monetized with an online store of cooking accessories.
After deciding what type of business you want to develop, it is time to plan your business and measure its viability by doing a market study. It will allow you to define your business model by mastering your target market in order to better position yourself and make the difference.
Here are the different points to be clarified:
- Who is/are your target audience(s), what are their profiles? What are their expectations, what are their uses (especially online)?
- Who are your competitors? Can you rank them? What prices do they charge? How do they sell (marketing practices, communication)?
- What are the constraints of your market?
- What are the trends?
- What are the most popular queries?
- What are your selling points that will help you stand out from the crowd?
- Are there any regulations specific to your sector?
5. Starting a Business: Set Realistic Goals and Expectations
Instead of focusing on your first sale, perhaps you should focus on
Digital marketing with, for example, content creation to drive traffic to your site. Or maybe before opening his business, you could develop a community on Instagram to have an audience when you launch. Don’t spread yourself too thin, use tried and true methods to build his business.
Feel free to use SMART indicators to setup your own business goals, but stick to the ones that really matter to you.
6. Make a One-Page Business Plan
The business plan is the logical continuation of your market study, it is essential in the steps to setup your own business. It should allow you to put forward concrete data on your business, such as defining figures (sales projection) and strategies. Unless you need a bank loan, do not waste too much time on a business plan. On a sheet of paper, write your business plan by hand. The business plan will allow you to project yourself concretely, and therefore to better launch yourself, step by step.
Your business plan page should contain the following elements:
- The problem solved by your business
- A one sentence pitch (what is it about?)
- A list of your target audience (e.g. dog owners, people following dog accounts on social networks…)
- A SWOT analysis (Strengths, Weaknesses, Opportunities and Threats).
- A marketing plan (list of actions to be taken to promote your business)
- A financial plan (operating costs, ways to finance those costs, and ways to generate money).
- Financial projection by quarter
7. Talk to Others and Get Help
You now have the idea, goals and a plan. Now it’s time to get feedback on your idea, to test it with qualified people.
This stage was the death knell for many business ideas, including some very good ones.
The goal is to gather feedback on how to improve your idea. Instead of asking for opinions on the business itself, ask questions about specific aspects.
Seek advice from a professional who has gone through the same steps to open a business. Most cities have business start-up centers where you can talk to entrepreneurs who are willing to help you. Staying isolated is a bad idea.
idea. The probability of success and sustainability of your project will increase with the contribution of the knowledge of others!
8. Join Partnership
Solo entrepreneurship is on the rise, so this advice doesn’t apply to everyone, but it’s often easier to succeed as a couple. Rome wasn’t built in a day, like all successful businesses. Your business will take a lot of time and effort. resources. Having someone you trust by your side will allow you to take breaks to regain your strength, and to fill in any gaps.
Choosing a partner is crucial. You need to be sure that you will work effectively with this person. Do you trust them? Have you worked together before? How have you handled conflicts in the past? Do your skills balance each other? Will a professional relationship break up your friendship? Be sure to ask all the tough questions before you make your decision.
9. Create Your Company : Give it a Name
A milestone in your online business creation. Defining the perfect business name can be difficult, especially if you want a .com domain name.
Use a business name generator to find inspiration.
Most brands try to include keywords in their name, like Fashion Nova . But others choose a unique name.
The business name you choose must be attractive, punchy, easy to remember and spell, correspond to a domain and available social network profiles.
Sometimes the best names come out of a conversation with a friend, who will give you another perspective. So don’t hesitate to ask for advice if you’re going in circles with your brand name.
10. Register Your Business
What are the steps to setup your own business or company ? How to setup your own business in France, on the administrative level? Find out about the legislation in force in your country. In some cities or states, you do not need to register your business below a specific turnover.
However, some entrepreneurs register their business from day one to prevent any risk. For example, if you do the same and are sued at the beginning of your business, your company is liable but you are not. Protect yourself as soon as possible by giving your business legal status.
If you setup your own business , you do not have to set up a limited liability company from the outset. There are many different types of company, such as a sole proprietorship, which also depend on the number of contributors or partners. Do some research to see which status will best suit your situation.
11. Create Your First Product or Service
The number of possible products or services you can sell is infinite.
In e-commerce, you can use DSers to choose from a wide range of products in many popular niches, such as fashion, jewelry, decoration,
automotive, beauty, electronics and much more. Follow our guides to set up a dropshipping business or an online store.
How to choose products to setup your own business online?
If you are an expert in a particular industry, you will be able to create digital products such as eBooks, courses, music and other digital content to sell to others. You will be able to monetize your expertise with these products and move upmarket with your services.
