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Although establishing a company does not necessarily require you to possess a high academic degree or previous experience in corporate management, nor is it necessary to own capital, yet it is not that easy.
The process of creating a company involves working on a lot of stages and in each stage a lot of details and procedures, but surely all of them are within reach.
What are these stages that must be worked on? What are the details and procedures included in each stage?
In this topic, we will learn about the step-by-step details of establishing a company and the procedures involved in each stage from the beginning to the actual establishment and launch of the company.
The majority of those who are thinking of establishing their own company or project go beyond this step without being aware that this is one of the most important steps on their way to establishing their own business. It is necessary to start with yourself and define some important matters on which your path will be determined 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 routine of the job and commit to the daily work of eight hours a day six days a week.
Each answer to any of these questions contributes to drawing the features of 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 project in addition to your job or primary business, if you want to invest your capital, there are a lot of options. A non-company investment may be better for some.
It is not just a matter of determining the reason for establishing the company, it is necessary to ask yourself more questions that will help you get the right start.
What skills do you have?
What aspects or areas do you prefer to work on the most?
In what areas do you have good experience so that you can invest your expertise?
How much financing can you provide for the company in the first stage?
How much money is needed for the company?
Do you have a clear vision of how to fit in between your personal and professional life and the time you will spend working on the company?
An explicit answer to these questions will give you a clear vision of the stage you are currently in, and whether you are really ready to go through this experience, and thus know if you should continue with what you are planning or stop that and address 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, rather there are some things that you must take into account even if you have the right idea in your opinion.
In the event that you do not have an idea of what your project will be like and what it will present, there are many ideas, methods and methods that can help you come up with a suitable company idea. We have talked in many of the previous topics about project ideas that you can see some of them that may help you reach To the appropriate idea.
In any case, some questions can help you make sure of the feasibility of the idea that you will work on:
Does the idea of the company solve a problem that people have? Offer a new product? Fill a gap in the market?
Is the idea different from the competitors who are working on the same idea? Would you have something special about them in your company?
Will you provide a product or service, as products differ from services in many aspects?
It is good 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 ask people directly, use questionnaires and forms, whether online or on the ground, or conduct research and marketing studies, or Feasibility study for 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 problems they face and how to overcome them, who are your customers and customers who will buy from you, what are their needs regarding the product or service that you provide, do they need things other than Are in the market and if competitors are offering a product or service that is deficient, thus an opportunity for you to fill that 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 may affect it and the company you are working on. Avoid relying on one source in studying the market or looking at 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 are working on is to give others the opportunity to try it, and then listen to their opinions about it. Managers, entrepreneurs and business owners of all kinds often face a problem, which is their inability to see the issues related to their project completely and correctly as others can see.
Therefore, giving small groups of users the option to try a product or service before its official launch in the market is an excellent option to ensure the feasibility of this idea of a product or service, as you can hear the opinions of neutral people and know their experience with the product and their perception of it.
Plus, you will have a small group of future customers for the product or service once you give them the ability to pre-trial.
But other people's opinions are not always good and can be beneficial to the project or company we are working on, so when can we trust others' opinions and when cannot?
Whether it is negative or positive opinions of others, you do not get too excited and directly believe in their health, tell a little and think about what you hear before you take it seriously.
Give thanks to everyone who gives their opinion of the product or service, usually people who give negative opinions do not expect you to thank you, so thanks them makes them more respectful and honest with you in the coming times.
Pay attention to the details, people who say negative opinions do not necessarily mean everything negatively and everything is bad in the company, but they may only mean a small detail or a side problem in the product, so always pay attention to the details and what these people really mean.
Ask more questions, in an attempt for you to understand more about their views of your company, it is good to ask more questions, why did they like the service or why they did not like it, what details did they like, and what are the details that they did not like.
More creative methods can be used to get to know those people who have tried the product or service of your company, for example, a board can be placed on the wall and divided into three sections, a section for the things they liked about the product or service, another section for the aspects that they did not like, and a third section for the things they think It needs development.
This may give them more comfort in expressing their views on 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 that 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 are 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 official departments and between government offices and in clearing some routine matters.
This would or provide you with the legal cover that will protect you from any risks that may threaten the company and the trademark that you intend to establish, and it protects your commercial interests legally, and in case you encounter any problems, you can formally claim your rights, in addition to protecting the company’s data and information, and even protecting Company name and prevent others from using it or abusing it.
The procedures for documenting and officially registering the company, the steps required for that, and matters related to taxes and fees vary from one country to another, and sometimes even differ from one city to another within the same country. Therefore, it is difficult for us to precisely define these procedures and the necessary steps for that.
You can inquire about the procedures for this in your country or the country in which you want to establish the company, or you can shorten the matter for yourself and seek the help of a legal specialist, a lawyer, for example, so that he performs all the necessary procedures on your behalf and certainly for a preagreed fee
The business plan is like a roadmap for the company you work on, showing and explaining all the details of the work starting from the first moment of making the product (in case the company sells products) or the service (in case the company provides services) until the last stage in which the product or service is provided To the client.
In addition to all the other stages such as making the product or service and marketing it, displaying it in the markets, pricing matters, the work team, skills and competencies that the company will need, and so on, in short, the business plan contains everything in the company, and it can include 30 to 40 or 50 pages, and maybe Even more so for large companies.
We had previously talked about a number of issues 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 on this part of the issue of establishing a company.
The most prominent steps that should be included in the business plan:
Introducing the company and its services or products.
The company's scope of work, which includes matters such as management, work team, and the company's goals and vision.
Company structure and divisions.
The company's marketing strategy.
Study and analyze competitors.
