Establishing a business

Matters you should give some thought before launching your own business.

Sound characteristics of a successful entrepreneur include the following:

  • Customer-oriented way of thinking
  • Innovativeness, ability to change one's ways of doing things
  • Self-initiative
  • Courage, readiness to take just the right amount of risks
  • Desire to succeed

In addition, it is good to know the fundamentals of financial management, pricing, budgeting, and marketing. You don't have to be able to do everything yourself; instead, you can, and you should, turn to specialists in these matters.

"Finland offers one of the most supportive start-up environments anywhere in the world"

RYAN ZIZZO, CONSULTANT / SUSTAINABILITY ENGINEER


Before launching your own business, you should also give some thought the following matters in addition considering whether you have enough know-how:

  • What is the state of the market and competition situation
  • Why would customers be interested in your particular product or service
  • Financing need and availability of financing
  • Possible partners in cooperation
  • The entrepreneur's obligations, e.g. various forms of insurance
  • The unemployment benefit situation
  • The scope of the intended entrepreneurship: full-time entrepreneurship or secondary-occupation entrepreneurship

It is also good to bear in mind that becoming an entrepreneur does not mean that you have to continue as an entrepreneur for the rest of your life.

Establishing a business is comprised of the following stages, which usually take place simultaneously:

  • Business idea: What? How? For whom?
  • Business plan and sales calculation, profitability calculation, and financial calculation
  • Finding out whether one's intended field of entrepreneurship requires licensing
  • Organising of financing
  • Choice of enterprise form: one-man business, partnership, limited partnership, limited liability company or co-operative
  • The establishment notification needs to be submitted to the Finnish Business Information System (in Finnish: Yritystietojärjestelmä) and similarly a notification to the Trade Register (in Finnish: Kaupparekisteri), and to the Finnish Tax Administration (in Finnish: Verohallinto)
  • Various insurance policies
  • Organising of bookkeeping
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