Creating your SME is the adventure of a lifetime, requiring both financial and personal investment.
The business start-up period presents the most risk, in which you tend to make mistakes. This is why you shouldn’t hesitate to reach out to those around you, ask for help from your network and follow our advice to make the right decisions.
1. Starting a business: laying the foundation
In the beginning, you will have to structure your project. Having a good idea is great, but it still needs to be properly developed. For this, don’t hesitate to put your ideas on paper, make an overview, self-assess and think about how you could turn your ideas into a thriving business.
Admittedly, starting your business requires special qualities and skills. If you aren’t familiar with the trade and marketing world, don’t hesitate to take a few courses or reach out to people you may know with qualifications in the field. There are also online courses and dozens of online videos that cover the topic.
To steer your SME in the right direction, you will have to study the competition, know their position in the market and get inspiration from other successful businesses. These steps should be designed to help you reflect on how you will implement the tools at your disposal to attract customers.
2. Finding financing to start your business
Once your business plan has been established (a 30-page document detailing your market research, your project, the results of this study, your budget estimates, your resources, your marketing plan ...), you will have to move on to more serious matters: financing.
Not everyone is on equal footing at this level, some will have more assets than others, and everything depends on your future SME’s investment needs. At this stage, understanding the basics of accounting is a great asset. Without some knowledge, you can easily be taken advantage of. In this case, don’t hesitate to seek the valuable advice of a tax accountant who can provide guidance related to starting a business.
3. Keep your cash flowing to keep your business growing
In the first few months after starting the business, one of the main difficulties is staying out of debt and chances are you won’t receive a salary for several months. It is therefore important to have a small safety net in case you take a hit.
For this reason, you need to invest intelligently. Don’t hire dozens of specialists when you haven’t mastered the basics of a business start-up and only choose reliable and experienced partners. The same goes for loans, avoid multiplying them and start thinking about the future tax savings that can be made.
When starting a business, you have to keep costs down. Moreover, think twice before you leave your job and fully devote yourself to your project which requires not only time, but money as well.
4. Create your business network
The worst thing you can do when starting your business is withdraw yourself. On the contrary, it’s the best time to get out of the office, go to a few happy hours and get involved in local groups to find useful contacts.
It’s always good to meet people in the same situation as you as it allows you to exchange tips and experiences. Some will have encountered the same problems as you and might have found interesting solutions.
You have to learn to get yourself out there, have a presence on social media, directories, search engines and advertising. Don’t hesitate to invest in digital marketing, as it’s practically a necessity today. These steps take time but are essential!
5. Believe in your project and equip yourself with patience
Rome wasn’t built in a day! When starting a business, there are always some discouraging moments where we feel like giving in to panic. There are many difficulties, but keep calm and clear-minded. Don’t hesitate to turn to your loved ones for a little comfort. Listen to the criticisms that can lead to improvement.
Starting your business is a very formative experience and you will learn new things every day. Don’t hesitate to contact the T2inc team to assist you in the start-up, incorporation or taxation of your business. It will be our pleasure to assist you.