Establishing a company can be very challenging if you don’t have a plan to start with. The first step to start a company is to make a draft for your business, better known as business plan. The draft consists different parts, such as a financial plan (how are you going to finance your new company?), personal information such as experience and general information, also a small market research, such as your target group and competitors (if you have done it) and last but not least, your successful idea and how you are going to run your idea. Make sure that you will get some feedback before you show it to potential investors.
Funding the future
The next step to make your drafted concept reality, is to find funders or investors who are willing to fund your company, as it will be really challenging to start a company with your own capital. Of course, if you can’t find any investors or funders, you can lend it from a bank. However, a bank won’t lend you money very easy. That’s why you have to start with the business plan, so you can present your business plan to the bank so you can convince the bank (or other funders/investors of course) to loan/invest/fund your business concept.
After the financial part is finished, you will be looking for the administrative part. You have to register your company. Thing to consider during this phase are the company name, company structure, get a consent with those who are involved with you company and understand your obligations as an officeholder. When you finished these steps you are ready to go! Or have you forgotten something?
Most made mistakes
You have probably forgotten some things during the first few weeks, such as having cash to buy things like supplies, inventory or for your cash register. You will also have to decide whether you are going to use a personal bank account to do transactions or to open a business bank account.
The amount of stock can be big or small, depending on the kind of business you are planning to run. If you are planning to import products, you can use your own network to find a supplier or find a supplier on the internet. Although planning everything yourself can be very difficult such as legal issues or comparing the prices you can also have your stock acquisitions outsourced. Optional you can find someone for your China Product Sourcing. A good example of a China Product Sourcing Company is MyShipper Australia. They are specialised in China Product Sourcing to Australia and they have a network of different trusted suppliers and the costs for a supplier overseas can be cheaper than a local supplier. Especially in Australia, that has one of the strictest policies when it comes to importing products or shipping products from other countries.