The vision for the development and growth of the company.
The financial side of the company.
The business plan should include these aspects as necessary and with full details for each aspect. In addition to any additional matters required by the nature of the company and work in it.
Finance
One of the important things regarding establishing a company and one of the difficulties facing many and posing a serious challenge that may threaten the entire existence of the company, as many companies falter for reasons related to financing, some of them fail completely, other projects face problems in terms of budgets for developing products or services or the marketing budget Or secure the necessary competencies for the company.
There are many ways in which it is possible to 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 until you start making profits.
In previous topics, we talked about several options for financing projects and companies , the most prominent of what we mentioned about financing options:
Self-financing: The first and best financing options, as the project will remain your own, and others cannot interfere in the work of the company, but you must have enough money to rely 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 institutions and official agencies that provide this form of financing, perhaps the most famous of which is crowdfunding platforms . Usually, the matter involves an amount of competition, as you will find many other projects and companies competing for the opportunity of financing, so you need additional effort to seize the opportunity and convince the entity to grant you funding.
Angel Investors: They are the people who want to invest their money in emerging companies and projects, in exchange for a share in these projects, and often their financing is not limited to capital only, but they also provide expertise and advice for the project.
Business Accelerators: They are institutions specialized in supporting entrepreneurs who work on their projects and emerging companies. Funding in them is either from the accelerators themselves or the owners of the project are gathered with funders from outside the incubator.
Financing loans from banks: Many banks provide support for 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 funding to establish a company, and in addition to them, there are many other options you can learn about from here . Or from this topic on crowdfunding platforms for projects .
8- Development of the product or service
Once you have implemented all the previous steps in the journey of establishing your company, that means that you have come a very important step 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, which means making the product.
We mean here what you intend to provide to customers and clients, for example if the company sells bags and leather in general, then this means a physical product that customers can touch and interact with, but in the case in which the company sells, for example, a transport and shipping service, here the company provides services and not products, as The customer here cannot interact with, touch or experience the service before purchasing it.
This stage includes many details based 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 it may be you who will manufacture these products after purchasing the materials Required primary and industry equipment as well.
In the case of services, what service will you provide? Will you need a staff? What specializations will you need in the work team to be able to provide this service? How will you deliver it to customers?
In any case, whether you provide a product or service, here are some important tips for this stage:
Follow the process of producing or providing the service and be a supervisor of 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 workers abide by the rules that you set out in the business plan.
Hire professional people, avoiding as much as possible people with little or no experience in the company's field of work.
Do not put all your eggs in one basket, for example avoiding putting capital in only one product, or avoiding relying in the company on only one person even if you lose in this person or that product you do not lose everything.
In short, this stage is a bit sensitive, and any small detail that may affect the output of the company, it is imperative to spend more time and effort until everything is fine and according to what is planned.
Whether you are working on establishing a small, medium or large company, you need someone to help you with your business. You may need full-time or part-time employees with you, or you will hire freelancers, whatever you need these tips for you so that you can hire the right people:
Determine the goal that you want from each person who will work with you, what are the tasks that will be assigned to him, and therefore what skills, competencies and experiences he must possess?
Follow the formal recruitment mechanisms, in order to avoid hiring inappropriate people, and also to avoid situations that may force you to hire friends or relatives, for example, it is good to follow a formal recruitment mechanism in terms of requesting a CV, conducting job interviews, and confirming the experiences and skills of each person.
10 - Workplace
The company needs a workplace, this place may be an office, a group of offices, or a store, depending on the nature of the company and what it will offer and the work team. To choose the right place for your company, you have the following:
Ensure that the place is appropriate for the company culture, image, brand and image in the eyes of customers and clients.
Ensure that the location is convenient and close to or easily accessible to the largest segment of your audience and customers.
For example, if your company is a store and therefore customers will always need to come to this place, make sure that they can reach it and locate it easily in the area and do not face any obstacles or difficulty in that.
What about the location of the competitors, as for some companies it is good for competitors to be near the place of the company, and for other companies and projects it is not appropriate.
What does the place or region say about your company, external appearances today are very important to the company or project, and the place where the company is located 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 the lack of it and the lack of profits at the beginning of work, so take this matter into consideration.
Marketing is one of the important stage as well, and its importance is no less than any of the previous stages, and accordingly the success of your company and the project you are working on will depend. Good marketing is what people know about your project and your company and thus get 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 its stages, 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 team, or at least hire an independent person Freelancer to market the company in a way. Good and professional to ensure you achieve your marketing goals.
Of course, there is no single marketing plan or strategy that we can provide you with that will lead your company to success, for each project has its own circumstances and circumstances, and therefore based on that, the most appropriate marketing strategy for the company is determined, the most important thing that you must take into account when developing a marketing strategy:
Clearly and precisely define your audience and customers who you want to target, 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 to develop your product or service to give your audience the best possible experience versus competitors.
Marketing is expensive Take this into consideration, and in the event that you do not have the skills to market your company well, it is a good idea to hire a marketing professional.
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 much more.
Thus, there are many growth strategies that you can follow to develop the company, grow and achieve the goals that you aspire to. But in order to succeed in any of these strategies, you must have a correct, clear and most importantly effective marketing plan that achieves good marketing results for you, and based on that marketing plan and your specific marketing goals in it, you can create an appropriate growth strategy, and then start your company.
This was our complete guide for starting your own company, and working on it from the first moment until the company is officially launched and launched.
To be so, we got to know the details of each stage of the foundation, what it includes and what must be worked on 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 it in the comments to try to answer them as much as we can, do not forget to share the topic with others, or you can even keep it in the bookmarks in your browser for reference at any time you want.