Starting a Business

If you want to start your own business, you have to consider to your possibilities and clearly understand what you are striving for. Your determination to start the business towards the determination to change yourself because your business becomes your lifestyle.
Before starting your business, you have to appreciate your business idea: is it good idea, if it succeed, if you be able to implement it;

• clearly define business direction. Set up what product do you submit to the market and what need does it satisfy.

• Appreciate the market. Define as precisely as possible, whatwill be your product‘s users and try to calculate ( according to statistics), how much a similar product can be sold on the market in a month or a year. Just do not hesitate: the figure obtained is the size of the whole market and you will probably have to meet a certain part of that market. Also, evaluate market trends: whether the size of the market is growing, it is falling, or even steady?
If the size of the market is steady or shrink, you will have to take away market share from competitors, which can be difficult;

• Rate your competitors. Estimate the number of boats and their capacities based on the statistical information, the press or various catalog information. If competition in the market is small or the size of the market grows, you should not be in a hurry to take up a part of it with a quality product. But if the size of the market is poisoning or falling, will you be able to sell the product, i.e. will your prey be superior to the competitors’ products?• If you think about your own business, make sure to think about income, expenditure, profit.

• Find out the requirements of banks, leasing companies for additional financing.
• Make sure you know about all the conditions you have to meet to get the permission you need;

• Please start to prepare a business plan or ask business consultants to do that for you if you think you will need additional financing;

• Define your vision and marketing goals. Be interested how simmilar products are selling abroad or by your competitors in Lithuania;

• Establish the company. You can registre the company by your self or ask the lawyers for the help.

• .Think about other issues of starting a business: personnel search, place search and others.