How do I Mmake a Successful Project From A to Z?
How do I make a successful small project? After you have chosen the idea and the project, you will ask what is the next step to start until you are sure of the success of the project? In addition to some other important questions such as: Do I have enough financial resources? Do I have experience in the field of the project?
Starting a successful business requires a lot of work, effort and resources. We have focused on the basic steps of starting any business, including the project study and analysis phase, the incorporation phase, structuring and naming your business, and more. In addition to the most important tips that you should know before actually starting to implement your project.
1. How do I settle a project: the stage of studying and analyzing the project:
– Conducting market research
Market research will tell you if there is a chance of turning your idea into a successful business. You will have to look into the following points:
For competitors: Who are the competitors? How big is the market and what is the share of each competitor? How can I compete with them and what are the advantages of their products over what I have? Is there an obstacle or impediment for me to enter this market: such as the need for large capital, the need for expensive distribution channels, the need for technical excellence or a patent..?
For clients: Who are my clients and what are their specifications? What is the best way to reach them? Can I reach them through the Internet? How can I preserve them?
Gathering information about the market (customers and competitors) will enable you to better understand the opportunities and limitations within the market. You will use this information to find a competitive advantage for your business. Market research helps you understand your target customers—their needs, preferences, and behavior—as well as your industry and competitors.
It is a comprehensive study aimed at assessing the economic and financial of the project in terms of profit and loss, usually before the implementation of the project. The feasibility study will help you know the amount of capital you will need to start your business, and determine the project requirements in terms of equipment, raw materials, labor force, and other equally important aspects.
Writing a business plan
It is the executive plan for the project and is built on the basis of the feasibility study and business model. It is a roadmap for how you will start, run and grow your new venture. The business plan is also used to convince investors to fund your project.
Any business needs capital to cover the costs of establishment and operation. Do you have the resources to finance your project, or will you need to take out a loan? If you plan to leave your current job to start your project, do you have enough cash to cover your needs and personal expenses until you actually start the project to make a profit?
It is very important that your estimate of capital be accurate. It’s never a bad idea to overestimate the amount of capital you need to launch and run your business, as it can take more than you anticipated before the business starts generating sustainable revenue.
2. How do I settle a project: the project establishment stage
Choose a business name
It is not easy to choose an attractive business name for your business. You’ll need a name that reflects your business, and grabs customers’ attention at the same time. To get a business name that attracts attention. You’ll also want to make sure your business name isn’t being used by someone else. Once you have chosen a business name, it is time to register it legally and protect your business name.
Opening a commercial register
The legal form that you will choose for your business will affect the requirements for opening a commercial registry:
* Corporation: Issue your commercial register and immediate municipality license online within 180 seconds.
* Company: establish the memorandum of association, reserve the trade name, and the immediate municipality license electronically, within one day.
A limited liability company Establishment
One and up to 50 partners One person Number of partners
It is owned by one or more persons, whether with money or work, with the exception of one-person companies
It is owned by one person who is responsible for it
There are several types of company management, namely: the appointment of a general manager by the partners, or the appointment of a board of directors
The owner of the establishment shall manage it
The company enjoys a financial liability independent of the partners, and the commitment of each partner is limited to the limits of his share in the company
The institution’s liability extends to its owner’s personal liability, and he is required to pay its financial obligations from personal funds.
The loan or financing is granted to the independent corporate entity on behalf of the partners
The loan or financing is granted directly to the owner of the establishment and he is in his custody
Financing and borrowing
The audited financial statements are required to be submitted annually
It is not required to file the financial statements
Starting from: 3,200 riyals Starting from: 500 riyals Annual fees
Obtaining licenses and permits
The licenses and permits you need for your business will vary depending on the industry, project size, location, and other factors.
3. Tips before you settle your project
It is necessary that you must learn the principles of marketing and trade before you do not think about how to set up a successful project?. You don’t see anything successful and you want to settle the same. Your imitation of existing projects without something that distinguishes you and has a special imprint for you will never succeed.
Your business location is one of the most important steps you will take. Whether you’re building a large business or launching an online store, the choices you make can affect taxes, legal requirements, and profits.