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Creating Your Business: The 3 Key Steps

Creating Your Business:

Here is an expression that promises mounts and wonders. Many people today dream of taking the plunge for various and varied motivations but especially for the independence that it allows to have.

Yet when you start your business, you have to bear in mind that, as with marriage, it is for the better and for the worse.

There will be moments of euphoria, explosions of joy, successes but also anxiety attacks, anger, chess … The aim is to know how to season all these data so that finally the result corresponds to us. It is from this sweet mixture that the project is born!

But what are the steps to be taken in this journey of the combatant?

Step 1: Get the right idea

At the base of any business creation there is an idea.

The good idea is not necessarily the one that nobody has ever thought of but it is simply one for which one really wants to invest.

Because yes, the path of the entrepreneur is strewn with multiple pitfalls that it will be necessary to overcome, it is necessary therefore to be really motivated.

The idea can have many origins such as professional experience, know-how, initial training or even circumstances offering the opportunity to get started.

The only advice to find this famous idea would be “open your eyes and listen.”

Once the idea takes root in your head, you have to criticize it, take a step back, weigh the pros and cons. All these expressions mean that we must not rush in order to seek in all objectivity the strengths and especially the weaknesses of the project.

Exchanges with experienced men and women are essential. They will highlight the pitfalls you may encounter and provide you with valuable tips to avoid and overcome them.

These people will also be able to help you develop a professional network without which you will have great difficulty to progress.

Market research is the prerequisite for testing the viability of a project.

Its objective is to pinpoint precisely the organization of the economic sector in which the new company will be integrated. This study makes it possible to set the objectives of the company and to define the market share to conquer and the means to implement it.

The market research will be studied in detail by potential future partners of the company. It is therefore wise to conduct it as seriously as possible.

Once the idea is in mind and the market study is carried out, the second stage is then conceivable.

Step 2: choose the legal form

The choice of legal structure is extremely important. The tax status as well as the social regime depend on the structure in which the activity is carried out.

The activity can be exercised in two legal forms: the sole proprietorship or the company. The choice of the legal structure will depend on various elements, such as the entrepreneur’s personal situation, the field of activity concerned, the contractor will be alone or with partners. etc.

As a general rule, once the activity is created around several people, the legal form concerned will be the company and, as its name indicates, when the entrepreneur starts alone, he will resort to the sole proprietorship.

However, the law has set up different forms of companies whose rules of operation and consequences in terms of legal responsibilities of partners, different.

The decision is sometimes tricky, it is advisable to call on a lawyer or an accountant specialized in the creation of a company to be helped to make the right choice.

Once the company is created the question of taxing the profits of the company arises.

The profit of the company is calculated from the accounting result of which, after some restatements, results the tax result. It is this tax result that will serve as a basis for taxation.

When setting up a company or a sole proprietorship, the most appropriate tax system should be chosen.Again, the intervention of a business advisor (lawyer, accountant) makes it possible to secure the creation of a business and to guarantee the protection of the interests of the entrepreneur and his personal assets.

The same applies to the social system of the chosen legal structure. According to this, the entrepreneur will depend either on the scheme of the non-salaried workers or that of the managerial employees.

Stage 3: formalities

The formalities are the last step before launching its business.

When a company is created, the publication of a legal advertisement is compulsory.

Once, the attestation of publication of the legal announcement obtained the entrepreneur can then continue these steps.

In addition, when it has been decided to exercise its activity in the form of a company, its statutes must be established. The articles of association determine the operating rules of the company and the relations between the partners.

Finally, once this process has been carried out, the registration of the company must be done at the center of the formalities of the companies competent according to the nature of the activity or according to the legal form of the company.

In conclusion :

The creation of a company is an indispensable event in the economic life of our society and must allow personal fulfillment.

The latter will be possible if it is the project that brings and motivates the entrepreneur but also if the activity has been well prepared and anticipated financially.

For this, being well accompanied is absolutely essential. The Business Advisor will provide strong and effective support.