The Process of Business Creation

business creation

The creation of a business represents a personal and professional challenge for entrepreneurs, who have to transform their creative project into a profitable economic activity and formalise it in a document called a business plan. Setting up a business also involves looking for possible aid and financial solutions in order to raise the capital needed to set it up, such as obtaining an NACRE or JEI status, or applying for a bank loan or crowdfunding.

All the steps involved in this process are essential if you want to start your own business and give it the best chance of success. The IPAG business school presents a complete guide that you can use to structure your project methodically and successfully.

Entrepreneurs must carry out a detailed market study in order to determine whether their product is in demand and the market is suitable for their business idea. Moreover, it is important to define the objectives of your business and prepare financial forecasts. This allows you to measure your progress and evaluate the level of risk versus reward of your business idea.

It is also important to know how your business will benefit the local economy. Small businesses can create new jobs and help the community thrive. For example, it is estimated that small businesses employ 8.4 million Canadians and provide 64% of all new jobs in the United States. They can create a more diverse marketplace, add to the tourist appeal of your city or town and give local residents access to unique products.