Starting a business can be a real challenge for even the most seasoned entrepreneur. Good business sense and creative imagination, however, can help you carve out a place for yourself in the market. How to ensure your profitability in Israel?
Your artistic side should not make you lose sight of the fact that you are running a business that must be profitable.
- Make the most of your experience
When you set up your business, it's important to convey the image of experience to your customers.
Take advantage of the different professional experiences you've had, and transpose this knowledge to your new situation. The different situations you've experienced in the past will enable you to deal with them appropriately when they arise again.
- The business plan, a must
Since its creation in 2012, one of our customers has seen its workforce grow from 4 to 24 employees, and now exports 85 % of its productions to the lucrative digital effects market.
Like most successful companies, our customer relied from the outset on a Solid business plan.
With hindsight, he recommends that first-time entrepreneurs make sure they comply with the standards of financial institutions and provide all the required information, which can be demanding.
That's why it's important to enlist the help of experts to draw up your business plan. Your profitability in Israel will depend on it.
Dray & Dray can give you expert advice on preparing a business plan to help you gain the confidence of your financiers.
See also: A guide to doing business in Israel.
- Avoid under-financing
Our firm stresses the importance of obtaining the necessary start-up capital.
Operating capital is crucial in the early stages, because your business may not generate income immediately.
You can avoid many sleepless nights by making sure you have the funds you need to carry out your activities.
- Measure your expenses
When you start your own business, you need to keep a close eye on your expenses.
The rewards - luxury cars and the like - can wait. You still need to be able to meet your monthly financial obligations. And you need to be able to reinvest in your business to fuel its growth.
A certain amount of debt is acceptable, but you also need to retain control of your business.
- Cost savings: be resourceful
While entrepreneurs should always be concerned about their growth potential, we believe that a strong business is fundamentally about careful planning..