How to Start Your Own Business: A Practical Guide for Entrepreneurs 

By admin 

Starting a business is an exciting journey that requires dynamism, proactivity and a creative approach to challenges. For the entrepreneur who ventures down this path, it is essential not only to possess an optimistic spirit, but also to be prepared to face the various stages involved in setting up a new business. 

Market Knowledge and Business Plan 

First and foremost, a thorough understanding of the market in which your company will operate is crucial. This knowledge is the basis for drawing up a robust business plan, which is the cornerstone of the company creation process. The business plan should: 

  • Analysing the viability of the business. 
  • Present the project to potential investors. 
  • Include a detailed market analysis. 
  • Detail investment plans and funding sources. 
  • Establishing a treasury plan and profitability projections. 

Company Registration 

The next step is to formally register the company, a process that includes: 

  • Registration in the National Register of Legal Persons (RNPC). 
  • Application for the Certificate of Admissibility and the Provisional Corporate Card. 
  • Contribution of the minimum share capital required, usually starting at €5,000. 
  • Presentation of the share capital deposit slip during company bookkeeping. 

Finance and Social Security 

Once the company is registered, it's time to formalise the tax and social security situation: 

  • Opening of activity at the General Directorate of Contributions and Taxes. 
  • Registration of the company at the Commercial Registry Office. 
  • Obtaining a Social Security number for the company. 

Financing 

Financing is a vital aspect, with several options available: 

  • Own capital. 
  • Risk capital. 
  • Bank loans. 

Accounting 

Keeping organised and transparent accounts is essential: 

  • Implement organised accounting in-house or hire professional services. 
  • Consider hiring an accountant or economist, or subcontracting an accounting firm. 

Support and counselling 

Finally, don't underestimate the importance of seeking support and counselling: 

  • IAPMEI (Instituto de Apoio às Pequenas e Médias Empresas e à Inovação) and INETI (Instituto Nacional de Engenharia, Tecnologia e Inovação) are valuable resources for support and guidance during the company creation process. 

In short, setting up a business is a process that requires careful preparation and meticulous execution. By following these steps, the entrepreneur will not only be better prepared to launch a successful business, but also to sustain its growth over the long term.