Your own boss: how to start your own business

The desire to open your own business and no longer work “for your uncle” at least once has certainly visited many. What you need to consider when opening your own business, what form of taxation to choose and where to look for investments, Anastasia Uskova, CEO of the Rocket Humans technology group, told Moskovskaya Pravda.

Of course, owning your own business is always a risk, which only increases in times of crisis. But, on the other hand, now, when in Russia there is a reorientation mainly to domestic entrepreneurs, the state policy of maximum loyalty and support for small and medium-sized businesses, as well as the self-employed, is being pursued, the conditions for starting your own business are the most favorable.

The expert told how to start preparing to create your own business and how to make it competitive.

Step 1. Write a business plan and assess the viability of the idea

A business plan is a business strategy and a clear list of company actions for a certain period of time. This document will come in handy if you want to take a loan from a bank, receive government grants and subsidies, or find an investor. Yes, and it will be much easier for yourself not to turn off the path when there is a clear plan of action. To draw up a business plan, it is important to analyze the market, collect initial data and form a financial model. It is also necessary to calculate the expected profit and payback period, draw up a marketing strategy and take into account risk factors. If you are a beginner, in order to make your business plan as close as possible to the current economic situation in the market, it is better to seek help in compiling it from a financial advisor.

Step 2: Get Starting Capital

Start-up capital is required to implement almost any business. Money may be needed for the purchase of goods and / or equipment, and for the rental of premises, and for marketing, and much more. It is desirable that you have enough start-up capital for at least six months or a year of active business activity. How many of them you need depends on your project and business plan.

You can look for money to start through friends, on Internet sites or crowdfunding platforms. This is not an easy process. Investors need to make sure that your business is profitable. To do this, you will need a detailed business plan and a presentation of the project, it is desirable to give real money-back guarantees.

Approximately according to the same scheme, money for business development can be borrowed from a bank. Only from you for sure will require collateral property. You can also find funds to start a business through a government subsidy program. To do this, you need to register with the employment center, take courses for start-up entrepreneurs and defend your business plan before the commission.

Learn more about financial support entrepreneurs in the capital can be found on the Small Business Moscow portal.

Step 3. Choose the form of organization

Suppose that you already have a business plan and even found funds for its implementation. Now you need to decide on the form of organization of the enterprise. You can run a business as a sole proprietorship (IE) or as a legal entity (usually an LLC), and self-employment may well be enough for a micro-entrepreneurship at the start if your project falls under the criteria for applying for preferential tax treatment.

An IP is suitable for those who have a small business – for example, a small store, manufacturing or service agency, and also plan to use hired employees.

LLC is a company that you can open yourself or together with partners. Suitable for those who are planning a business with large turnovers, and those who will transfer large amounts by bank transfer.

Self-employment is suitable for someone who wants to turn their hobby or professional skills into a business, plans to work mostly alone and does not want to spend money on taxes, contributions and bookkeeping.

Each form of organization has its pros and cons.

Sole Proprietorship is easier to register and close than LLC. There are fewer reporting requirements for an individual entrepreneur. But an individual entrepreneur cannot attract investments – only take loans and borrowings or arrange leasing. In case of violations, the fines for an LLC are an order of magnitude higher than those for individual entrepreneurs. But for the debts of the LLC, it is only liable with the property of the organization, and the founder of the IP – with his own property, which he owns as a private person. Self-employment from an administrative point of view is the most accessible mode, but there is a profit ceiling of 2.4 million rubles a year, you can’t hire employees, and also engage in certain activities, such as reselling goods of someone else’s production.

What else is important to consider

The steps above are just the beginning of the journey. In fact, a budding entrepreneur will have to do a lot of things before starting their own business. For example:

– open a bank account;

— start an online cash register or POS-terminal;

– check the compliance of the premises with fire safety requirements;

– depending on the specifics of the project, clarify sanitary requirements;

– study the rights of consumers and the rules for certification of goods;

– find channels for marketing your products and services;

– take care of the staff.

This list could go on for a very long time. Some points are universal for all entrepreneurs, some are suitable only in special cases, so listing them all is extremely difficult.

By the way, the platform has recently launched in test mode msp.rf, which contains a lot of useful information and services needed by representatives of small and medium-sized businesses. There you can find answers to many questions that concern aspiring entrepreneurs.

It is difficult to predict in advance what lies ahead for you and what you will encounter on your entrepreneurial path. This is why starting your own business can be scary. But it should be remembered that the owner of every successful business once began in the same way with doubts and fears, with trial and error. Today’s start-up entrepreneurs have many opportunities to get help, advice and support – both from public sources and from private experts. So the chances of success are also higher.

Alena Bodrienko.

A photo pressphoto / freepik