We have all thought about starting our own business at some time, even when we are employed and have a secure job, but the idea of being “our own boss” and generating profits for one's own benefit is not something to be taken lightly.
I do not pretend, friend reader, to maintain that there is some magic formula for doing a business, on the contrary, I am of the idea that there are certain basic principles that we can apply to achieve the path to success.
Based on my experience as a businesswoman and because of what I have been able to acquire in my job as a business advisor, I am going to present you the easiest, most agile and effective process to start a business.
1) Find your business idea.
I facilitate and without complications, ask yourself: is there any unmet need in your community? Do you have qualities that could be useful to someone else? Do you prepare a dish that is delicious for you? What do you like to do in your free time? ? As you can see, so answer one of these questions and you will have a place to start working for your business. As simple as that! And start developing this idea…
2) Develop your business plan.
Many see it as a waste of time, but it is actually an investment for your own benefit. This master document will allow you to detect every need of the company and every opportunity, and will identify aspects and processes that you never even imagined were required for the business.
When you have finished, you will be an expert in each area of the project and you will know in detail how much money you will need to open it, which leads us to the next step.
3) Identify your financing options.
Once you have “the list” of what you need to start your business, separate what you already have (both in money and in kind) and, then, focus on what you need.
Keep in mind that in case you have to borrow, no financial organization will contribute 100% of the total cost of the project, so you have to be very clear about what you will be contributing; Remember that the business will be yours and, therefore, it is logical that you also contribute something to its realization.
In Mexico, there are some government programs that lend you up to 90% of the total cost of the project, in soft and easily accessible schemes.
The most important thing when deciding which of the credit options is best for you is knowing the interest rate, the term of the loan, the periodicity of the payment and the interest for late payment (in case you fall behind in one or two payments)). Do not sign anything that you have not fully read and understood. Research the financing options in your area.
Assuming you already have this in mind, your next step will be to ask for permits…
4) Complies with regulations.
There are certain procedures that are required by law for a business to operate in full formality. In Mexico we have 3 levels of government, and in each of them there may be at least one procedure that your company must do.
In the federal government, the first thing you should do is register in the Federal Taxpayer Registry (RFC), in the regime that suits you best, according to the activities that your company is going to carry out.
In state government, an operating notice must be given in the State Registry of Causers (REC). In each state there is a Taxpayer Assistance Module to guide you in this regard.
In the municipal government, there are a series of licenses and permits that each business must have. They vary in each locality, the most common is that they ask you for security requirements such as having a fire extinguisher for each certain number of square meters, marking emergency exits and installing smoke detectors, among others.
Remember that it is for your safety and that of your clients, so it is worth it! There may also be other types of licenses that you must have depending on the business, for example, restaurants, inns and any place that sells food, they must apply for a health license, there is no cost and your clients will give you the certainty that you prepare food in a hygienic way.
5) Open your business!
All ready? Now yes, to open it with drum and cymbal… What are you going to do at the opening for your clients? What exclusive promotions do you have for that day? Why don't people want to miss the opening of your business? Make them up !, promotions, discounts, two for one, gifts, raffles, food, free memberships, as our dear Diana says: the sky is the limit!…
Learn more marketing and sales strategies by visiting us at www.mercadeobrillante.com
