Opening your company: 5 tips before doing it
Currently, opening your own company can seem easy if you have enough money, have a well-structured idea of what you want to do and are willing to be your own boss, being able to control most of your working life.
Even counting on the above, it is likely that, being a first-time entrepreneur, you will fall into some mistakes when wanting to create your company. Get advice from competent professionals, and share your initiative with them. They will enrich your point of view and help you make key decisions at an early stage.
We offer you 5 useful tips to consider before opening your own company.
- Develop your business idea. It is important, before opening a business, to have a clear idea of what you want your company to be about. If you already have it, it is the perfect opportunity to develop the products or services that you as a company want to sell or offer, defining its purpose, the customers you want to capture and the benefits you expect to obtain a Business Plan.
- Structure your time. Once you have a clear idea of your business, make a calendar. Set a timeline. It will help you organize the time you will devote to achieving the different milestones you set as your goal. Use the tools we offer in our Entrepreneurship Tools section.
- Financial strategy and operations plan. Have a financial forecast that includes income, costs, expenses, cash flow and income statement. In addition, establish your funding sources and any additional capital requirements. It is also necessary, if your business meets certain requirements, that you describe the operational processes of your company, from the acquisition of raw materials to the delivery of the final product. If you have specific location, logistics or infrastructure needs, think about it and keep it in mind.
- Do you need human resources? One of the advantages of being your own manager is being able to choose the right people to work with you during this process. They can be occasional collaborations or salaried persons. The cost differs between the two options, but also their time availability. If you need to hire your own staff, you will need the services of a consulting firm such as Lladó Grup Consultor.
- Start your business safely. Identify potential risks that could affect your business and develop strategies to mitigate them. This may include financial, legal, operational or market-related risks.
From Espai 114 we support you when starting your company by offering you entrepreneurial tools, business domicile and professional activities, financial solutions, consultancy, coworking space…
We are the Business Center of Badalona, to give visibility and possibilities to your business. At Espai 114 together we form a team; we want to inspire you and accompany you.
