Setting up a business
Starting a business: How do I set up my first business?
The leader adopts an authoritarian attitude. This management style is characterized by little or no communication.
The manager, trusting the competence of his employees, delegates work among them.
The manager’s ability to persuade is fundamental to drive his employees to give the best of themselves to ensure the success of the project they are responsible for.
The manager involves his team in the management of the company. Good communication and mutual respect are keys to running a good business.
COMPANY AND LEGAL FORM
THE COMPANY LEGAL STRUCTURE
Once he/she finds a good business idea, the question on every entrepreneur’s mind is the structure he/she should choose for his future company. To answer this question, the entrepreneur must take into account several factors that will impact his company, such as financing, taxation, and many more criteria that Management Entreprise, for instance, has already detailed for you. The legislation makes provision for several business forms. The two main categories are sole proprietorship and a corporation. Choose the structure carefully as each has its own characteristics, its advantages and disadvantages. If you want to create a company with several employees, choose the corporation format. An additional advantage is that your private assets are separate from the company.
CHOOSING YOUR COMPANY STATUS
SOLE PROPRIETORSHIP (EI)
SOLE PROPRIETORSHIP WITH LIMITED LIABILITY (EIRL)
CIVIL SOCIETIES (SC)
THE ONE-MAN BUSINESS WITH LIMITED LIABILITY (EURL)
THE LIMITED LIABILITY COMPANY
THE SIMPLIFIED JOINT STOCK COMPANY (SAS)
THE PUBLIC LIMITED COMPANY (SA)
THE PARTNERSHIP (SNC)
SUCCESSFUL BUSINESS PREREQUISITE
PREPARE YOUR BUSINESS
Fundamentally, the success of a business depends on the development of a good business plan. This document that includes market research and your marketing strategy is your passport to outside financing and finding funds for your future business
Forecasting the right business model for your company’s activity is critical to your company’ s success. A good business model focuses on the strategies to put in place to generate profit. A company can have several business models such as a production business model, an advertising business model, etc.
The marketing plan is a marketing strategy to be implemented over a specific period of time (I.e. A year). This plan includes identifying objectives, determining a strategy and the actions to initiate after objectives have been identified.
MANAGER AND EXECUTIVE COACHING
Coaching is more and more popular, especially in the business world. As a matter of fact, both executives and managers use it because of its many advantages. First, it’s an opportunity for executives to develop leadership skills and assert their authority as leaders. Some employees need it, particularly at the beginning of their professional career. Second, coaching is a good opportunity for executives to improve their managerial style. Indeed, a weak management style is often the reason for poor performance and toxic work environment. The manager who discovers other management styles such as participative and delegated management, will try to use them and abandon his old practices. You can visit Formation Ressources Humaines if you want to learn more information.
DIFFERENT METHOD OF FINANCING
Companies can finance their activities with Equity capital. It can be the savings accumulated by the future entrepreneur over a set time period. Some entrepreneurs don’t hesitate to sell their own assets. The amount thus obtained will be used to auto-finance and start a new business.
Crowdfunding is another method of financing. The idea is to raise money from a large number of people to provide the funds necessary to start a business. Once the business is set up and begins to generate profit, the investors will receive the amount they invested plus additional interest.
Borrowing is often necessary to finance a business. An entrepreneur must prove the profitability of his business if he wants to convince credit institutions to lend him the money. The persuasiveness of the project leader and the quality of the business plan will determine the credit granting decision