If one of your goals is to know how to start a business once and for all. Here we leave you basic but winning keys that will help you start a business from scratch with solid foundations to make it a success.
Remember that the most important thing will always be to put passion into what you do and work for a clear reason, but a little help with these steps will not hurt you. Keep reading!
What do I need to start a business?
In order to start operations with a business in Mexico you will need to meet some tax requirements. Here we mention the main ones so that you do not have any problem.
- Sign up for the SAT: you can do it online at the portal and you must choose a tax regime according to your activity.
- Issue electronic invoices: in order to keep your accounts before the SAT, you must issue receipts that contain your tax data.
- Land use permit: if your business is a physical establishment, you need to issue this permit. Check out .
- Notice of opening of your establishment: this is also done on the SAT portal but .
- An online store with a payment gateway included: if your business will be online, then use a platform that allows you to choose between several so that you can better carry out your accounting. Learn about the options
Learn more…
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What is the most profitable business for 2022?
Ecommerce is a business that continues to grow and in 2022 its value is expected to increase due to new consumption habits worldwide.
According to a study by , SMEs in Mexico declare that in 2021 online sales represented 34% of their total sales and it is projected that by 2022 it will increase to almost 50%, which indicates that online sales are one of the businesses most profitable by 2022.
According to its most recent HotSale 2021 report, what sold the most in Mexico through electronic commerce was:
- Fashion (36%)
- Electronics (28%)
- Beauty and personal care (24%)
- Appliances (20%)
- Pantry (19%)
- Cell phones (17%)
- Sports (13%)
- Furniture and home (13%)
- Consoles and video games (13%)
- Toys (11%)
Looking at these categories, you can get an idea of the type of business you could start by 2022 by creating and starting a profitable business that will continue to grow for years to come.
We recommend you read our article on
What should be considered before starting a business?
Entrepreneurship is an activity that requires certain personality characteristics, but also an understanding of how a business works. Before starting, consider the following.
The bulk of the market
This means that you must know how much opportunity you have to place your services or products and validate that your business idea is profitable, that is, that there is a specific audience to buy your product or service and enough demand for your business to obtain a good financial return.
You will require a financing plan
Most new businesses fail within two years due to lack of financing or poor management of financial resources. You should know that, whether you have the capital or resort to a , it is important that you visualize a financial plan that gives you solvency to start operations with your business and dedicate the necessary time before generating a wide profit margin.
The most important thing is not sales
We know it sounds strange, but the reality is that the success of a business does not only depend on the number of sales, but also on understanding your customers in depth and what they need. If you focus on satisfying the demand of your customers, whether with service, prices or with your products, your business will have an important differentiator that will add value and make you stand out from the competition.
It won’t be easy
Entrepreneurship is not as simple as it seems, however it is one of the most satisfying activities you can have if you stay focused and have patience. Making a business work requires learning every day and applying it. Understand your customers and they will help you understand how to improve your business.
Do not focus on everything going the first time, think about the value that you can add to everything you do and focus your business model on that.
How to start a business from scratch
Now yes, we will give you ten golden keys so that you do not miss anything when you want to start your business. Ready, Set, Go.
- Define your business idea.
- Determine the type of business you will have (online-offline).
- Create a business model.
- Know your market.
- Meet your ideal client.
- Determine your budget.
- Start with an MVP.
- Create a business strategy.
- Define your sales plan.
- Invest in constant training.
1. Define your business idea
Every profitable business starts with a good business idea. Creating the best idea will depend on factors such as the line of business you want to dedicate yourself to, the public you want to attract and of course the business opportunity that idea represents, that is, how viable and profitable it is. See how to create a
2. Determine the type of business you will have (online-offline)
Within your business plan you must define your distribution, sales and attraction channels. You may decide to do everything online doing a 100% or opt for traditional means. You can also combine both but always defining your strategies well.
3. Create a business model
This is the core of your strategy to have a successful business because this model is where all the resources you need, the key activities, your strategic partners and how your business will work will be captured. It is important that you do not skip this step because it will be of great help not only when starting the business but throughout its life. Here we leave you an article so you can make a .
4. Know your market
Knowing the conditions of the market you want to enter with your business is very important and you need to understand both the historical movement and the competitors you are going to face and the best way to generate strategies. For this reason, we recommend that you define your objectives before starting your sales strategy.
5. Meet your ideal client
Define well the profile of the people to whom you are going to sell your services or products. Forget the expression “for a general public” because you need to define well the segment of people who are interested in you and need what you offer.
Start by asking yourself this about your buyers:
- Where do those people live?
- What media do they consume?
- What are your daily problems?
- What does my product or service provide you?
Also remember that there are segments that are not your ideal customer and these are people who are not willing to pay for your product, put a lot of “buts”, they do not find it useful to consume what you offer, etc. If you come across many of these people on your way, surely you are not choosing your market segment well and it is time to rethink it.
Knowing who you are going to sell to allows you to better plan your communication and promotion strategies.
6. Determine your budget
It is also necessary that you have a well-defined financial plan for your business where you contemplate your budgets and the resources you have to start your strategy. Check when you are going to allocate to promotion strategies, how much your total investment is and project your sales so that you have clear business goals.
7. Start with an MVP
It is known as MVP for its acronym in English, the first prototype of your product or service. Your Minimum Viable Product is just the first test of what you plan to sell and it is recommended to make one to validate your idea. The point is simple, before you mass-produce what you’re going to sell, or buy too much, test it out with a small group of people and launch your idea even if it’s not finished. It is easier to prototype than to keep stock or load yourself with work.
8. Create a trading strategy
This is a step that yes or yes you must do. One is generated from your business model and financial plan and covers aspects of both promotion and organization with your key partners, such as suppliers and distributors.
It will be very useful for you to have a broader vision of the commercial possibilities of your business, in addition to marking a road map for you and your team.
9. Define your sales plan
Establish the path you will follow to reach your sales goals. You will achieve this by creating a sales plan, which is a document that you will share with your sales team or for yourself now that you start. In this document you must establish the strategies that you will use to get your customers to buy. It is different from the marketing and commercial strategy because it is more detailed in terms of sales actions.
Here is an article for you to do step by step.
10. Invest in constant training
As we have already told you, knowing your market and your customers better will allow you to continue innovating and improving your business in points that you may not have considered at the beginning. According to data from only 15% of SMEs in Mexico train their staff and only 14% carry out actions and implement a process of continuous improvement, which leaves them biased in their growth.
Take advantage of this data in your favor and constantly invest in yourself as well as in your team if you already have one. What is well invested generates good profits.
Conclusions
With these ten basic keys you can start your business in a structured way and have greater chances of success. Remember that everything can be modified according to your needs and business model, but it is always useful to have a guide to direct our entrepreneurial steps.
At Tiendanube we are interested in supporting you to create a new success story and for this reason we create weekly content that we know will help you in your business. We invite you to subscribe to our and receive these types of articles and other materials in your inbox.
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