There are important decisions you will make at the beginning of creating your company

People with purpose, entrepreneurs, lovers of innovation sometimes make the decision of creating a company. Making decisions is not going to be easy, some will be really hard and stressful,  others it will be necessary to be prepared. Mainly, what will determine success is the Unique Selling Proposition(USP) of your business. It has to respond to a real need, and provide a differential advantage over your competitors. What makes you special?

You need to get to know your target and have a detail description of your client. Many entrepreneurs are afraid of establishing an excessively limited and specific focus because they know that they will not be able to dominate the world. However, the most successful companies began by setting SMART objectives: Specific, Measurable, Attainable, Realistic and on Time.

Another decision you will make is the designing of a business model. You must generate a business that customers are willing to pay and generate income and benefits. Business Model Canvas is a template that helps professions in their doubts about how to set up their business model. When your business model is underway, the way to validate the business model will be with the revenue obtained as well as the number of customers and their value.

Finally, you will have to choose the legal form of your business; Choose to be autonomous or create a society.  There are 6 essential characteristics that make difference between them: 

  • Responsibility. The main disadvantage of the individual entrepreneur with respect to the limited company is unlimited liability.
  • Minimum capital. The creation of an SL requires a minimum share capital of 3,000 euros, while as a self-employed person, no contribution is necessary.
  • Taxes. The self-employed person pays income tax, which is a progressive tax, so that with great benefits you will have to pay more. On the other hand, the corporate tax is a tax with fixed rates, specifically 25%, which guarantees you greater economic security.
  • Bank financing. The limited companies have a greater facility to access bank credits, since the accounts of these business formations are clearer and more precise, so the fact of being an SL will always give greater economic confidence.
  • Creation of the company. The procedures and costs of incorporation as autonomous are much cheaper and simpler than those of an SL.
  • Commercial Image. Limited companies offer a more professional image, of a larger and solvent company, which is why at the commercial level they are often the most suitable option.

If you still have doubts about how to set up your business, see how to create a video society where it explains the process that takes the creation of a society, as well as its different steps. It also offers you an alternative, in case you want an urgent partnership and need professional advice.

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