Starting your own business is a complex and multi-layered task. There are, however, a few things you can not go without. You decide how to overcome them, your first steps in the business will be much easier.
When you start a small company, the first steps you need to take are obvious. You invent an incredible product or service that people will adore, invent a company name, hire a few employees to work for you, and you are ready to win profits. Unfortunately things are not so simple. If you think you only need to work after setting up your business, you are not very much in line with the requirements of the current business environment. Before you start, you need to prepare your homework well enough to have even minimal chances of success in the predatory corporate environment of the twenty-first century. Here are the steps you should take if you want to be a model entrepreneur:
Business plan
Develop a business plan is mandatory. This does not mean that it has to be overly laid or with superfluous information similar to the student’s diploma thesis. There are a lot of business people in Bulgaria who have not bothered to plan and still manage many companies in different business areas. Real financial phenomena. Leaving this important ingredient will not allow you to better shape your ideas. A few pages with your company’s main goals, information about the competition in the industry, the products and services you will offer, the business model you will earn, your success strategy and the necessary team can be the basis of this plan. Once you’ve created it, it can serve you to get a financial credit and investor demand for your project. There are many sample documents available on the Internet to help you figure out what you can include. Just look for a ready-made business plan on our favorite Google search engine.
Capital
Finding initial funding for a new business project is not an easy task, especially in times of financial crisis. In recent years, leading financial institutions have considerably reduced their lending programs and risky investments. However, this does not mean that the sources of funding have completely dried up. You can search for funds from different European programs, business angels and even local credit institutions. The good business model and your idea can greatly contribute to finding fast financing.
What business do we register?
Limited Liability Company or Joint Stock Company, and why not a sole trader? The eternal question that harasses every entrepreneur. What type of company should we do? Each structure has its advantages and disadvantages. The most important thing is to think about the taxes you owe the state and the responsibility you take to your partners. Currently OOD or EOOD is the preferred form for starting a small to medium-sized company in Bulgaria, especially after lowering the initial capital requirement at the time of registration.
Create an online site
In today’s technological era, it is inconceivable not to go through this step, even if you are dealing with the production of seeds. You need to have your own place on the web at least so your customers can blame or worship your products or services. The Internet has established itself as an indispensable marketing tool, the use of which allows, with minimal means, to maximize brand awareness. This is also the way to show your corporate culture to society. Note that nowhere in the footsteps you have to go is not an office. Of course, this is a great place to meet and work, but when you start your business, you do not need one. You can even work from home or have only a production base, but your online site is required! It will not only be a lot more than a business card, but it also allows you to find your business on Google. The benefits of this are immeasurable. Building your company’s online presence should not be about saving design money, choosing a domain, and integrating with advanced Facebook and Twitter services.
Telephone
Phone services are currently the main means of negotiating, arranging deals, maintaining service and establishing business relationships with your company. It is imperative to enter into a contract with your favorite telecom operator for such services and not to use your personal phone for business purposes (although you may be tempted by tariff plans). Do not make the mistake of adding your personal numbers to business cards or other business documents and presentations. At first, this may seem like a good idea, but you are more likely to appreciate your mistake. You can take advantage of the services of a virtual secretary to support a part of your company’s interest
Create your identity
Making your company visible to thousands of businesses is very important. Pay an advertising agency to create your own logo. Then use it anywhere. Attach it to your emails and paper documents. Print it on business cards . Spread the news of your new venture among all your acquaintances and friends. Once you have your own logo, make sure it is present on everything related to your company.
Protect your corporate name
Intellectual Property Protection is an undervalued aspect among Bulgarian business owners. However, there are now cases of trademark theft and the creation of poor quality products that have a bad reputation for well-established brands. On The Bulgarian Patent Office can find information on how to protect your company’s name. Before that, it’s nice to keep your business name in the district court so you do not find someone else to register it for you.
By going through the basic steps before starting your own business, you will be sure that you have saved a lot of time and effort to adjust things afterwards. You can always miss something and have to catch up later.
