BUSINESS IDEA

Things to do before starting a business

Things to do before starting a business

When you decide to start a new activity, there is no need to rush. Indeed, there are several important things to do before starting a business . These preliminary steps are necessary in order to put the odds on your side in the context of your business creation project.

The corner of entrepreneurs informs you about 5 things to do before starting your business :

  • Study the profitability and financial solidity of your project.
  • Find out about the benefits you can claim.
  • Complete the financing of your business creation project.
  • Find the right premises to carry out your future activity.
  • Take stock of your project with a professional.

Study the profitability and financial solidity of your project.

Before creating your business, it is essential to study precisely the profitability of your project as well as its financial solidity .

To determine the profitability of your business creation project, it is necessary to determine your projected turnover and to estimate all the expenses that you will have to make. On what is left, you must be able to pay yourself enough (don’t forget to take social security contributions into account).

 

Find out about the benefits you can claim.

Before starting your business, you need to know the amount of income you can expect based on your business assumptions. This information is very important.

If the project is sufficiently profitable but the cash flow is a bit tight, financial solutions must be found (larger contributions, financing of an investment by bank loan, preference for leasing instead of buying, etc.).

 

Complete the financing of your business creation project.

Before starting your business, you must complete the financing of your project . The assessment of the financing necessary for the implementation of your project is carried out .

In this financial table, you will have to report the financial resources that you mobilize within the framework of your business creation project (your contributions and your loans in particular).

If you finance your entire project with equity and these are sufficient to pay for your investments and maintain a satisfactory level of cash, you do not need to work on this aspect of the project.

On the other hand, if you plan to finance part of your project with external financing, you must contact your financial partners before creating your business. Indeed, as long as you have not managed to find the necessary financing, it is useless to create your company.

 

Find the right premises to carry out your future activity.

Finding the location of the future activity is one of the most important things to do before setting up your business. Indeed, the choice of premises is strategic, whether in terms of location or configuration.

Before starting to visit premises, it is necessary to precisely define the characteristics sought (surface, geographical area, equipment, budget, etc.). In the absence of reliable solutions, it is better to wait than to choose a location that does not meet your main expectations. A commercial lease contract is a long-term contract (9 years) and you cannot terminate it early before 3 years.

Professionals who start a self-employed activity and work directly with their clients are not affected by this step. In this case, a direct debit of the company at the personal residence is sufficient. Another solution is to opt for commercial domiciliation . This solution allows the entrepreneur to benefit from several useful services (administrative address, mail management, telephone reception, meeting rooms if necessary, etc.).

 

Take stock with a professional about your project.

Another very important thing to do before creating your business: make a complete point with a professional about your project.

This approach is first of all reassuring because a seasoned professional will quickly be able to detect any problems in the configuration of your business creation project. You may also have forgotten some things, and you will normally be notified about this.

Then, a competent professional will provide you with several tips about your future business, particularly from a legal and tax point of view. He can also support you in your business creation process .

READ ALSO:  5 THINGS YOU NEED TO START A BUSINESS

Mr Kurya

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