The measures involved in starting a business

(23.2.2015 klo 11:03)

When you start a business, there are quite a few actions that you must take at different stages of the process. What you need to do and whether some actions can occur simultaneously depend on the scope and type of business being started.

Starting a business usually begins with the conceptualization of a business idea, where you essentially answer the questions, “what, who for, and how?” This is the stage where you define your business idea, and it can be helpful to use different guides for preparing a business plan. Time should be spent on this step of the process since it is through your business plan that your business idea becomes tangible. Once you have completed various calculations and estimates, you should investigate whether you will need any permits for your business activities. You can find a list of all of the permits required for different types of business at www.yrityssuomi.fi/en/

The next step is to secure financing. Having completed your budget, financing and profitability calculations (part of the business plan), you have already determined how much capital you will need to start your business. Sources of start-up capital can include your own private capital, external capital, venture capital investors or various entrepreneurial grants.
Once your financing is secured, the next step is to choose what form your business will take (Private Entrepreneur/Sole Trader, General Partnership, Limited Partnership, Limited Liability Company, Cooperative) and then submit the appropriate documents to register the business. Once the business is registered the next step is to open a bank account for the business and organize the appropriate insurances. It is also recommended that you establish contact with an expert accounting firm or accountant.