Although establishing a company does not necessarily require that you have a high academic degree or previous experience in corporate management, nor is it even necessary to own capital, despite this it is not so easy.
The process of setting up a company involves working on many stages and at each stage a lot of details and procedures, but certainly all within easy reach.
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What are these stages that must be worked on? What are the details and procedures involved in each stage?
In this topic, we will get to know the details of establishing a company step by step and the procedures involved in each stage from the beginning to the establishment of the company and its actual launch.
1 – Start with yourself
A complete step-by-step guide to creating your own company
The majority of those who are thinking of establishing a company or a project of their own go beyond this step without being aware of them that this is one of the most important steps perhaps on their way to establish their own business, it is necessary to start on your own and identify some important things that will depend on your path in the following stages.
For example, why do you want to start a company? What drives you to do that? Do you have some capital and want to invest it, do you want to get an additional source of income, or do you want to get rid of the job routine and stick to the daily working hours of eight hours a day six days a week.
Each answer to any of these questions contributes to drawing your way to establish the company you are looking for. For example, if you want to get additional income, it is good to start a small business alongside your job or primary business. If you want to invest your capital, there are a lot of options. Investment other than setting up a company may be better for some.
It is not just a matter of determining the reason for establishing the company, it is necessary to ask more questions to yourself that will help you get started right.
What skills do you have?
What aspects or areas do you prefer to work on more than others?
In what areas do you have good experience so that you can invest your expertise?
How much financing can you provide to the company in the first stage?
How much money is needed for the company?
Do you have a clear vision of how to fit your personal and professional life with the time you spend working on the company?
An explicit answer to these questions will give you a clear view of the stage you are currently facing, and whether you are really ready to go through this experience, and therefore know whether you should follow up on what you plan or stop it and address the weaknesses.
2- The idea of the project .. what will the company do?
If you have a clear idea about the company and the field in which you will work and what products or services you will provide to customers, this is great, but it does not mean that you can move to the next step, but there are some things that you must take into account even if you have the appropriate idea in your opinion.
But if you do not have an idea of what your project will be and what you will present, there are many ideas, methods and methods that can help you to come up with a suitable company idea, we have talked in many previous topics about project ideas that you can see some of them to help you in reaching To the right idea.
In any case, some questions can help you confirm the feasibility of the idea that you will work on:
Does the idea of the company solve a problem of what people have? Offer a new product? Closing a gap in the market?
Is the idea different from competitors who work on the same idea? Will you have something special in your company for them?
Will you provide a product or service, as products differ from services in many aspects?
It is a good idea to test the idea that you want to work on, there are many strategies that can help you test the idea and then make sure of its usefulness. You can directly ask people, use questionnaires and forms, whether online or on the ground, or conduct research and marketing studies, or Feasibility study of the company.
3- Market study
Market study helps you achieve a deeper and more comprehensive understanding of the market, competitors, the public and customers, you will know who your competitors are, what are the problems that face them and how they overcome them, who are your customers and customers who will buy from you, what are their needs in relation to the product or service that you provide, do they need things other than Existing on the market and if the competitors provide a deficient product or service, thus an opportunity for you to fill this deficiency.
When studying and researching the market, try as much as possible to conduct a thorough and comprehensive study of the market and all the factors that could affect it and the company you are working on. Avoid relying on one source to study the market or view it from one angle so that this does not have a negative impact on your company.
4 – Consult others and listen to their opinions
The best way to test the feasibility of the idea you’re working on is to give others a chance to try it out, and then listen to their opinions about it. Managers, entrepreneurs, and entrepreneurs of all kinds often encounter a problem which is their inability to see the issues related to their project completely and exactly right as others can see it.
Therefore, giving small groups of users the option to experiment with a product or service before it is formally launched in the market is an excellent option to ensure the viability of this idea of the product or service, where you can hear the opinions of neutral people and know their experience with the product and their perception of it.
In addition, you will own a small group of future customers for the product or service as soon as you have given them the ability to try in advance.
But the opinions of others are not always good and can benefit the project
Or the company we’re working on, so when and when can we not trust the opinions of others?
Whether it’s negative or positive opinions of others, you do not get too excited and believe directly in their health, tell a little and think about what you hear before you take it seriously.
Thanks to everyone who gives his opinion of the product or service, usually people who give negative opinions do not expect you to thank, so thanks them make them more respectful and honest with you in the coming times.
Pay attention to details, people who say negative reviews don’t necessarily mean everything negatively and everything is bad in the company, but they may only mean a small detail or side issue in the product, so always always pay attention to the details and what these people really mean.
Ask more questions. In an attempt to understand you more about their opinions about your company, it is good to ask more questions, why did they like the service or why they disliked them, what details did they like, and what details did they dislike.
More creative methods can be used to get to know these people who have tried your company’s product or service, for example you can put a board on a wall and divide it into three sections, one for the things they liked about the product or service, another section for the aspects that they didn’t like, and a third section for things that they think That it needs to develop.
