What steps are recommended to create a business?

If you have decided to create your own company and start your business, you must bear in mind that the constitution and start-up process is a complicated task, not in terms of its difficulty, but because a series of steps must be completed.

Project viability

The first thing you should ask yourself is that it is not enough to have an idea for a product or service, but you have to create what is called a business plan. In it you must include a previous market study, an analysis of the competition, examine what improvements or innovations your product or service presents to stand out from others and make a financial forecast of your first expenses.

It is important that in this study you influence on knowing current trends and try to understand the behavior of consumers in that sector in order to be able to offer them something very attractive and that will give you profitability.

For this, it is important to know what financing programs exist for entrepreneurs and what requirements they require, although, if we do not have liquidity, it is interesting to seek opinions on personal loans to assess other ways of obtaining money for our project.

On the other hand, if we are not entirely clear about our business idea or we have a preference for a specific sector but we do not know what type of company to create, we can take a look at es.collected.reviews and find out which services are most in demand or best valued based on people’s opinions.

Once we are clear about the project, it is highly recommended to carry out a SWOT analysis.

Dafo

It is a tool that is used both for studying the situation of a company and for analyzing a project. With this analysis, the necessary strategies for the viability of the business can be created.

The SWOT comprises two different diagnoses, in which four variables are studied.

On the one hand, the internal analysis. This includes Weaknesses and Strengths.

With the study of Weaknesses we can find the weakest points of our business idea, such as lack of experience or financial deficiencies. We can also evaluate which Strengths make us better in the face of our competition and what value we bring to the market.

On the other hand, the external analysis includes Threats and Opportunities.

Threats can be from different areas, such as that we do not have the most advanced technology, that there is a lot of competition or that this type of market is very saturated. Regarding Opportunities, they refer to a global vision of our environment and the possibility that we have to adapt to it.

When we have analyzed all the sections, we will make a balance that allows us to make decisions and plan our strategy.

Project development

Once we have studied and analyzed everything necessary for our project and sought funding to carry it out, it is time to legalize it and begin its development, which involves a series of bureaucratic procedures.

The first thing is to choose what legal form our company will have. For this, the ideal is to consult all the pros and cons with an advisor who will advise us on the most appropriate option for our case.

Legal structure

We can choose to act as natural persons or legal persons.

The procedures for individuals are much simpler. Those that you must take into account are the requirements that the City Council of your place of residence requires, which will be where you establish your place of work or registered office.

Then you will have to present to the Tax Agency the census activity registration model with all your data and those of your business.

Finally, within 30 days from when you register the start of your activity, you will have to register as a self-employed person in Social Security and choose your contribution base and your labor mutual.

If you choose to act as a legal person , your procedures are more complicated, since you will have to establish a company (limited liability, anonymous, cooperative, labor) and meet a series of requirements.

First you must think about the name you want to give your company and request a certificate from the Central Mercantile Registry that proves that that name is not occupied by another business.

Subsequently, you must create a bank account for the expenses of the company and request a NIF from the Tax Agency.

In addition, you must sign a deed of incorporation that includes the bylaws of your company and sign it before a Notary Public, registering it later in the Mercantile Registry that corresponds to you according to your address.

All these procedures are mandatory.

Marketing plan

Finally, once our business idea has been created and implemented and our activity legalized, it is time to make it known. For this we will develop a marketing plan.

This is a document that must be well structured and organized and that includes the main objectives that we want to achieve and the steps that we are going to take to achieve it.

Depending on the type of business, our marketing plan may be slightly different, but all must contain a series of key points, such as:

Price strategy. We must decide at what prices we are going to have our services or products. To do this, we will analyze those of the competition and try to make our product offer more value in order to set better prices.

Sales and loyalty process. We have to define how our sales process will be and what we will do to retain our customers, such as exclusive offers or discounts.

Budget. It is essential to control what budget we are going to allocate to each section.

Technological means available. If we do not master everything that the digital world can bring us, it would be interesting to hire an expert to advise us on the best tools to control our business or to carry out some related training.

Advertising strategy. We will create specific advertising campaigns to increase our sales and our visibility, working on the positioning of our business.

This plan must be open to changes and modifications based on the analysis of our results.