Creating a business at a time when the economy is growing is something relatively simple. A good idea, a loan from the bank, small or big, and we already started. But what about a time of crisis? Money does not exist, loans banks do not give and the consumer does not buy. How are we going?
The current facts of the Cypriot economic reality, besides problems, create many opportunities. How can we exploit them?
Identifying and evaluating the idea
Everything starts with an idea. Once you have the idea to create your own business, the first thing you need to do is evaluate it. In our minds, the idea we have is always the best. Is it? Before you make the decision to start, it’s good to investigate some factors.
· Does the industry that we want to be active is moving up or down? It’s not the most wise thing to invest in an industry that sinks over that time period.
· Are the customers you are targeting willing to buy the product / service you offer them?
· Is it the right time for the product / service to be offered, to enter the market? Is it early or is it late?
· Discuss your idea with people who appreciate their business opinion.
Preparing and implementing the idea
After you make the decision to move on with your idea then it’s good to plan properly. If you have not already developed a business plan, you should do it. If you have the theoretical training you can develop it yourself, otherwise you can contact a professional. The main points you should get answers from the business plan are:
· The feasibility of the investment
· Market analysis
· Cost of implementation
· Profitability perspective
Before you start implementing your idea, you should be aware of running some grant programs that you could take advantage of (eg Youth Entrepreneurship). Grant programs are not a panacea but are very useful tools in the struggle for creating your own business. Once you start setting up your business, you should be careful not to get out of the budget you’ve created. Make sure you get the necessary equipment and not the non-essential.
At the beginning of your work, you must already have clarified in your mind the categories of clients you are targeting, what they are asking for and being able to offer them. Do not forget that the price is important, but in the long run it is not the first to look at consumers. The quality is followed by service and then the price.
Finally, remember that running your own business means accepting the risk of investing money and effort so that in a reasonable time you can reward them well. There is no reason to spend money, effort and effort to earn less than you would earn as an employee in a company.