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This may give them more comfort in expressing their opinions about what you are working on and without any bias or embarrassment.
5- Official documents and documents
Even here you are supposed to have a clear vision of the company you intend to establish, what services or products you intend to provide, in addition to studying the market, the feasibility of the idea you are working on and even conducting initial tests on your services or company products. So now you’re about to officially launch your company.
But before the actual launch of the company, some formal steps and procedures are necessary, and there is no need to complain about this step even if it costs you some money, effort and time that you will spend in the official departments and between government offices and in clearing some routine matters.
This would or would provide you with the legal cover that will protect you from any risks that might threaten the company and the brand you intend to establish, and protect your commercial interests legally, and in the event you encounter any problems you can claim your rights formally, in addition to protecting the company’s data and information, and even protecting The name of the company and prevent others from using or abusing him.
The formal documentation and registration procedures for the company, the steps needed to do so, and matters related to taxes and fees vary from country to country, and sometimes even differ from city to city within the same country. Therefore, it is difficult for us to determine precisely these procedures and steps for that.
You can inquire about the procedures for that in your country or the country in which you want to establish the company, or you can shorten the matter to yourself and seek the assistance of a legal specialist, a lawyer for example, so that he performs all the necessary procedures on your behalf and certainly with a pre-agreed payment.
6- Writing a business plan for the company
Steps to start a company … a complete guide to creating your own company step by step
A business plan is a roadmap for the company you are working on, showing and explaining all the business details from the first moment of making the product (in case the company is selling products) or the service (in case the company provides services) to the last stage in which the product or service is offered To the customer.
In addition to all other phases such as manufacturing the product or service and marketing it, displaying it in the market, pricing matters, team work, skills and competencies that the company will need, etc., in short, the business plan contains everything in the company, and it can include 30 to 40 or 50 pages, and perhaps More than that for large companies.
We had previously talked about a number of topics about how to write a business plan and what should be included in the plan. Any of them can be referred to for more information about this part of the topic of establishing a company.
The most important steps to be included in the action plan:
Introducing the company and its services or products.
The company’s scope of work, and includes matters such as management and staff, the company’s goals and vision.
Company structure and divisions.
The company’s marketing strategy.
Study and analysis of competitors.
The vision for company development and growth.
The financial aspect of the company.
The business plan must include these aspects essentially and with full details of each aspect. In addition to any additional matters required by the nature of the company and work in it.
7 – Financing
Establishing a company … a complete guide
One of the important matters in terms of establishing a company is one of the difficulties facing many and poses a serious challenge that may threaten the company’s existence altogether, as many companies falter for funding reasons, some fail completely, other projects face problems in terms of budgets for developing products, services, or the marketing budget. Or secure the necessary competencies for the company.
There are many ways in which you can obtain financing for your company, but that does not mean that it is easy, unless you have sufficient capital to finance your company, at least in the early stages and pending the start of profits.
In previous topics, we talked about several options for financing projects and companies, the most prominent of which we mentioned about financing options:
Self-financing: The first and best financing options are where the project will remain your own and others cannot interfere in the work of the company, but you must have enough money to depend on yourself, and you can rely on your personal savings, or ask for help from some family members, friends and acquaintances.
Crowdfunding: It is often the formal institutions and agencies that provide this form of financing, perhaps the most famous of which is crowdfunding platforms. Usually, it includes an amount of competition, as you will find many other projects and companies competing for the opportunity of financing, so you need extra effort to
Seize the opportunity and persuade the authority to grant you funding.
Angel Investors: They are the people who want to invest their money in emerging companies and projects, in exchange for obtaining a share in these projects, and often their financing is not limited to capital only, but they also provide expertise and advice to the project as well.
Business Accelerators: These are institutions specialized in supporting entrepreneurs who work on their projects and startups, and financing is either from the accelerators themselves or brings together the owners of the project with financiers from outside the incubator.
Financing loans from banks: Many banks provide projects in the form of loans so that the project owner undertakes to recover the amount at a later time.
These are some of the options available for obtaining financing for the establishment of a company. In addition to these there are many other options that you can learn from here. Or from this topic on crowdfunding projects projects.
8 – Development of the product or service
Once you have implemented all the previous steps in your company’s founding journey, it means that you have made a very important way in the journey, and it is good to move to another stage in which you focus on the value provided by the company and develop this value and increase its effectiveness in the eyes of customers and customers of the company, means making the product.
We mean here what you intend to provide to customers and customers, for example if the company sells bags and leather in general, this means a physical product that customers can touch and interact with, but in the case in which the company sells for example a transportation and shipping service then the company provides services and not products, as The customer here cannot interact, touch or try the service before purchasing it.