For a software business, you can create a SaaS product that helps other businesses. Or if you are a consultant, you can offer conferences, coaching or your skills.
The products you setup your own business will largely depend on your knowledge and professional profile. But the choice remains incredibly vast.
12. Know How to Sell Your Business
Promotion is undoubtedly the most important step when launching a business. Without marketing, there are no customers and therefore no sales. Here are some examples on how to develop your business.
The creation of your website, an essential step whatever your business, and obviously crucial if you create an e-commerce activity. Follow our guide on how to create a simple and efficient website with a CMS.
Facebook: you can advertise on Facebook based on your target audience’s interests, as well as the brands they follow. Also post in Facebook groups as a fan page, which is a great way to promote niche businesses.
Instagram: expand your Instagram visibility with each post to diversify your sales channels. You’ll also be able to add links in your Instagram Stories to get more sales.
Pinterest: group boards are a great way to get more exposure on your posts when you’re first starting out. You can also setup your own business groups to promote your content. Be sure to promote other brands as well so you don’t get associated with a spam account.
Linkedin: Build your personal brand by creating posts and sharing your opinions via LinkedIn articles. Invite other users to follow you to increase your reach.
SEO: by optimizing your website for natural referencing and by creating content that generates more leads, subscribers to your newsletter and traffic to your site.
Quora: answer niche questions on Quora to promote your online store. You will use SEO tools to find out which terms are well referenced on Quora and thus get a better visibility on the platform.
How to Start a Business?
To launch your business, you must first find a business idea and learn about entrepreneurship, a way of life that may not appeal to everyone. Talk about your project not only to your relatives, but also to your potential targets to validate your idea. Don’t hesitate to join entrepreneurial groups to help you stay motivated, but also to accomplish the right administrative steps. Setup your own business plan, find financing if needed and set sales targets to develop your business!
Start by listing your motivations, then your goals. Finally, the most important thing: find a profitable business idea. You can choose from several home-based business ideas or setup your own business if you have an innovative idea. You will then have to setup your own business plan and a budget. Finally, you need to find a name and logo, setup your own business status, setup your own business online presence and promote your products or services through marketing techniques!
How to Create a Company?
You can setup your own business via online procedures. The easiest way is to setup your own business (or auto-entrepreneur) for the sale of goods or the provision of services, depending on the nature of your activity. Once your company and your turnover develop, you can change to a SARL, SASU or other status adapted to your needs. The creation of a status is mandatory to have an entrepreneurial activity in France, even if it is a complement of salary. You will not have to pay any tax if you do not make any turnover right away.
How to Setup Your Own Business Without Money?
How to setup your own business, without money? This question, often asked, reveals the financial stakes. When you are young, freshly graduated for example, or simply when you don’t have enough personal contribution to invest in your business project. So is it possible to start a business from scratch? Yes, it is.
In the case of the creation of a micro-business, in particular (provided that you do not exceed a threshold according to your activity). Creating a business online is relatively simple, fast and free. If you start an intellectual service (such as graphic designer, developer, coach, writer …) that is done online with your future customers, then you will just need a computer and wifi!
Moreover, and whatever your situation, there are a number of aids for starting a business, such as the ACCRE for example, which exempts you from social security charges for the first year of your activity. So you can open your own business without a budget.
How to Open a Business as a Young Entrepreneur?
There are many organizations dedicated to helping young entrepreneurs: the local CCI ontheone hand,andontheother hand startup incubators and incubators that give you the means to succeed.
These structures also give you the credibility that can be lacking when you are young and setup your own business, and also allow you to gain visibility. Many competitions allow you to boost a business project. It’s up to you to know how to pitch your project, its business model and to demonstrate its originality and viability!
Some cities even offer programs for young entrepreneurs, where you get coaching from a mentor. Make sure you’re getting feedback from the right people, the ones who will help you achieve success.
There are many organizations that help start-ups, by accompanying and/or financing them: the CCI, the BPI, the Agence France Entrepreneur, the Réseau Entreprendre, the incubators… it’s up to you to setup your own business around you. Crowdfunding is also an interesting alternative solution.
Conclusion
Remember, mindset is everything. Keep your dreams in mind, your beautiful energy, your optimism, see further than the stage that is in front of you. No excuse, whatever your status, your age, your means, there are solutions to setup your own business succeed. But be a realistic idealist: take the time to think, to prepare, get information, share your idea, test, surround yourself, even if it means not counting the hours, not seeing results right away… Perseverance is the key.
Defining your objectives beforehand, confronting them with reality are all steps that will allow you to not lose sight of them and to make them overcome the obstacles.
There will be obstacles and challenges along the way, but as long as you move forward and learn from your lessons, nothing will stop you from succeeding.
