7 golden tips for starting your own business!

Starting your own business is the golden dream of many Brazilians. Having your own company, being your own boss and setting your own schedule are at the top of the list of attractions for those seeking this goal. However, the dream of starting a business can turn into a nightmare if you don't pay attention to some fundamental tips on the subject. Experts in the segment confirm the data from the latest survey carried out by IBGE (Brazilian Institute of Geography and Statistics): out of every ten companies, six close within the fifth year of activity. But why does this happen? In most cases, failures occur due to lack of planning and financial mistakes. You certainly don't want to join that statistic, right? So, keep reading and check out the tips we’ve prepared to help: 1- Create a business plan A business plan is a document that aims to map out some aspects of your field of activity and your company's profile. This way, it is possible to understand what the critical points are, what your business level is compared to the competition and especially whether your idea is viable and can bring profits. There are a few ways to create a good business plan for your company. One of the most agile and “hottest” at the moment is the Business Model Canvas.



Created by Alex Osterwalder and Yves Pigneur, this template allows you to view a complete business plan on a single page. One of the biggest attractions of the tool is how easy it is to implement changes and make everyone on the team aware of the adjustments. However, you are free to choose the business plan model that best Europe Mobile Number List suits your entrepreneurial profile. The important thing is to create the document with all the necessary information and keep it visible at all times. 2- Do market research before starting your own business Another crucial point for those who want to start their own business is to do market research. Understand who your target audience is, who your ideal customers are, what your competing companies are and how much people are willing to pay for your product or service. This information is very useful when creating your value proposition and showing your competitive differences. Therefore, it is also essential for you to see the points where you need to improve. In this sense, it is quite common to see entrepreneurs failing in this regard and “assuming” or instead of carrying out real research and good mapping of the market.







Support for legal issues It doesn't matter in which business category you start. It is recommended that you seek the help of a specialist to understand all types of bureaucracy and legislation that may apply to your status as an entrepreneur. Therefore, whatever the intended framework, ask for the help of a lawyer and an accountant. They will be important partners when it comes to opening the company, legalizing it and “leaving the structure” functioning within the law. 4 - Plan and organize business finances It is essential that the entrepreneur and those responsible for finance understand the basic concepts of business financial management. Creating budgets, managing cash flow and setting revenue goals are important tasks to plan, execute and monitor. Many companies fail or live in the red due to a lack of planning and financial organization. 5 - Choose your team, partners and suppliers carefully It is common for companies to start small, with the owner himself absorbing all the tasks. But it is also common for them to grow and it soon becomes necessary to integrate people into the team. When selecting your human resources, be very careful! It is extremely important to know how to leave the emotional side aside to make a good judgment of candidates' professional skills and competencies.