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  • How to set up your own business - detailed plan
    The question of setting up your own business is of concern of many people who want to have a financial self-sufficiency. To set up your own business is a challenge but it becomes easier if you have a detailed plan of actions.


    A successful idea is a basis for any profitable business. Why do you want to run exactly this type of business, what advantages will help you to compete with other participants of the market, what is the singularity, highlight of your company? The answers to these questions will become the starting point for further development.

    Creation of business plan

    Business plan is a document which contains the data on the expenses required for setting up a business, the terms of opening, expected revenues, manufacturing, marketing and personnel policies and other important aspects of your future business. Business plan will help you to define your aims distinctively and to select the ways of their achievement.

    Preparation to work

    At this state in accordance with business plan the following actions are carried out: searching for premises, selecting the name of the company and its trademark, recruitment, production of the seals, stamps and other preparatory measures.

    Selecting the legal form of the company

    Before setting up a business it is necessary to choose the most suitable legal form of organization. First-time entrepreneurs most often choose the form s of individual entrepreneur (IE) or limited liability company (LTD). Each form has its own advantages and disadvantages which should be examined before choosing the legal form.

    Registration of the company

    The registration of IE and LTD is made by the tax authorities in accordance with the place of your registration.
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