Top Ways to Get Your Project Start-up in Ship Shape

2019-09-09T12:15:26+00:00September 9th, 2019|Publications|

Good ideas come and go but great ideas should be invested in, taken to the extreme and used to fuel your lifestyle. Living off what you love is the best way to enjoy your life so if you’ve been rustling up a few ideas in your head, juggling the pros and cons of a new concept to find everything pointing in the right direction, it might be high time you started looking into a start-up scheme to help get you settled.

The Maltese system is designed for Start-Ups and SMEs that need further backing is aimed at providing an opportunity for great ideas and innovations in the creative, business, scientific, language and hospitality sectors. Whether it’s an office set-up that requires some sort of funding or in-depth research that calls for a few months burning the midnight oil; schemes made available by the Government from time to time are one that can fuel that inspiration with monetary support.

The daily running of a business can be quite tedious, tiresome and demanding to say the least and if you’re not properly set up a simple everyday task can seem impossible. Luckily, there are top professionals at SMM Group who can guide you into making the right decisions to give you the upper hand when applying for a start-up scheme. Here are the top ways you can achieve actionable advice from the experts who care about your success; believe in your aspirations and take an interest in the fundamentals of your project that you envisage to be the next big thing!

First things first; strategy

As Facebook megamind once said; “The biggest risk is not taking any risk… in a world that is changing really quickly, the only strategy that is sure to fail is not taking risks”, and learning how to strategize the best options with the best tools is relatively easy when you know where to start from and where to look for answers.

It all starts with a clear and structured business plan. Preparing a detailed Business Plan results in success and is the key tool to making your targets an absolute reality. Whenever you plan out a campaign, business point or venture into a new business dimension, a strategic plan is needed to generate maximum return. It’s simple; the more you put into it; the more your potential of return.

Business Plan

Understanding your plan for day-to-day operations, potential problems and solutions for every scenario as well as creative goals you wish to achieve in the future should all be included in a strategic plan and this is where SMM come in to help sort it all out.

You have the vision, that’s clear, but do you have the structure, know-how and legal background to help support your dreams. Maybe not. It’s vital that a business assessment and road map for the future are thought of in your planning – this will need to be accompanied by organic business growth plans through marketing and secure financing that may need to be sourced. These factors together with other crucial points will determine your business’ success.

Next up… the lifecycle

Are you excited to watch your brainchild grow from conception to full maturity? Eager to watch you brand new project take its first steps and watch it flourish in its own glory as guidance is replaced by monitoring and planning is exchanged for more investment? This sounds like a dream, a privilege that only happens to the lucky few in society – but if you follow the right path and seek the right advice; you’ll be looking at a future you never imagined.

You’ll start out slow at the start-up stage; questioning every preconceived idea as you allow the SMM lawyers and entrepreneurs to pick at the very essence of your ideas. Sensitive as it might be, this time may be the most fundamental for the overall growth of your company. We’ll shake you to the very core and see the full picture from a bird’s eye view – just to take you out of that box.

When this hazy time disappears, it’s time to get yourself established. Figuring out the type of business model that will get you going is what’s going to help you kill it in the cutthroat century we currently live in. Here you will also need to figure out an exit strategy that is true to your brand. Should your business thrive and enter the growth stage, then tailored strategies that work for your brand’s specification will also help you to gauge profitability and expansion prospects. This is where profits, loss and tax ideas need to be cemented into your strategy.

You’re soaring, you’ve watched your tiny plan develop into a lifelong dream of success and financial prowess; now what? The final stage of your business’ life cycle is the maturity stage. This is the time to reevaluate the entire plan, value what you’ve created and plan its future or maybe even quit while you’re ahead. What does the future need and is your product, service or image needed in foreseeable times?

Lastly, decide on your business structure

This might seem as the first step to start with; but as you begin to plan out your business model, decipher your true Vision and Mission Statement and eventually fully understand the lifecycle your business will embark on; your business structure finds root in what it truly stands for.

coffee at office with laptop

Some of the top priorities in your set-up include:

  1. control: who’s going to be steering the ship? Will it be a joint effort or a solo show?
  2. ownership: who’s going to own your company? Will there be a partnership or is sole ownership a better option?
  3. taxation: no questions here – get on top of your taxes, remember that if you’re self-employed you’re in control of (and responsible for) this necessary evil.

Other obligations that legal professionals may be able to help you with include:

  1. the application for a trade license,
  2. a tax identification number (TIN),
  3. a value added tax number (VAT),
  4. the registration of employees and
  5. the registration for data protection.

There are quite a number of things to wrap your head around, but the comprehensive range of services provided by SMM Group will ensure that you have a formidable Business Plan and you’ll be sailing as smoothly as possible with unlimited support and guidance whenever the going gets tough.

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