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Starting a business is an exciting venture that can be very profitable and is also very satisfying. But if you don't have a lot of money, sometimes it becomes a real challenge. That's why today we want to explain how you can start a business or create a company in Mexico even if you don't have a lot of capital. And these tips will help you whether you want to create a new business or if you are an established retailer and want to take your business from physical to digital.
Steps to successfully start your own business or company
These time-tested steps will help you start a business, whether it's your first or your tenth, with advice on all related aspects.
From finding and validating your money-making idea, to discovering your delivery strategy, to finally launching your product or service.
Use the time you have available
No matter how ambitious your business goals are, you can still start a business in your spare time and fit it around your current life commitments.
Not everyone has the capacity to quit their full-time job to dedicate themselves to developing something of their own, whether it's creating an online store in Chile, or doing it in Mexico, Spain or any other Spanish-speaking country....
But that doesn't mean you can't get started.
For example, it is possible to start a handmade products business in parallel to a full-time job, or start a blog that you then turn into a business.
Identify a business idea
Finding a business idea is something you can approach systematically by relying on time-tested approaches that have worked for other entrepreneurs.
Here are 12 ways to identify a product you can sell, including strategies such as:
Tap into your personal interests. What do you like to do in your spare time? Are there products you can sell that relate to your hobbies, or solve a common frustration you have?
Research existing products. Examine product reviews to see if there are common complaints about popular products, and see if you can identify gaps in the market.
Capitalize early on trends. If you notice that a particular product seems to be popping up everywhere, or if you have a great idea to help make the most of a popular product, you could generate great business ideas.
Recuerda, todo lo que necesitas es una idea para empezar. Muchos negocios exitosos se lanzaron con un producto exclusivo y se expandieron hacia productos complementarios a partir de ahí.
Validate your business idea
This may seem difficult, but it's really just a matter of testing whether customers are willing to pay for your product before you spend too much time and money on it. No matter what type of business you are starting, it is important to validate your idea.
There are many ways to do this, some are simple and others are a bit more complex.
Here are some tactical examples that can help you figure out how to gauge market demand before you get too deep.
Set up a store to take orders in advance.
Launches a crowdfunding campaign.
Create a beta version of your product or service to sell.
Hay otras formas de validar tus ideas de productos, pero en caso de dudas, comienza a vender lo más rápido posible.
4. Find a trade name
Work to find a name for your business that makes it clear what you do, that is short and memorable, and that is not in use in your industry.
It is not an easy task, but it can be accomplished with a little effort and imagination.
Name generators can help you find a list of unique ideas, and there are also many proven best practices for choosing your business name that can help you build your own list.
Generally, a good name has a few characteristics:
Short and simple.
Customers need to be able to quickly remember your name, and the best way to do this is to avoid long names. One or two words are ideal, although three or four short words can also work if they create a memorable phrase.
If your market research shows that everyone in your industry seems to have similar names or relies on similar elements, you should avoid them for a name that really stands out.
In addition to avoiding similar names, you should make sure that no competitors are using the name you want for your business. To do this, do a free trademark search in the countries where you will be doing business and be sure to also check Google and social networking sites. (The same applies with URLs, so do a domain name search as well before registering anything).
Incluso si alguien no ha registrado una marca comercial, muchas jurisdicciones podrían impugnar legalmente que uses un nombre que ha estado utilizando para hacer negocios en la misma industria. Si tienes dudas consulta a un asesor legal independiente para obtener asesoramiento específico para tu situación.
*Use the time you have available
*Identify a business idea
*Validate your business idea
*Find a trade name
*Make a business plan
*Understands the financials of the business
*Develop your product or service
*Choose a business structure
*Research on licenses and regulations
*Select your software systems
*Find a location for your business
*Plan your workload and team size Open your business
5. Make a business plan
Writing a business plan helps to validate and formalize your idea, and can streamline the business creation process, as it invites you to sit down and think things through methodically.
A classic quote that applies especially to the business plan development process is: "Plans are worthless, but planning is everything".
Many entrepreneurs say they rarely look at their plan once they have opened their businesses, but they will also tell you that there is value in thinking about and researching your idea as you develop the plan.
If you've never done it before, here's a complete guide to writing a business plan and a business plan template to help you structure your thoughts.
When creating your plan, be sure to pay special attention to the competitive analysis and SWOT analysis sections.
While nothing can replace validating your idea by confirming that people will pay for it, the research required to complete these sections can be further proof that you're on the right track.
6. Understand the finances of the business
The shared objective of any business is to make money, so a thorough understanding of cash flow is an integral part of running a business.
In this sense, you need to understand some basic concepts to get started and scale that knowledge as you grow.
There are many businesses that you can start with only a small initial investment, but others will require money for inventory, equipment or physical space.
Therefore, it is essential to have a clear vision of your total investment of your money, before spending a penny, as it will help you make important projections, such as when you will break even.
It is essential to have a clear vision of your total investment, before spending a penny.
If those calculations show that you need more funds than you can spend out of pocket, you can consider financing options such as a small business loan or crowdfunding campaign.
Bookkeeping should be one of your primary financial tasks as soon as you're ready to start making purchases for your business. Keeping accurate records of your income and expenses will help you control cash flow and make a smooth transition to working with an accountant or bookkeeper later on.
To make the process even easier, consider opening a bank account and having a business-specific credit card, as keeping your personal and business finances separate makes it easier to prepare your business taxes and can also help automate some of the steps.
7. Develop your product or service
You've done the legwork and understand the financials, now it's time to delve into the product or service you'd like to offer.
To start a business that is well targeted to the product or service it will offer, you could adopt one of three general approaches:
Create your own product. Whether you're creating handcrafted items or looking for an original product from a manufacturer, developing your own product to sell can help you stand out in the marketplace.
Customize an existing product. With print-on-demand options, you can add your unique designs and ideas to products including T-shirts, leggings, towels, backpacks and more.
Curate a selection of products. Dropshipping is a way to stock your store without creating a new product, so you can start selling almost immediately without having to manage inventory.
As you develop your product, keep your total costs in mind when calculating your pricing. While pricing your product is not based solely on costs, and there are many factors that influence your pricing strategy, so it is important to price your product profitably.
8. Choose a business structure
Your business structure influences key parts of your business, from taxes to operations to your personal liability.
In this sense, choosing the right structure for your business will help balance the legal and financial protections you need with the flexibility offered by the different options.
It is an important decision that you should carefully consider before launching your business.
Choosing the right structure to start your business will help balance the legal and financial protections you need with the flexibility offered by the different options.
