Starting a business is exciting, but success begins with strong preparation. Before launching, make sure to lay the right foundation. Here are a few key steps to take before starting your business:

Conduct market research: Understanding your target audience and competitors is essential for building a successful business. Conduct thorough market research to evaluate demand, customer preferences, and industry trends. This will help you position your business more effectively and identify opportunities for growth. Market research also reveals whether there is real potential to turn your idea into a thriving business. By gathering insights about your potential customers and existing competitors, you can develop a strong competitive advantage and stand out in the market.

Test Your Business Idea Early: Planning your business is important, but testing your idea in the early stages is just as crucial. It will help you make necessary adjustments before investing too much time or money. Start testing your assumptions now. Talk to potential customers, present your idea, and ask open-ended questions to understand their needs and reactions. Create a simple version of your product or a one-page website that explains your idea, and see if people show interest or want to learn more.

Determine audience: Determining your target audience is essential for shaping your business strategy in Skåne. Start by defining your product or service and identifying who will benefit from it. Conduct market research to understand customer needs, preferences, and behaviors in the region. Consider key demographics such as age, income, and location, particularly focusing on urban areas like Malmö, Helsingborg, and Lund, or rural regions. 

Create a business plan: A solid business plan is the foundation of your business. It outlines your goals, strategies, target market, financial projections, and operational structure. Your business plan acts as a roadmap for how you will structure, run, and grow your company. It is also a key tool for convincing potential partners, lenders, or investors that working with you or investing in your business is a smart and strategic decision.

Funding your business: One of the most common ways to fund a new business is by keeping your day job or working as a freelancer or consultant. This gives you a steady income while you build your idea on the side, without the pressure of needing immediate profits. You can also choose to bootstrap your business, using your own savings and reinvesting early revenue to grow slowly and sustainably. Bootstrapping keeps you focused, lean, and in control. At the same time, it’s important to estimate how much money you’ll need to launch and run your business until it becomes profitable. Your business plan will help you figure out your startup costs and ongoing expenses. If you find that you don’t have enough capital, there are more funding options than ever before: bank loans, government grants, personal savings, or private investors.

Business Location: Choosing your business location is very important, whether you are opening a private limited company, physical store or starting an online business. The location affects things like taxes, legal requirements, and your revenue. For a physical store, think about factors like how many people pass by, how easy it is to get to your business, and whether there are competitors nearby. For an online business, consider how shipping costs and taxes may vary depending on where your business is located. Be sure to check any local laws, permits, and licenses you will need. The right location can make a big difference in your business success, so take time to choose wisely.

Business structure: The legal structure you choose for your company will affect its registration requirements, tax obligations, and your personal liability. It’s important to select the right structure, as it influences how your company is taxed, the paperwork required, and your level of responsibility for any debts or legal issues.

Business name: Choosing the perfect name for your company isn’t easy. You’ll want a name that reflects your brand, captures your essence, and resonates with your target audience. It should be memorable, unique, and easy to pronounce. Additionally, ensure the name isn’t already in use by another business to avoid legal issues. You can check trademark databases and domain name availability to see if the name is free. Remember, your company name is an important part of your identity, so take the time to choose one that stands the test of time.

Register business: Once you’ve chosen a name for your company, it’s time to make it official and protect your brand. If you’re using a name other than your own, you’ll need to register it with the appropriate authorities, such as the Swedish Companies Registration Office (Bolagsverket) or other relevant bodies. Registering your business name ensures legal recognition and prevents others from using the same name. You may also want to trademark your business name for added protection, securing your brand against infringement and maintaining its uniqueness in the market.

Open business bank account: A small business checking account is essential for managing legal, tax, and everyday financial matters. It helps keep your business finances separate from personal funds, ensuring clearer records and easier tax filing. The good news is that setting one up is straightforward, as long as you have the necessary registrations, documentation, and business information ready.

Seek Guidance: Starting a business can be complex, but you don’t have to navigate it alone. Organizations like Landskrona Ventures offer valuable support through expert advice, resources, and mentorship. Whether you’re refining your business idea, seeking funding, or developing a strategic plan, they can help guide you every step of the way. By leveraging their network and expertise, you’ll be better equipped to turn your vision into a successful reality.

Apply for licenses and permits: Keep your business running smoothly by staying legally compliant. The licenses and permits required will depend on your industry, location, and other factors. It’s important to research and obtain the necessary licenses to ensure your business operates within the law and avoids potential fines or delays. Additionally, some licenses may need to be renewed periodically, so staying on top of expiration dates is crucial.