How to Start a Business in Ukraine?

At least once in a lifetime everyone has an idea of launching his own business, especially if the money situation remains a bit shaky for a while. However, launching business in Ukraine can be challenging because of many reasons. One thing is to start a new company, the other is to keep it profitable.

No matter if you are searching for the ways to start a new business from scratch or manage the expansion of an existing business. Everyone needs a solid idea with a business plan and a couple of few other things in mind to let it happen.

What is obligatory for running a totally new business in Ukraine?

1. The original idea. Creative idea is the key to a successful entrepreneurship. Investigate the existing niches and try to imagine what they lack & how you may improve the competitor’s idea. Seek the services like Quora with real questions about the products and services that people require and check if their requests are satisfied by any businesses.

2. Research. In order to launch new entrepreneurship, it’s obligatory to have marketing research, including the analysis of the current market’s state, competitors, target audience and ROI prospects. Although it’s better to let the professional experts assist during this stage of research.

Also it’s required to have some thematic knowledge and practice them obediently. For example, if you’re having plans on running a bakery, then you must be aware of all the nuances of this business – make a thorough research and interview the people with the actual experience in this niche. Also, getting one of special business classes won’t be a bad idea. Creative thinking is also relevant at this stage, even if you wish to launch your business on the import of goods and then selling them.

3. Reliable business partners. To start a new business abroad you should find a reliable business partner in a target country. Check the reliability of a potential business partner with a specialized company such as Febgroup to avoid potential risks and loss of invested funds.

Solid business partnership – is the key to your business success.

4. Calculate the required investment sum. Even launching an online business requires spending a certain sum of money. Find the accountants and lawyers for calculating the risks on investment before starting a new business. The expenses for the marketing research, advertising, salaries for employees, licenses and certifications must be taken into account. Make sure you double checked the financial part of your business plan prior to spending your money.

All these stages require the help of regional business partners and marketing consultants, because it’s absolutely impossible to know everything on your own. Getting a trustworthy associate is the best investment you can do for a new startup. In fact, without colleagues and companions even a big investment of good old money won’t probably save you from getting into trouble.

The most popular partnership based business types for beginners in Ukraine:

Franchise-based companies. This happens when the large corporations conclude a business agreement with small firms and independent businessmen who are eager to use their brand. 85% of such businesses turn out to be successful.

Online-based companies. The choice of this type of business implies that you have special knowledge of software, as well as web programming skills ​​– PHP, HTML/CSS, JavaScript, etc. Associates with such knowledge will definitely be a good assistance in the very beginning of the business launch.

Joint venture. This type of partnership starts when 2 or more business entities cooperate to launch a new commercial project or any entrepreneurship activity. JV can be concluded via contract for a short/long-term. Such cooperation usually focuses on a single purpose – to produce goods or to promote a research activity.

Prepare to the fact that running any new company is a slow but steady process carried out gradually, so before becoming an entrepreneur, calculate all possible risks, have a market or niche analysis, create a solid business plan, find reliable partners and use the help of professional consultants who can provide such service – like FebGroup.

The first advice we can give you – take the launch of a new business very seriously. And let us assist by finding really awesome business-related partners for you.