The process

The process of launching a business:

The entrepreneur that wishes to start a business has to go through multiple steps. These steps comes in a logical order, e.g. the market study comes before the marketing plan, and the business plan will be a lot easier to prepare if the market study and the marketing plan are completed. You will be able to count on your CDEC to assist you throughout this process.

Starting idea

How to find your business concept? Should your start a new business or buy an existing one? And what about buying a franchise? There are many possibilities. Although there is no magic recipe for instant success, some general principles may be given:

• Create a business concept in a sector in which you have experience and skills
• Choose a business opportunity that fits your values
• Pay attention to what others do...and are not doing
• Look out for opportunities, train yourself in making the difference between a good opportunity and a lesser one

Entrepreneur's profile

What sets entrepreneurs apart? What is the profile of an entrepreneur? Becoming an entrepreneur is not accessible to everyone. If we were to do a composite sketch of the entrepreneur, he would probably have many characteristics, among them:

Passion

Determination

Good self-confidence

Self-reliance

Good resistance to stress

Willingness to take risks

Curiosity

Dynamism

Creativity

Feasibility study

Before going any further with your project, it may be a good idea to check whether it is feasible first. You may need permits or licenses, zoning information; what's more, technical restrictions or other matters may prevent you from achieving your project.

Market study

Is there a demand for the products or services I'm offering? It's probably the most important question you have to answer. A market study is essential, and you need to have very good knowledge of the targeted market before you start your business. You need to know the potential clients that will buy your products or services. What are their consumer habits, their decision criteria, their expectations, etc. How many are they? How much are they ready to pay? How will you reach them? The information you'll get from your market study will help you refine your offer, your prices, your distribution channels, your means of communication; in other words, all the components of your marketing plan.

Marketing plan

With the marketing plan, you develop pricing, distribution and promotion strategies for a product or service.

Business plan

There are many reasons as to why you should prepare a business plan. Here are the most important ones:

1. Clearly establish your project's parameters

2. Sell your idea to potential lenders and investors

3. Assess and resolve the risks before starting

4. Confirm the feasibility and affordability of your project

5. Prepare a financing plan

6. Verify that your objectives are realistic

7. Define the steps to be followed