Hainan business statrtup assessment provided by Tannet aims at helping entrepreneurs and investors to assess and analyze their resources, strengths and conditions before establishing a business in order to better survive in the market. Anyone considering starting a business needs first to consider if he/she is suited for it, personally and professionally.
When starting a new business, it helps to follow some basic steps to ensure you have a sound plan and required documentation. The following guide will direct you to the proper agencies or helpful resources to get you started a business in Hainan.
1. Select a Business Idea
Many people choose to start a business around something they know and are passionate about. The first question every would be business owner needs to ask about his/her product or service idea: What problem does it solve or what need does it fill? There are many reasons why consumers make purchase decisions, but the primary one is need. Market research will help you answer this question.
2. Market Research (Feasibility Study)
Market research is the first and most important task you need to accomplish before you start your business, to determine if your idea is feasible. Market research is the gathering of facts and figures to make an informed decision about the market potential for your business, about the prospects for success and the direction your business will take, both at the start and periodically as you continue on your business journey.
3. Startup Cost/Financial Resources Analysis
One of the most common reasons businesses fail is hitting a financial wall either before opening or soon thereafter. You need a well-researched estimate of what it will cost to start the business you have in mind so you can match it to the reality of your available resources and/or your ability to get conventional financing. This may lead to refining your idea to make your startup possible, based on your personal financial situation.
4. Write a Business Plan
In spite of the fact that one of the major reasons for business failures is lack of planning, just mentioning the task of writing a business plan makes many aspiring (and existing) entrepreneurs cringe. There’s no question it does take time and commitment for researching, organizing information, evaluating, and writing down your actionable plan.
5. Complete the Startup Checklist
The following tasks are related to forming and finalizing the business entity itself. These tasks may be completed at any time in the startup process. But the recommended sequence is first to determine if there is a market opportunity for the business before establishing and registering an entity that might need to be undone if it is determined not to be feasible. Those factors to be considered include company name and legal structure; state and local tax registration; intellectual property (patent, trademark, copyright); employee considerations, etc.
Such self-evaluation is designed to help you think through critical aspects of your personal and business readiness to be self-employed. It will help you assess your reasons and qualifications for going into business and consider if this is the right time to start a business. Tannet can provide you with one-stop solutions from pre-setup to post-registration.
Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website english.tannet-group.com, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.
Previous：Hainan Free Trade Zone Company Registration
Next：Hainan Business Setup Preferential Policies