While the number of young people setting up their own business has jumped by 208% in almost ten years and, more generally, 37% of French people want to start an entrepreneurial adventure, most of them are not aware of the best practices for getting started and, above all, developing serenely. This is a problem that the insurer Hiscox wanted to address and is now unveiling a computer graphics to give budding entrepreneurs the keys to success, in 7 steps.
1 – Define your business model
Finding a viable business model capable of generating revenue at a given time is the first action to implement in your development plan. A step that many neglects, and which can be very expensive in the long run. From auctions to commissions, through affiliation and subscriptions, several business models have already proven themselves to be viable and can be considered for support.
2 – Test your project
A step that allows surveying the public, in order to improve the product before its official launch, but also to get the first base of potential customers, and thus to limit the risks during the official launch.
3 – Writing your business model
Once your business model has been validated, you will then have to present it to potential investors in a 20-page document capable of demonstrating the solidity and added value of your project. Presentation of the market, the competition, the team, the offer, but also the action plan and financial management are not to be neglected at this stage.
4 – Finding creative support
Numerous private and public aids exist today to accompany you in the creation of your own business. For example, some can help you find premises; others can advise you on your action plan or provide you with financial assistance.
5 – Making your activity official
In order to be able to operate legally, you will need to obtain a registration number (SIRET). But before you do so, select the status that best suits your activity: sole proprietorship (auto-entrepreneur or freelance), full-fledged company, or employee portage.
6 – Financing yourself.
By raising funds, for example (but not only!). A step that will allow you to achieve financial stability in your development.
7 – Insuring your business
An insurance premium represents only a few dozen euros per month, the price of a telephone package. A step not to be neglected, to ensure the survival of your business in the event of a claim.