7 Key steps to build a sustainable business

7 key steps - website post

Entrepreneurship was always a means for evolution, progress and business development.

Nowadays in Greece, setting up a business seems to be a solution for occupational problems and unemployment.

For this reason there is an intense interest in establishing new companies.

However, how would this choice be successful?

And how can we create a sustainable business?

Next we will try to interpret the key steps for the creation of a sustainable business:

Step 1: The existence of the business idea!

Suddenly, a light turns on in your mind! What a brilliant idea!

Nevertheless, what makes an idea brilliant? Who is going to guarantee that I will not repeat the same mistakes? How will I achieve to create a sustainable business?

There are two things that you must have in mind:

The product or the service that is linked to your idea, MUST fulfill a need or solve a problem.

Step 2: Market Research

Is there a market? How big is it? What is it’s characteristics? Are there any competitors? If yes, how many, how large?

All these are essential questions that you must answer.

This is necessary information, in order to evaluate if a gap really exists in the market for your  product or the service, and if there is meaning to make this move.

Startup business or not, in order to have a sustainable business a market must exists and also a gap in this market for demanding a part of it.

Step 3: The element of differentiation

Maybe it is the most important element you have to evaluate. What your projects’ strengths and what’s its weaknesses? What’s its opportunities and what’s its threats? Do you have a competitive advantage in comparison with products/services of the market?

Preact, collaborate with the specialists. Include your project in Acceleration Programs that support startups, cause if you go into the market with a product or a service that already exists in the same price, by the same way, then your market share will not be guaranteed.

Find or invent a way to be different

Otherwise find a new idea.

Step 4: Business Planning

If everything seems to be, not only a brilliant idea but also refers to a gap in the market and in addition with the element of differentiation, then you must analyze your project having in mind the below:

Find the best team for your project.

Define in detail your market and the competition.

Determine the features of your product/service.

With whom you need to collaborate?

What is your business model that you will apply?

What’s the amount of money you will need and how will you ensure it?

Create a mini budget for the next three years.

In spite of this, you will need support. Consult the market, innovation and financial specialists etc. Or apply for Acceleration Programs.

Step 5: Fundraising

Ingenious ideas, excellent products and services, without funding cannot happen.

Take full advantage of the 3 Fs (Family, Friends & Fools J). Nonetheless if there’s not enough or nobody of your social environment that want to fund you, then seek solution to government programs, angel Investors, or go into acceleration programs, which can ensure you the funding and the technical know-how that provides you the proper tool and links, that will lead you to abstract the resources you need.

Thus, about fundraising you must have completed the Business planning. Must have done the market research. Confirm, verify and develop your idea with the business model and define the business potential.

In addition, in case of the existence of a prototype there will be a very positive impact.

By this way, you can only persuade the potential investors about the attractiveness of your product/service.

An important element you must have in mind also, is that the potential investors are attracted by the low start up cost, high risk, big or global market, high performance and big picture of prospective.

Step 6: Suitable Guidance

Even if the previous key steps went extremely well, the idea is brilliant, there is a specific gap in the market, you have found the essential funds and now you need the suitable guidance in order to officially start up your business.

Get in touch with the right people who will provide you the guidance you need, one step before you take the legal entity. Lawyers and intellectual property experts, licensing specialists, marketeers, financial advisors, tax consultants, IT supporters etc. may help enlighten you about matters you are not familiar with, before you push the button to start your business in Greece or overseas.

Step 7: The new Beginning

You will not stop being a new business as long you complete a turnover of significant achievements. These achievements might be e.g a product or a service development according to your goal milestones, meet the funding or the market expansion.

As it is, ensure the right support and guidance from the market people who can contribute to the development, consolidation progress and the profit-seeking of your business.

To sum up, always have in mind to create a sustainable business, startup or not, it would be for sure the most valuable and beneficial experience for your vocational rehabilitation.

Good Luck

Sousana Patsoumi Kalfa

Contributing Advisors