The best ideas to start a business will always come from careful and critical observation of the current moment.
To be viable and to have greater possibilities for growth and financing, the proposal must provide a solution to a specific problem or need in a verifiable way. Asking some questions about daily life can help the business concept: What kinds of things and/or activities in daily life do people find problematic? What is the future challenge to solving those problems?
For the year 2030, businesses are formulated towards a concept of sustainability, which is why when creating a business you have to be competitive in operations and the way to grow the business.
There are some important steps to fulfil the new business favourably:
1. Conduct market research with information about Sweden and its demographics, from population size and age to business sentiment and industrial capacity. For this, it is advisable to carry out a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) and compare the idea with the help of experts in the field, to know the competitive advantages of the business idea.
2. Define a business model to be clear about what is going to be sold, to whom and how, in addition to starting from adequate financial planning and evaluating the investment capacity by answering the questions: Will savings be used or financing will be requested? What will be the initial investment? Is there a contingency fund? Are you aware that the returns will not arrive immediately? In this part is recommended to have an advisor help.
NyföretagarCentrum offers free advice to persons who want to start a business in Sweden. They are located in more than 200 of Sweden’s 290 municipalities. Their main goal is to support entrepreneurs with free advice in a face-to-face or virtual appointment. The advisor will evaluate the business idea, personal qualifications and the potential market, create a business plan, marketing plan, financial studies and budgets, evaluation of investment and financing requirements, legal issues, insurance and formal requirements, as well as relevant contacts who support the venture.
Important support to the venture is the startup incubators, which offer a dynamic process of creating new companies in the design stage, prototypes and formal start of products or services. They help accelerate gestation and development and increase the success rate or decrease the mortality rate of a company by supporting key aspects of the business, such as preparing business plans, marketing strategies, financing and legal assistance, among others. Startup incubators encourage the relationship between universities and companies; That is why many incubators are inside universities and offer startup camps to accelerate the path of entrepreneurship.
The Chalmers University of Technology in Gothenburg offers a Startup Camp to provide the necessary tools to grow an early startup and prepare to apply for pre-seed funding and a place in the 18 months Venture Creation program. According to the 2022 World Incubation Summit, Chalmers Ventures is the top university incubator in the Nordics and number six in the top 10 globally.
3. It is highly recommended to patent business ideas such as immaterial achievements or inventions (patents), designs, texts, copyrights or trademarks. The Swedish Patent and Registration Office (Patentoch registreringsverket, PRV) is in charge of patenting. And to register a Company, the entrepreneurs can use the Bolagsverket (the Swedish Companies Registration Office website).
4. Like any business, it is important to register the venture with the Swedish Tax Agency (Skatteverket) to become a responsible person and pay the taxes that apply to owning and running a business.
The Tax Agency office is in charge of assigning personal identification numbers and coordination numbers to people in Sweden, both those born there and newcomers from other countries. The number also works for tax payment procedures. In the case of an entrepreneur, the register must be as F-skatt - F tax (the F stands for företagare - entrepreneur) to verify the work as an employer responsible for taxes and social security payments.
5. Forming teamwork trained and committed who are related to the objectives and the philosophy behind the enterprise will make the business grow positively. When hiring employees, the Employment Protection Law (Lagen om Anställningsskydd, or LAS) of the Sveriges Riksdag (is the one that makes laws for the common good, examines the work of the governor, and allocates the budget, among others) has to be considered. Stipulates in section 4 that employment contracts apply until further notice; However, there are also employment contracts for a limited time. Employee benefits such as parental leave, vacations, and pensions must also be considered when thinking in hire persons.
6. Establish from time to time space to identify areas of opportunity that will allow recognizing errors or aspects to improve; it will be possible to evaluate the new needs that may appear in consumers, implying the change or adaptation of current products or services.
Starting a business, just like dreams, has a lot to do with true passion, curiosity and courage.
Take the next step to grow even more in your professional career; we will love to guide you along the way.