Are You Ready to Launch Your Business?
Questions you need to address before the big launch to give you a headstart
Before you launch your business, you may be bombarded with all the information, forms, and advice you need to tackle it. Everyone is trying to give you advice and directions on the best way to tackle your launch.
I wrote this article in two parts to serve as a blueprint or checklist of questions that you would need to consider before your launch to give you a headstart.
The first part was written to highlight the most important questions you need to answer before launching your business. This would help you get a better view and plan wisely how you would approach marketing, product development, and the competition.
You can go ahead and read the article here:
This article is an extension of what was previously discussed in the piece above.
I’ll discuss the top 8 questions you need to answer before your big launch. I will also discuss my answer when it is applied to the holistic wellness business I intend to run. This will help you see how you can formulate your answers.
Market Developments
- Observe the current market development and competitive field in your niche.
- Is there a changing trend at the moment?
- Can you provide statistics and facts to support your view?
This is really important when you are planning to apply for funding or pitch your ideas to investors and potential stakeholders. You need to research the facts and statistics early on in order to convince authority figures to support and fund your idea.
My answer: The market of herbal organic skincare is a growing market as it is estimated during the period (2020–2025) at a CAGR of 8.5% globally which is rapid and steady growth.
It is in growing demand as more people change from conventional skincare to organic herbal skincare made with clean natural ingredients.
In Finland, the competition is high as every year more local businesses are being launched in the same market and they are able to successfully and rapidly stock their products on the shelves in popular stores from City market to Ruohonjuuri.
This is amazing news as that shows us that there is a demand for these kinds of products both by customers and the retail owners of these stores.
However, it creates stronger competition and a greater need to be more innovative and unique in both content and the design aspect of our brand in order to pave our way into the current market.
Feasible idea
- Is your business idea feasible?
- Is it convenient?
- Can it be performed and duplicated easily?
My answer: Yes as it is convenient and can be easily performed using simple ingredients and minimalistic branding.
Funding
- How much funding would your business idea require?
- What are the ways you intend to apply for funding?
- What is the period you think you will be able to manage with the funding?
My answer: I would need a maximum of 5,000 euros as funding for my business idea. This may be able to be achieved through a Finnvera small business loan.
A minimum of 1,500euro would be great to manage for the first 3–6 months which includes registration, inventory, and simple machinery.
Legislation
- How would you need to consider the legislation?
- What rules or regulations would you need to follow to start your business?
- Do you need to apply for licensing to perform certain activities within your business?
My answer: I would need to deal with TUKES, which is an organization that manages businesses that are involved in the first-hand formulation of their products for external use.
The products will need to be inspected and granted the right license.
Other legislation included applying for the organic stamp as well as a ‘Made in Finland’ stamp that will be added as a bonus element to the product packaging and online store.
Stake Holders
- Create a list of your company’s stakeholders.
- Which ones have high power and authority and which organizations have low power?
This section is not compulsory but it will help you in establishing who you need to work with and who has power and authority over your business, as in government officials.
You can use online tools to work out and compile a stakeholder map and then list them under this section.
You can use the technique of stakeholder mapping to help you compile your list.
Another great example of stakeholder mapping can be viewed here:
My answer:
Ensimetri — manage closely, high-interest high power
Finnvera- low interest,low-power
Suppliers — High-interest low power
Tukes — high-interest high power
Family — low-interest low power
Competitors — High-interest high power
Retail stores that will stock the product at wholesale prices -low-interest high power
Customers — high-interest low power
Pitching
Prepare to pitch your idea. You can prepare a presentation or a video depending on what you feel comfortable with.
The NABC pitching method is highly successful. You can view an easy template below :
Type of entrepreneur
- Which type of entrepreneur will you be?
- Research what you need to submit.
Depending on the area you live in, there are different types of entrepreneurs. Each type requires special protocols and documents.
My answer: Private trader — professional.
I would need to submit notifications of establishment online at yt.fi and submit the same notification form to the trade register, (my work requires license) and tax administration VAT register.
Documents and Contracts
- What official documents and contracts would you need to fill in when starting up your business?
- Depending on the type of business you are starting, you would need to fill in certain documents and apply for licensing before your launch.
My answer: I would need to fill Y3 Form : START-UP NOTIFICATION Private trader / Self-employed for online.
- File a start-up notification with the PRH Trade Register online at a rate of 60 euros.
- File two separate notifications online. First I would need to fill start-up notification with the Trade Register online, then register with the Finnish Tax Administration by filing a notification of changes online.
- Need to apply for advance tax as private traders pay advance tax on their income.
Final Thoughts
If there is one piece of advice I have for you before you start your business it is that you need to organize your thoughts and paperwork before the launch.
If you are organized from the beginning of your journey as an entrepreneur, this will save you time, stress, and effort later on.
I wish you all a successful launch.
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Resources & Tools
- Best Shark Tank Pitch
- Pitch Planner Canvas Template
- How to Pitch a Brilliant Idea by Kimberly D. Elsbach
About The Author
Noor is a second-year business student at Tredu and an owner of multiple digital businesses since 2016. She is passionate about marketing and content creation. She runs a holistic wellness blog and recently launched her youtube channel specializing in holistic healing.
