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The First Steps in Starting your Own Business In 2021

2021 will definitely be a year of change and the last thing on people’s minds right now must be starting your own business. 2021 was a year of change in all areas that have been and continue to be affected by this whole pandemic situation. The state of the pandemic would undoubtedly have dealt a considerable blow to the world’s economies, but at the same time through this rupture, some have managed to seize the opportunity and create profitable businesses.

The First Steps in Starting your Own Business In 2021

The opening of a new business in the year 2021 is a very significant risk and an opportunity for young entrepreneurs to take initiatives and actions to push the economy and entrepreneurship to new levels. More and more young people are looking for steps to start a new business as job options in the private sector are limited. But before starting one’s business venture, it is necessary to clarify what is the meaning of “Business”.

Two fundamental issues that one must clarify before taking the first steps to start a new business are the following:

  • What is your exact product or service?
  • What is the value you offer in the market and why someone would buy from your business?

Entrepreneurship has always been a way out with prospects for development, progress and professional development. In today’s economy, entrepreneurship is seen as a solution to the problem of the continuous rise of unemployment. That is why there is strong mobility and interest in starting new companies. But how will this choice be successful? How to create a sustainable business? Below is an attempt to decode the steps to make a viable new business:

Starting your Own Business In 2021

The Business Idea

Your business idea is at the heart of your overall business. But what makes an idea great? Can anyone guarantee that your idea will be successful? It is imperative to keep in mind that the product or service related to the vision you have, MUST satisfy a need or solve your customers’ specific problem.

The Vision

Once you have clarified your business idea, i.e. what you want to do business, try to go one step further. Where do you want to go after ten years? How do you imagine your business then? Can you see the big ideal picture of your project? This step is fundamental. Without vision, nothing is done. It would help if you saw where you want to go so you can make the map that will get you there. In essence, the vision is the one that can keep you on track, without losing the focus of your goals. Once you have clarified where you want to go, then the next step is to answer the following question:

What is your purpose?

Until you get where you want, you will spend several experiences, many hours of work and effort. The market will still not know you and will not trust you. If you manage to answer your WHY of your own business, this answer will be the fuel that gives you strength and will motivate you to move forward without bending and to achieve the goals you set.

Analysis of your market

Research is something you will never stop. But in the beginning, it is of primary importance. Read books on your subject, dust the internet, google for information, find out who is in the market – get all the right knowledge that will lead you to success. Do an initial Competition Analysis: do mystery shopping on competitors and understand and learn: Learn everything about how they work, their business operations and their structure. Then try to find the element that makes your business stand out in a fully competitive landscape and save precious time and money.

Legalization – Establishment of a company or start-up

What legal form will your business take? Each form of business has its own advantages and disadvantages so your decision on this issue is essential and decisive and you need to consider all the parameters until you clarify what suits your case depending on the responsibility you take, the money you want to put in your business and whether you want to protect your personal property.

A highly qualified legal advisor will help you find the form of business that fits the goals you have set and get the business’s corresponding license if needed. World class lawyers for company formation in Greece could help through this process through their specialized and experienced lawyers, you will be able to establish that type of business that suits exactly your needs, observing all the laws for its establishment and its legal operation. Adequate legal support at every step of this ambitious endeavour of yours can be crucial.