Know thyself,said Socrates. The success of a business rests essentially on the motivation of the chief who leads it. Starting your own business will take you time, money, sacrifice, you may face setbacks … Be aware of this to determine whether or not you are capable of meeting these many challenges. In particular, ask yourself if you have measured the impact of starting a business on your family life and if you are aware that your income may fall sharply. As you go through the Hong Kong company incorporation process you will realize the true worth.
Have you validated your creation idea?
The business plan is based on an idea, an innovation, a know-how of the business creator. Before founding a company on a whim, you must take stock of your skills and knowledge, to check if they are in line with your creation project, and thus validate it. Along with this company registration process is necessary for perfect solutions.
2nd step: Carry out a market study to know your competitors and the viability of your entrepreneurial project!
Before becoming a business manager, you need to know where you are going! You are going to need to carry out a market study to verify the feasibility and viability of your project, and to establish your commercial strategy. At this point, you will be interested in the trends in the sector you are targeting, the characteristics of the clientele and your existing competitors.Before starting a business in Hong Kong this is important.
Ask yourself the right questions:
- What are the regulations applicable to my activity?
- What are the market prospects?
- What do I have to offer more than my competitors?
- How will I make money?
- Who are my clients? What are their disposable income and consumption habits?
- Who are my competitors? How are they doing? Is there still a place to open a company?
3rd step: Create your Business Plan to establish the sources of financing for your project
Money is the nerve of the war, and unless you have significant personal contributions, you will need to get a bank loan to get started. The Business Plan will help you convince banks and other partners to support you in your business plan. This document is organized according to a very precise plan, do not hesitate to be accompanied by a professional from Expert-Comptable.com so as not to be mistaken.
Your Business Plan should include:
- A forecast with balance sheet and income statement
- The amount of capital required to create the business
- The profitability of the project
- Cash required
- The financial situation for at least the next 3 years
- The Business Plan allows you to prove the profitability of your project, to plan your business in the future, to set goals, to know where you are going. This is why it is one of the most important steps in your business creation project.
4th step: Now is the time to build up the capital of your business through fundraising and creation assistance
With your Business Plan in hand, you can actively seek financing to create your business. It could be:
- A contribution from the business manager or partners
- Aid and subsidies
- A loan guarantee
- On a loan of honor
- Bank loans
- Competition with the BPI (Public Investment Bank)
- Equity investments in the company’s capital by investors or business angels.
- Aid for business creation