In the last few years, we hear more and more often about the term startup in various business circles, and not only. Such type of businesses are becoming more and more relevant in the field of innovation and technology. The word comes directly from the English language – startup. But what exactly is behind it?
What exactly is a startup?
Startups are newly created companies or businesses whose goal is to develop a unique product or service to offer on the market. Often at the heart of a startup lies the solution to a particular problem, which makes their product extremely sought after and preferred. This could be the invention of an innovative device, the invention of an assistive device, the creation of an entirely new type of service, and more. The options are extremely varied.
Process of creating a startup company
Here are some important points to consider when starting your business venture.
Original idea and concept
In their essence, startups represent innovative solutions. This can be about social issues, user experience, making our daily lives easier. This is the time to show your creativity and think outside the box.
A fitting name
When we start a new business, the name plays a big role in the initial contact with potential customers. For startups, this is even more true. With the appropriate name, you will be able to send the right message – what is your mission, undertaking or in what direction is your innovation.
The process of registering a startup company can vary depending on the country in which it is registered. There are also differences depending on which form of company you have applied for company registration, if you have not already done so. This can be a sole proprietorship, a limited liability company, a joint-stock company, etc.
Entry in the Commercial Register
When you create a company, it must be entered in the commercial register. This is an important step that you cannot ignore. Upon registration, a unique identification code is obtained.
Startups often start with personal funding and support from family and friends. However, with the potential to develop the startup idea, this will not be enough. That is why such type of companies start fundraising campaigns. This can be through direct contact with potential investors, crowdfunding and others. Here, a clear concept and vision, the dedication and motivation of the team can play a key role in the final result. You can also participate in startup competitions and hackathons that include cash prizes. These are just some of the possibilities to support your business idea.
As your startup progresses and develops, you will need to keep detailed and complete reports. This is of key importance for the sustainable development of the company. It is also important for reporting to your investors and can help you pitch your startup to potential investors. Through correct accounting and consulting, it will be possible to identify opportunities for growth and improvement of the company.
We at T&G Consulting will help you in the process of registering your company. We provide accounting services as well as legal advice to answer all your questions.