How to start a business: the 10 steps

1 – Find the idea

Spark of genius that leads to the creation of a particular start-up or skill that could be monetized?

• Are you inventive or looking to be unique in your market? Observe trends, consumption patterns and cross-reference your ideas until you get something new!
• Do you like your job or are you brilliant in a particular field? You will soon be comfortable. Simply analyze the evolution of your market!

2 – Make it a project

Bring this idea to fruition, anchor it in reality and start drawing the main lines of your argument. Concretely :

• Put yourself in the shoes of an investor and imagine the questions he would ask you;
• Make a prototype of your product;
• List the services you could offer.

Many support structures can support you in the different stages, already at this stage of the transition from the idea to the project. Feel free to contact them !

3 – Carry out a market study

Put your concept to the test with an even more concrete element: market research . The goal is to ensure that your project meets an existing demand.

• You can do it alone: ​​ask those around you, carry out small surveys, consult the internet and Facebook to find out if the need arises.
• You can also hire professionals. You will benefit from a more mathematical method and an outside perspective.

4 – Build a business plan

Now that you have a product and a market, you can draw all the contours of your business: technical, financial, human resources, sales prospects, etc. This step is mandatory for the creation of a company, not for becoming independent.

This business plan will serve both as a communication tool for banks, financing organizations and your partners. Thanks to the financial plan, they will measure the seriousness and profitability of your business. Take care of it and think about its presentation!

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5 – Find the financing

The financing stage is often necessary and sometimes crucial to launch your business. Your business plan will be the most valuable document in your research. Since it includes the cost and revenue forecasts for your activity, it will have the full attention of donors.

There are 4 main sources of funding :

• You and your associates: these are capital contributions made by you and your associates as well as current account contributions;
• External funding: this is funding generated by venture capital, investment funds or even the participatory funding system (crowfunding);
• Banks: they like to invest and can lend large sums of money as long as they are convinced: for the creation of a business, for a cash loan, for investments, etc. ;
• Public institutions: there are a large number of possible aids: to job seekers for the creation of a business, for exporting, to recruit, etc.

Discover with our interactive guide the possibilities of financing when creating an activity!

6 – Choose the legal form

The nature of your activities will determine the legal forms to which you have access. Take the time to choose carefully, to discuss it with your accountant or to be accompanied. Each legal form has its advantages and disadvantages.

The advantages and disadvantages of legal forms

Are you looking for the procedure to follow to create your future company? Wikipreneurs offers you useful information for the creation of an SRL or an ASBL .

7 – Complete the administrative procedures

Let's face it, there are many papers, forms, deeds and contracts. Fortunately, you can delegate many of these formalities.

Business counters make it easier for you to access all these administrative procedures , while accountants or support structures may be authorized to carry out some of them on your behalf:

• Constitute a company by a deed of incorporation;
• Register your company with an approved business counter;
• open a current account  ;
• Identify yourself for VAT  ;
• Join a social insurance fund for the self-employed  ;
• Join a mutual insurance company to benefit from sickness and invalidity insurance benefits;
• Take out certain insurances , compulsory or not;
• In the event of hiring staff: join a social secretariat and take certain steps with the ONSS.

Remember that depending on your activity, you may be subject to specific regulations . It is also possible that you need a permit or one or other authorization (environment, town planning, etc.) if the launch of your activity is accompanied by a real estate or industrial project.

No one has the answer to all these questions at once. Ask your accountant as soon as possible, your social secretariat, your notary or your banker and of course the services of the municipality where you want to set up your activity.

8 – Start your business

All that remains is to launch the activity of your company. For a serene first year, stick to the red thread of your business plan.

Gather the necessary human and material resources and start delivering. If you followed the previous steps correctly, you should be fine.

9 – Manage and grow

Smart management means:

• Optimize fixed costs;
• Have a dashboard with simple and clear indicators;
• Take care of its customers;
• Anticipate market changes.

Always decide with the future in mind! “To govern is to foresee”

Some ways to manage the business , if you are:

• a freelancer (in a complementary capacity)
• a freelancer (mainly)
• a company

10 – Hold on the length

Well done, success is yours! Do you want to grow further and conquer new markets?

• Invest with the help of the Region
• What financing(s) to develop my business?
• Export and internationalize