Extensive Research and Analysis of Creating a new business.

Have you made the important decision to start your own business and you don't know where to start and what are the steps to follow?

The Labreco team is by your side to support you every step of the way!

Two very important issues that one must clarify before taking the first steps to start a new business are the following:

• What is your exact product and or service?

• What is the value you offer to the market and why should they buy from your business?

Let's try to decode the steps to create a viable new business:

The business Idea!

Suddenly as if a light bulb lit up inside your head!!! You have come up with a great idea! But what makes an idea special? Who will sign you that you will not do "one of the same"?

First and foremost is to consider our business idea! Two things must be kept in mind for sure:

1] The product or service the idea is about MUST satisfy a need.

2] The product or service the idea is about MUST solve a problem.

Can we answer, what needs this particular idea serve and what is the big picture of what we want to start? "If you don't look where you want to go, you will go where you look!"

Once you have decided what your business idea is, that is, what you want to do as a business, then go one step further. Where do you want to be in 10 years? How do you imagine your business then? Can you see the big ideal picture of your venture? This step is fundamental. Without a vision, nothing happens. You need to see where you want to go to "draw" the map that will get you there. Once you are clear about where you want to go, then the next step is to answer the following question:

. Why do you want to go in this direction? 

. What is your purpose?

Until you get where you want, you will spend many experiences, many hours of work and effort. The market still won't know you and won't trust you.

. So why do you want to start?

. What is your deepest purpose and motivation?

. What is your inner inclination?

. Is there a deeper need you want to fill internally?

. Does what you set out to do complete you? Does It Express You?

. What if you never build that business after all?

If you manage to answer your WHYs, then those answers will be the driving force, motivating you to move forward without bending, to achieve the goals you set.

Before starting, let us do extensive Research and Analysis of the market you are addressing

Research is something that will never stop. But in the beginning, it is of primary importance.

Competitive Analysis: What can we do for you? Competitors we learn: What they do, what their best practices are, what they don't do that we can do. Who are the company's direct and indirect competitors?

Then we will see what the characteristics of our market and our customers will be, answering the following questions:

What human need does your business idea serve?

What is the gap in the market that it is coming to fill? What problem does it solve?

What is your point of differentiation and competitive advantage?

Effective Project Planning.

Business planning is the process that will help to draw an accurate map for the course both concerning the development of personal skills and what must come first.

Personal Skills Development

What are these skills, abilities, knowledge, and experience that you need to have before starting and setting up your business?

Development of Entrepreneurial Skills

Are you an Entrepreneur, professional, trader, or business manager? Where are you and where do you want to go? Depending on what your position will be in the company, you should take care of your training accordingly.

The skills you need to either have or develop are:

Salesmanship: There are many products on the market, why should anyone buy yours? Sales are what will bring the business money.

Healthy Projection and Self-Promotion: Learn how to present your work and yourself credibly and persuasively.

How to connect with people and effective ways to communicate: Study so that through this connection and communication professional relationship is created.

Financial management: How should you manage your company's finances so that you have control over the management of your resources?

Human resource management: Human resources are your most important capital in the business. How will you find the skills you need through people who will be your partners, how will you manage your staff in such a way that they are the best ambassadors of your business and are also productive in their work?

If everything indicates that your idea is not only great but there is a gap in the market and differentiation in your reasoning, then analyze your venture with the following in mind:

• Find the right team to support your project.
• Define your market and competition in detail.
• Identify the characteristics of your product/service.
• Who do you need to work with?
• What is the business model you will follow?
• What money is needed and where will you get the necessary funds?
• What are the strengths and weaknesses of the business?
• What is the company's target group?
• What is the pricing policy? How much you will charge for your services and products?

In your new venture do not hesitate to ask for help. Consult experts in Market, Innovation, Finance, etc. Focus on what you do best without distractions.

Planning Marketing Strategy.

How will you present your business in the market?

The first thing you should do when starting a new business is your website. Through the website, you will shape and communicate your brand: Brand, colors, who you are, where you are, what you provide, etc.

Communicate your new venture to the world!! (social media, videos, search guides, location). Many start with social media first. It depends on the budget that one wants to allocate.

Marketing is everything and everything is marketing. Marketing is a constant function of the business over time and consistency and coherence in the message you project to the market is necessary, a clear time promotion and promotion plan for the company, time and money.

Clear Goals and clear Plans for:

Leadership: so that your business keeps pace with the principles it started with

Branding: making sure there is no gap between the value you believe your product or service offers and what the market feels about that value

Management: to achieve the company's goals in a reasonable time and there is insufficient utilization of the available resources

People: the people of your company develop or change for the better or there are no processes to encourage them to create the conditions for this development

Delivery: the experience the customer enjoys with the delivery and use of your product or services is sufficient for his satisfaction

Sales: your salespeople have all the arguments they need to give comprehensive answers to customers so that they are given the feeling and impression that they have come to the right place and are buying the right product/service

Operations: to have a system of connecting the entire organizational chart and all sources (material and non-material) of the business in such a way that there is a high degree of efficiency and performance

Finance: know what the flow of money is in the business, where it goes, and why

Marketing: constantly learn about your customer profile (who are the ones you want to reach), where to find them, and what they want to be offered.

Business people: Choose them wisely

Make sure to find those who have both skills but especially those who share the same professional quality. Tell them about your vision. If you see that they are excited about it and at the same time can offer expertise, knowledge, and skills to realize the purpose of the business then go for it. The most important asset is not the company's treasury or treasury but its people: both internal and external partners.

Legalization - Incorporating a company or starting a sole proprietorship

What legal form will your business take? Will it be a sole proprietorship, sole proprietorship, sole proprietorship, IKE, limited liability company, or joint stock company?

Each form of business has its advantages and disadvantages so your decision on this matter is important and decisive and you need to consider all the parameters until you clarify what suits your case.

In addition to the above, we can support you in finding the form of the business that suits the goals you have set as well as obtaining the corresponding business license if needed.

Certainly, various bureaucratic processes will have to be followed as well as organizations that we will need to visit to complete all these processes. But if you have an experienced accountant - tax - legal - business consultant like us, then we take over this whole part and guide you step by step to start your business quickly and immediately!