Create Your Business: Complete And Detailed File

1 – START BY TAKING STOCK OF YOUR PERSONAL MOTIVATIONS

Before embarking on the study of your business project or an entrepreneurial approach, it is important to have taken stock of the foundations of your approach.

What should be the nature of your project?

The first thing to do is to define the nature of your project. There are hundreds of ways to become self-employed or build a viable company. Some will choose to take over an existing business, others to take advantage of an opportunity or an acquired skill. Still others will choose to be micro-entrepreneurs, to create a sole proprietorship , to innovate or to join forces...

There is no good or bad project. On the other hand, the projects can be more or less adapted to your personality, your expectations, your centers of interest or your skills. First, know how to identify your needs and skills to develop a project that meets your aspirations. Creation is a difficult and demanding journey, taking care to work in a field and under conditions that you know and appreciate greatly facilitates things.

Why do you want to create your company?

How to start a business ?We each have our reasons for starting a business, there are no good or bad ones. On the other hand, some are more carriers than others.

Your motivation and appetite for carrying out an ambitious project will certainly be more buoyant if you choose to create, if you want to innovate, be independent or enrich yourself than if you do so out of necessity (unemployment, professional retraining, additional income, retirement, etc.).

Becoming aware of the different drivers that drive you, and sometimes working on them will contribute to your success.

What is your level of knowledge about business creation?

How to start a business? The approach requires more method and technique than it seems. Certain regulatory, legal, administrative and technical aspects may influence your project. Taking stock of the level of your skills, taking the time to train yourself on certain aspects can be very beneficial.

What are the requirements for you to decide to start your business?

Our relationship to risk and our willingness to venture into the unknown are eminently personal aspects. Family life, level of remuneration, professional recognition, stress are criteria that are strongly impacted when you create your business.

It is important to be aware of this and to set reasonable limits for yourself. These will allow you to take stock and ask yourself, in the event of difficulties, the advisability of persevering, of modifying your project, or even of postponing or stopping it.

You will also need to define the conditions required to get started. To create his business and break into a highly competitive economic market, an entrepreneur needs to feel confident and to be sure that the conditions necessary for the success of the project have been met.

Finally, certain steps may be required to ensure your material security, your family well-being or your development. For example, you will have to study your marriage contract and your matrimonial regime, estimate your investment capacity, assess your ability to associate, etc.

2 – IDENTIFY THE TYPE OF CREATION YOU WANT TO IMPLEMENT

As we have mentioned above, a project leader has several options to create his business. He can :

• create your company from an idea,
• choose to join in an existing project,
• opt for business transfer, i.e. take over an existing company in good health or to be turned around,
• create or take over a franchise,
• carry out wage portage, which consists of relying on an existing company to develop its own activity,
• create a micro-enterprise or a self-employed company in order to develop and/or test a concept while remaining employed.

Entrepreneurship is a daily challenge, faced with the stakes represented by this approach, the question of the choice between takeover and business creation takes on its full meaning.

Would you prefer to risk part of your personal wealth to take over an existing business or choose to start from scratch and create a new structure?

The answers to this question lie in the nature of your personal project, in the personal financial and technical capacities available to you. They are also related to the nature of your personality.

Choosing between starting a business and taking over an existing business

How to start a business ?There are many similarities between the takeover and the creation of a business, several elements must be taken into account to make your choice:

• Taking over a business requires significant preparatory work that requires time and very different skills.
• The transmission or takeover of a business consists of a particular and often essential alchemy for the success of the project between an opportunity, a financial capacity and a relationship between a transferor and a buyer. Do you feel ready for this step? Do you know how to identify small businesses to sell? Are you going to go through a firm specializing in business transfers?
• The assessment of the risk between the creation of one's business and the transfer of an existing business is very different:
• In the case of a creation, the risk seems greater, because the project requires creating an activity, but it is easier to control. Expenses are made on an as-needed basis.
• In a business transfer, the fact of buying a goodwill reassures many buyers. However, the initial commitment is greater and in the event of difficulty, the manager's responsibility can be more easily called into question. In addition, an asset and liability guarantee (GAP) is generally signed between the purchaser and the transferor to limit the risks associated with the takeover.
• The business takeover is often accompanied by a period of support for the buyer by the transferor. A tutoring agreement formalizes the support conditions.
• A business transfer project provides a better guarantee to the buyer on his future remuneration.
• Financing a takeover is often easier. The financial partners (banks, investors, associates, etc.) can rely on concrete and factual elements. Not only will it be easier to borrow, but the amount of financial interest associated with the loan will be easier to negotiate.
• A business takeover often prevents the creator from finding himself alone. The existing teams often allow him to discharge certain functions in order to concentrate on his mission as manager (strategy, financing, organization, partnerships, innovation, management, development of the activity, etc.).

Choosing between taking over an existing structure and creating your own business is a personal matter, if it is important to discuss it with creators and buyers who can share their experience, it is necessary to base your choice on the criteria which seem essential to you. .

Opting for the creation or takeover of a franchise is an intermediate choice that seems interesting. However, the quality of the franchisor, its network and the contractual conditions linking the franchisee and the franchisor are determining factors that require specific support.

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