You have a great idea for a start-up in Malta – but will it work?
“The best way to predict the future is to create it.” – Peter Drucker
When it comes to starting your own business, stumbling across that perfect moment of inspiration (the moment where you’ve uncovered that golden idea that’ll set you apart from everyone else) – that’s just the beginning of what could turn into a really successful start-up. It is already a well-known fact that the perfect mix of creativity, vision, originality, determination and hard work are essential if you want to get your start-up off the ground. But how much do you know about the little details behind it all?
First Steps: Turning Ideas into Action
So what’s a ‘good idea’ and how do you make it work? We’ve all heard the expression ‘there’s no such thing as a bad idea’, and while that might be true, not all ideas work when it comes to building a business from scratch. There are various factors that make an idea ‘good’ – or rather, viable – but the best way to know if yours could work would be to ask yourself some serious questions, and answer them as honestly as possible. Once you’ve done that, start turning your dream into reality and get in touch with us! Here are a few questions to get you started:
- What are you offering your customers or clients?
- Does your business or product solve a problem? If yes, how?
- Does your idea do something to change the status quo?
- Are there other businesses offering a similar service or product?
- What makes you different?
- Can you list 5 key benefits of your product or service?
- Why should customers choose you?
- Can you ‘sell’ your idea in 30 seconds or less? Give it a shot!
- Have you analysed your potential strengths, weaknesses, opportunities, and threats? (this is known as SWOT analysis)
- Is your idea financially viable?
- Is it financially worthwhile?
- How much capital do you need to get your business off the ground?
- What will it take to break even or make a profit in the first year?
- Do you require bank financing/facilities?
- Have you considered the cashflow aspect of the project?
- Are there any potential investors around? If so, how will you pitch your idea to them? What makes your idea profitable in their eyes?
- Have you identified potential distributors or partners who you can trust?
- Can you get your social media presence up and running, or do you need help?
Next: Making It Official
Once you’ve got your ideas on paper and a clear plan for your start-up, the next big step is making it all official. Like with most ‘official’ things in this world, company incorporation or registration involves its fair share of paperwork, bureaucracy and legal jargon that can be difficult to get through alone and efficiently. As a fully-licensed corporate services provider, we’ll be there to guide you through the process and advise you on everything required to get your great idea registered through all the right channels, making the process as stress free as possible for you and ensuring that you get the correct corporate structure the first time round!
Lift Off: Taking Care of Business
There are quite a few important details to take care of before you unveil your brand-new company to the world. If you’re starting a new business in Malta, we can help you find the right bank to open accounts with, make sure you’re eligible to register under the Malta Tax Refund System, and take care of your annual returns – of course, these are just a few key processes that our team can do to make our clients’ lives easier. Once you’re up and running, our highly-experienced advisors can help you to manage the financial side of your operation, including:
- financial and cashflow projections
- local and EU funds
Additionally, you will need to keep track of performance and take corrective action when necessary. We can provide you with relevant and actionable guidance so as to ensure the long-term success of your business.
As you go along, you will also need to make sure that your company abides by legal obligations to report to local authorities, including the MFSA, and the VAT and the Inland Revenue Departments. We’ll be there to assist you with the full compliance of your business with the relevant regulations.
If you have any questions about opening a start-up in Malta, get in touch with one of our advisors today!
