There are moments when you feel that nothing is going as you thought, when you're tired of waiting for the salary at the end of the month and above all when no excuse that hinders change is worth less! It's this moment when your mind is treading on the thought that can change your life: give up everything and start your own business!
The most successful companies have the daughter from this very moment, but what you need to know is that the path to your vision is very long and complicated. If you're at this stage of your life and you don't know where to start, this article can help you. A successful company/business does not happen by accident and you certainly need inspiration, motivation and advice. The latter will give it to you this time, through everything his success story has taught him over the years.
Hadziraj is the founder and CEO of one of the most important legal and fiscal studios in Tirana, "Fare Impresa".
Recently, Egli has been rated one of the most successful Albanian entrepreneurs on the list of "40 under 40". He has long served as a lawyer for international companies and media and show characters, so often by his name you have heard the title "Lawyer of the Vipas".
His last project was Big Brother Albania, where he covered all the reality show's legal issues. More than 500 foreign enterprises that have invested in our country have chosen Eglin as a lawyer and mentor for the company's breeding, but what would the lawyer advise you to the beginners?
1. Clear communication of purpose
"I always say that a company that does not have a clearly communicated vision and mission from its beginnings is destined not to succeed. Statistically, businesses that are born with the sole purpose of themselves (income gain) have an average life span of 5 years and bankruptcy is inevitable. In the pre-founding stages of a start-up, for example, I advise my clients to keep what is called "vision board". For an entrepreneur, throwing the vision into paper helps him see "the big picture" and better define his goals."
2. Product/service differentiation from competition. Simple in words, but how is it achieved?
"To start with, to distinguish from competition you have to create a company that is totally customer-focused. You need to know everything about them and their problems, what are the problems, the dreams they have and what would give them an added value. You can do this using an Avatar or Buyer Persona, an identity that sums up all the common characteristics your customers have until you build an ideal client model. This would help you differentiate yourself from your competitors.
The other way is to create the brand in a way that is as original and easily distinct from the public as possible. It's harmonic details starting from logos, colors, message, etc., etc. that would make you spot more simply on the market. Undoubtedly very important is the legal protection of products or services from imitating competition through trademark registration, patents and licenses."
3. The risks you need to take into account before you start the business idea
"Cash flow is one of the main pillars on which entrepreneurs should build their company. Money, it's let's say blood flowing into the veins of business, so it has to be dedicated to its management.
Before you start the business, you need an initial investment called "Seed Money" differently. The biggest mistake entrepreneurs make is that they create very large business models that in the beginning and consequently that such models require considerable money investments. You should know that even if you provide this amount of money first, be careful because the company can fail if you have not proven before that you can generate Cashflow from it."
4. The contract and its importance
"Most legal relations are not formalized in a written contract or agreement at all, and this is a great thing. Businesses in Albania generally do not use legal and fiscal planning tools and everything is done quite improvisedly and amateurishly. As a result, this explains the large number of conflicts in our country."
5. Are you offering the right product/service?
"This can only mean the market and the consumer response, but it certainly takes a detailed money analysis. One mistake that happens to entrepreneurs is that they fall in love with their product before they release it to the market and refuse to change or improve it despite the signals.
To avoid this you can create a simple product/service prototype and throw it on the market to see how the market reacts to it. This initial test would save you a lot of time and money invested in the wrong direction."
6. The importance of a lawyer in setting up your business
"A good lawyer is crucial to the success of a company. Knowledge of the law and the maximum exploitation of spaces that the law allows to achieve success faster and safely are key elements that give an advantage to competition that perhaps does not have these knowledge. Therefore, in "Fare Impresa" we make available to our clients the best experts in lawyer, economists and marketing strategist, to thus give an even greater impetus to their success."
Copyright Anabel.al / Ndalohet ribotimi pa lejen e redaksisë.