Setting up your own business is not an easy decision for most people. In addition to issues related to the product and customers, there are also a lot of formal aspects like taxes and accounting. To prepare yourself well to be an entrepreneur, we recommend you to think about some key issues.

 

 

What are you going to offer to your clients?

 

Describe exactly what your product or service will be. Is a similar offer on the market yet? If so, think about how your offer will stand out from the others and what will be your competitive advantage. At this point, it is also worth considering the distribution method – maybe you will open a store or choose only online sales?

 

Who are your clients?

 

This question is about the characteristics of your target market. Think about whether your product is addressed to a wide range of people or maybe to a specific group in terms of gender, age, personality, interests. Answers to these questions will help you plan your marketing communication, which means what and how you intend to communicate to your potential clients.

 

What do you already have and what do you still need to start your business?

 

At this point, it is worth considering what resources you already have to successfully run your business. Perhaps you already have experience in the industry, you have the right capital or you already have tools to work. On the other hand, think about what else will be necessary for you and how you can get it. Also, think about who and how could help you.

 

What will be the revenues and costs of your business?

 

This question is hard to answer in detail because financial issues depend of course on many factors. However, it is worth knowing how much it costs to cooperate with an accounting office, what amount you are required to pay to Social Insurance Institution, how much it costs to maintain a website or print business cards. It’s also good to think about the price of your products and any discounts or promotions. What is more, remember that we pay some of the costs every month, and some only once, e.g. by investing in equipment.

 

Do you know how to formally set up and run a business?

 

At this point, it is worth making sure that you know the process of registering a business, registering a company in Social Insurance Institution and in the tax office. It is also good to decide earlier whether you will conduct your accounting on your own or you will use the services of an accounting office. You will also have to make decisions regarding forms of payment of income tax and address of the business office.

If you are thinking about starting your own business and you would like to consult your idea, we offer you entrepreneur counselling. If you are interested in meeting with an entrepreneur counsellor, detailed information can be found HERE. 

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