Development of business plan

The development of business plan is one of the most important steps you must perform, as this will allow you to test the feasibility of your business, will serve as a guide to implement it and manage it, and allow you to demonstrate the attractiveness of your idea third.

Briefly, the sections should have your business plan are:

Development of business plan

  • definition of the business: the basic data of your business, describing it as the product or service that you are offering.
  • marketing plan: marketing strategies that you will apply once launched your business.
  • plan of operations: the physical requirements necessary for the operation of your business, and description of your process.
  • HR plan: the description of your management team and staff requirement that will take your business.
  • Financial plan: calculating investment, projected income and expenses, and financial evaluation.

As advice at this point is not necessary that you elaborate a complex business plan over 200 pages that nobody will probably read, but a simple business plan that simply allows you to meet the objectives.

Search for funding

 

If you have equity product of your savings is not enough to cover the investment you need to start your business, the next step is to find funding.

Some of the main sources of funding that can go to are:

  • family and friends: which could lend money without charging interest and without putting so much pressure to have to pay them back so quickly.
  • banks: the most used when applying for a loan source, but the most difficult to access in the case of new business, especially if you do not have a good credit history.
  • financial institutions aimed at SMEs: which are more accessible than banks, but with the disadvantage charge more interest.
  • investors: people who could finance your all or part of your business, but with the disadvantage of having to pay forever a part of the profits.

Assuming a debt comes great responsibility, so as advice at this point, you should take your time in finding the best financing alternative, and before applying for a loan make sure you will be able to pay promptly.

Legal constitution

The legal constitution is a necessary step in creating your business, it will allow it to be legally recognized and thus, among other advantages, to qualify as creditworthy, and issue receipts.

In summary, the general steps you should take to legally incorporate your business are:

  • whether you’re going to be a natural person or legal entity.
  • choose the type of company or partnership that will (eg EIRL, SRL, SA, etc.).
  • search for and reserve the name you want for your business in the public records.
  • develop and raise public write the draft of constitution.
  • register the deed in the public records.
  • choose the tax system to which you’re welcome to pay taxes, and process obtaining your code contributor.

Legally constitute a business can be a tedious task, so at this point it may be advisable to turn to centers or institutions that help you perform this process at minimal cost, and you will surely find your location.