This stage includes a lot of details depending on what you want to provide a product or service, in the case of products, will you import ready-made products from abroad, for example, or will you deal with a factory in your country to offer you these products and you sell them, or you may be the one who will make these products after purchasing the materials Initial necessary and industry equipment as well.
In the case of services, what service will you provide? Do you need a team? What specializations will you need in the team to be able to provide this service? How will you get it to customers?
In any case, whether you offer a product or service, here are some important tips for this stage:
Follow the process of producing or providing the service and be responsible for all stages of the process, at least in the first stage of the life of the company, until you are sure that everything is fine and as planned.
Review the work more than once and ensure the quality and that your employees abide by the rules that you specified in the business plan.
Hire specialized people, and avoid as much as possible people with little or no experience in the company business.
Don’t put all of the eggs in one basket, for example avoid avoiding capital in just one product, or avoid relying in the company on only one person even if you lose in that person or that product don’t lose everything.
In short, this stage is somewhat sensitive, and any small detail that might affect the company’s outputs requires more time and effort so that everything is fine and as planned.
9 – Team work
Steps to start a company
Whether you are working to start a small, medium or large company, you need someone to help you with your business, you may need full-time or part-time employees or freelancer freelancers, whatever you need, these tips for you to hire the right people:
Determine the goal that you want each person to work with you, what are the tasks that will be entrusted to him, and therefore what skills, competencies and experiences should he possess?
Follow formal employment mechanisms, in order to avoid hiring inappropriate persons, and also situations that may impose on you to employ friends or relatives, for example, it is a good idea to follow a formal recruitment mechanism in terms of requesting a resume, conducting job interviews and verifying each person’s experiences and skills.
10 – Workplace
The company needs a workplace, this place may be an office or a group of offices or a store, depending on the nature of the company and what it will provide and the work team. To choose the right place for your company, here is the following:
Ensure that the place is suitable for the corporate culture, image, brand and image for customers and clients.
Ensure that the venue is convenient and close to where your largest audience and customers are, or easily accessible.
For example, if your company is a store and therefore customers will always need to come to this place, make sure that they can easily reach and locate it in the area and do not encounter any obstacles or difficulty in that.
What about where the competitors are, as for some companies it is good to have competitors near the company’s location, and for other companies and projects it is not appropriate.
What the place or region says about your company, external aspects today are very important to the company or project, and the place where the company is present says a lot about the nature of the company and its image.
What about the financial costs of the place, especially in the early stages of the life of the company, where the financial costs will be very important due to its low and low profits at the beginning of the work, so consider this matter.
Also read: 10 of the biggest mistakes in running a small business that no one will tell you about
11 – Marketing and Sales
Steps to start a company .. a complete guide
Marketing is one of the important stage as well and its importance is no less than any of the previous stages, and it will depend on the success of your company and the project that you are working on, good marketing is what people know about your project and your company and thus obtain sales and then profits, and without sales no profits, and without profits you cannot continue .
You must have a marketing strategy for the company at every stage of it, there are many forms and strategies of marketing that you can rely on, in all cases and most likely you will need a marketing specialist within the company’s work team, or at least employ an independent person
The company eelancer marketing well and professionally to ensure you achieve your marketing goals.
Of course, there is not a single marketing plan or strategy we can provide you with that will lead your company to success, each project has its own circumstances and circumstances and therefore, accordingly, the most appropriate marketing strategy is determined for the company, the most important thing that you must take into account when developing a marketing strategy:
Define your audience and customers you want to target accurately and clearly, and know what their needs are and what they are looking for.
Study the market well and analyze competitors ’activities to determine the best, most efficient and effective marketing options.
Continue developing your product or service to give your customers the best possible experience against competitors.
Marketing is expensive Take this into account, and in case you do not have the skills to market your company well, it is a good idea to hire a marketing specialist.
12 – After marketing .. development and growth
The process of development and growth is part of the company’s marketing strategy, often if you can build an effective and successful marketing strategy it is easy for you to develop the company and follow a correct growth strategy.
Growth can be in many forms, such as expanding into new markets, launching new products, developing existing products or services, improving customer experience, increasing the company’s market share, attracting more customers and achieving more sales, and many more.
Thus there are many growth strategies that you can follow to develop the company and grow and achieve the goals that you aspire to. But in order to succeed in any of these strategies, you must have a correct and clear marketing plan and most importantly effective that will achieve you good marketing results, and based on that marketing plan and your specific marketing goals in which it is possible to create an appropriate growth strategy, and then start your company.
This was our complete guide to setting up your own company, and working on it from the first moment until the company was formally launched and launched.
To be that we got to know the details of each stage of the establishment, what it includes and what must be done in each of these stages until you reach your goal in establishing the company you are looking for.
In case you have any other inquiries about this topic tell us about them in the comments to try to answer them as much as we can, do not forget to share the topic with others, or even you can keep it in the bookmarks in your browser for your reference at any time you want.