It is almost summer and it is a highly appreciated period for those who wish to create their own business. At the heart of the annual lull in economic activity, it is not uncommon to think of an idea and embark on a project to create a business, sometimes at the start of the school year. Here is a 10-step methodology to guide you. If the process presented will not guarantee you success in this last form of adventure that is entrepreneurship, it will allow you to maximize your chances!
1/ Personally prepare for creation
Even upstream of the actual creation process, it is sometimes a matter of months or even years beforehand to ask questions about one’s desire to create a business. You can do an analysis of your motivations or a general personal assessment. It is also sometimes a question of preparing the creation financially, in particular by making sure to have unemployment benefits which can last for a long time or quite simply to develop certain skills as well as your network.
2/ Find the idea
One way to work that can be done a long time in advance is to be on the lookout for a good idea. Whoever says a good idea can mean setting up a watch whether it is legal (for example with the laws that will deregulate certain markets or create opportunities) or just ideas. It is also a question of defining the characteristics of your business: do you wish to address yourself in BTOC, BTOB or BTOBTOC? Do you want to evolve in innovation? What values do you absolutely want your company to have (there is no point in getting into a sector you hate)? What is the desired market size?
3/ Consult and conduct a prospective study
If you have an already well-established idea, nothing prevents you from starting to learn about your market. You can start with a simple, macroeconomic analysis, which will give you trends in your sector and allow you to identify relevant sources of information. You can go further by going to trade shows or by collecting the opinions of stakeholders in the sector (including your customers). You will thus be able to have a more precise idea of their profile and their needs.
4/ Start planning your project
This is to have a first view of the development methods and characteristics of your product/service. You will also begin to identify the operation of your future business and determine a business model, more or less relevant. You can thus verify that it works or even ask yourself if this is the most relevant approach. Nothing prevents you from changing afterwards but it is a first line of work
5/ Validate with a quantitative study
During this stage, it is a question of going further and you already know what you intend to do. You “test” with a large sample what you have planned for the realization of your project. This quantified study makes it possible to define the marketing mix and to obtain a certain number of precisions such as the heart of the target or the improvements to be made compared to the existing one. These surveys also allow you to assess the financial impact of the activity.
6/ Start writing the business plan
This part concretizes your approach and launches you more or less in the creation of a business. It is generally a question of starting by asking the previous elements, namely your market research and precisely defining your concept in writing. You then pose your competitive advantages (which induces to have leaned on your competitors) and mark your difference. The goal is to know how to answer the question: how do you stand out from the competition (direct or indirect)?
7/ Establish your strategy and provisional budget
This part is often more exciting than the previous ones since the strategy shows how you are going to go about breaking into your market and how you are going to do it operationally. It is also a question of creating a provisional budget, which represents a certain challenge for those who do not have the basics in figures. Even if this learning can be difficult, it lays the groundwork for your knowledge of accounting and you may have the joy of having to look into certain concepts such as the balance sheet, the financing plan or the income statement.
8/ Choose your legal status
Even if many tend to think very early about this question, it is actually one of the last and which has only a reduced importance in the end. It is generally strongly influenced by the previous ones and in particular by the decision to join you or not… Note that by answering a few questions your choice will be quickly reduced and that it is not necessarily necessary to study them all . Here you determine the legal form of your structure: SARL, SA, SAS… Your accountant can help you.
9/ Carry out the administrative procedures
This is a step that scares many entrepreneurs because it often launches the project in the bath and really even if, in reality, it is only the result of upstream work. It is generally quick and consists of submitting your file to the business formalities centre. Other steps may be necessary depending on your activity.
10/ Get into the deep end
Once all the other steps have been taken (even if you can sell very well upstream), you can start marketing your product. Be careful because this is the moment when you will finally confront the market and this may worry you. You’ll quickly trivialize taking action, but it’s a step that many entrepreneurs struggle to take.
Here is something to move forward with method. Entrepreneurship requires many other concepts that you can find on this site. We have focused here on a generalist methodological approach. It’s up to you to adapt it to your context and go deeper into what you think is necessary.
One last piece of advice: rest this summer: creating a business is more of a marathon than a sprint! In this kind of exercise, iron health and unfailing determination can make the difference.