Here are 6 essential points to consider when starting a new business.
- Market valuation
Find out what the market needs, and how well they're being met. Who are the main players? What products and services do they offer? At what price?
If you're planning to launch a new product or service on the market, first carry out market research to find out the size of the market and the product or service's chances of success. In other words, you need to know as much as possible about your future customers.
- Business Plan
It's essential that you draw up a business plan that describes your business project and shows how you're going to make it happen.
The Business Plan should contain the following elements: a summary, market assessment, product or service description, sales and marketing, competitor analysis, operations/manufacturing, company legal form, human resources, financing, capital, forecasts, risk summary, investments.
Your business plan should be clear and complete. It doesn't have to be long, but it should cover all the important aspects of your business.
Read also: Preparing your business plan from A to Z.
- Your team
Surround yourself with a team of competent people (associates, employees, independent consultants, etc.). You can't do everything on your own. A good team and good management of your team are essential to the success of your business.
- Financial resources
Make sure you have sufficient financing. You can finance your business start-up with your own money or with a loan (a combination of the two is usually used).
Don't forget to take into account a number of basic questions: the legal form of your company, partnership agreements, patents and copyrights, obtaining registration numbers for your company, protecting your company name, local regulations, etc.
The choice of your legal status is crucial. We recommend that you read this article: choose your status in Israel.
You'll also need a chartered accountant, a lawyer and a marketing consultant to help you get started.
Although very important, this last point is rarely taken into consideration. Read this article to find out if you have what it takes to be an entrepreneur.