Business creation: How to do it? The different steps

Take stock of yourself and your motivations

Entrepreneurship is not a long calm river. Before embarking on the adventure, it is important to be fully aware of the investment required and the risks inherent in the project.

It is indeed illusory to think of succeeding without significant involvement. A significant effort, both human and financial, is essential to the success of the project.

However, nothing is impossible if you are well prepared.

Before thinking about starting a business, it is therefore important to take stock of yourself and your motivations . This step takes time: rushing would weaken the project.

Not everyone is made for the entrepreneurial adventure. It is important at this stage to ask the right questions: do I really want to become an entrepreneur? Do I have the qualities required to undertake? What character traits could weaken my activity? What are my motivations? Is this the perfect time to get started?

It's important to be honest with yourself, and not isolate yourself. Going to meet leaders already established in the sector to gather feedback can be particularly relevant.

Being accompanied by an organization or a network of bosses can also be beneficial. The chambers of commerce and industry thus offer entrepreneurs meetings to help them set up a business.

What type of entrepreneurial project should you opt for?

Entrepreneurship is a concept covering multiple realities. Pure creation is not the only way to start an independent activity. There are indeed other types of business projects, such as business takeovers and franchising.

The creation of a new activity

The creation of a new activity allows entrepreneurs to give life to all kinds of ideas, without having to adapt to the organization already in place . Everything is here to do: notoriety, communication, brand identity...

Unlike the franchise, the manager is not contractually bound to a third party. The creation of a new activity also costs less than the takeover of a business, which requires at least the purchase of the fund.

The difficulty: not having any certainty as to the success of the company, since the project has in principle never been tested.

Entrepreneurs also start their activities without a client portfolio, without business partners, and without notoriety. Thus, developing their business will necessarily take them longer than in a business takeover or franchise.

Taking over an existing business

Taking over an existing business is a particularly attractive option. Thus, in principle, a loyal clientele is present, a certain notoriety has been acquired, and knowledge has been capitalized.

Added to this is the fact of not having to embark on time-consuming business creation formalities.

This solution turns out to be less easy in practice than in theory. A badly carried out business takeover can have disastrous consequences on the business. It is essential to surround yourself with consulting professionals so as not to make any mistakes.

It is also extremely important to carry out a rigorous assessment of the business to be taken over , in particular by means of a legal and tax audit. This allows you to pinpoint possible obstacles and risks.

Franchise

Franchising is a system of commercial activity by which a company (the franchisor) grants the right to other legally and financially independent companies (the franchisees) to reproduce a concept, to market products or services in exchange for a financial compensation.

Franchising has many advantages. It makes it possible to benefit from a concept tested, approved and modeled by the franchisor . The founder thus benefits from the notoriety of the brand, a specific know-how, and an already existing clientele.

Even if success is not automatic, the franchise therefore offers chances of development faster than the creation of a pure activity.

However, the franchise does not only have advantages. The initial investment turns out to be more important than in the case of the creation of an activity. In addition, the leader in the making undergoes strong constraints on the catalog of products or services of commercial activity, and must respect relatively heavy specifications. The concept must indeed be respected identically.

The choice of franchise can thus hamper the future entrepreneur's desire for independence.

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Find an idea, make it reliable and protect it

Finding a business idea and ensuring its feasibility and viability is an essential step when creating a business. It is essential to devote time to it, so as not to set off headlong into an unachievable or wobbly project.

How to find a business idea?

Some ideas may come spontaneously. Others take longer to emerge. Unfortunately, there is no universal method for finding a business idea.

Daily life is a frequent means of inspiration. It is good to observe one's surroundings . The idea can thus come from a relative knowing a specific need, or by meeting by chance markets that are still under-exploited.

Thinking about the needs of everyday life, the loss of time generated by certain actions, or the absence of a specific product or service on the market can lead to great business ideas.

It is also possible to base oneself on a type of customer or a specific population, and to probe in depth their needs, lacks and expectations. A product or a service responds above all to a problem. The buyer persona analysis will facilitate this research.

Why not also start from a passion, or a concept that works abroad?

In any case, it is important to let your idea mature, and to adapt it according to your reflection. It is not intended to remain static.

Make sure your business idea is feasible

Once the business idea is well defined, it is necessary to ensure its feasibility. This step makes it possible to verify that the project is very realistic , and that the objectives are achievable given the situation of the founder, his means, as well as the characteristics of the market.

Ensuring the feasibility of your business idea therefore does not stop at economic considerations. The feasibility of the idea can be:

Technical : A technically feasible business idea without excessive cost or effort.

Commercial : An idea responding to a problem encountered by an existing clientele, still little treated by the competitor.

Financial : An idea requiring reasonable financial means given the situation of the entrepreneur.

Personal and family : A feasible idea with regard to the experience and profile of the entrepreneur, and supported by those close to him.

Protecting a business idea

The business idea, and more specifically its materialization as a model, trademark, or invention, must be protected. This is due to its innovative nature or character.

The law provides inventors with tools to protect their business idea . This is called intellectual property.

Depending on the case, it is possible to file a trademark, patent, or design and model . Works of the mind are protected by copyright.

In general, to avoid the theft of ideas or creations, it is important to remain discreet about your business project.