Starting a business is currently a trend well received by young people in Vietnam. However, bringing a start-up to success is never easy.
In fact, thousands of companies have been created and declared bankrupt. Hundreds of ideas are forever on paper with no way to put them into practice. Are young people too hasty to plunge into the start-up vortex without prior preparation?
- So how to start a start-up in Vietnam? How to get the best and most suitable start-up steps.
Please refer to the 11 steps to start your business in Vietnam in this article.
11 Steps To Succeed
Step 1: Define your goal
To have a successful plan, you first need to determine the right goals that you and the business will aim for. You must determine whether it is a short-term goal (2-3 years) or a long-term goal (10 years). Besides, clearly define where the business will stand in the market, your business purpose, and the core value that the business is aiming for.
Do not get lost in your ideas, but always define the destination and have a clear and detailed road-map to bring your business to success.
Step 2: Research the advantages and disadvantages of the business that may be encountered
When doing business and working in Vietnam, it is inevitable that there will be difficulties or unfavorable business. However, good managers will be the ones who anticipate that difficulty. They will know how to minimize risk and damage to the lowest level.
Let’s have the most overview of the market. Research competitors, policies that will directly affect your business. Always have a backup plan or risk budget to get through tough times in your business.
Step 3: Find the right idea
This is one of the steps to start a business that cannot be ignored if you want to succeed. A good idea sometimes won’t equal a right and appropriate idea. Think simple and start from the problems of yourself and those around you. Find the best solution to solve those things.
For example, Scrub Daddy is one of the fastest-growing start-ups in the US Shark Tank program. Founder Aaron Krause invented a cleaning sponge made of a special material that makes cleaning easier.
Note, your idea should not be too wild or too big on an area where you know nothing about it will cause you to fail quickly.
Step 4: Get ideas from customer interviews
Any idea needs to come from the actual needs of potential customers. Therefore, you need to find a few friends that you think will be potential customers to have a good idea. Conduct interviews, survey them about their needs and desired product quality to have the necessary information to apply in practice.
Sample products and trial versions (for technology and software fields) can measure customer satisfaction. In addition, what are the benefits from the products and services that you provide that are really suitable for customers? Take notes of ideas from customers to have an effective business strategy and marketing strategy.
Step 5: Make a business plan
Next is a general outline of your business start-up project. The preliminary business project will help businesses shape the feasibility of the idea, start-up model, general strategy, branding issues, legal, financial, implementation road-map, etc.
Besides, in order for a business to develop, you need to do marketing activities such as communication, content design, marketing, etc. Make sure that these forms of marketing are reasonable for business ideas to the customer.
Step 6: Build a detailed plan
After you have a preliminary business plan, you begin to develop a detailed plan for each stage. Set short-term goals and methods and time to complete each goal will help you save maximum resources.
Step 7: Measure and evaluate
During the implementation process, remember to always measure and evaluate the completion of the goal in order to optimize to get the complete plan.
Record customer reviews and feedback on the quality of sample products and make timely improvements before putting the official product on the market.
Step 8: Proceed to build the human resources team
If your business idea is complete and viable, the next thing you should do is find partners and executive search and selection to develop it with you.
Depending on your personal experience, look for excellent people who can support you in areas such as finance, marketing, service, customer care, manufacturing, etc. From there, create a system together to help you build a growing company. You can search for human resources through the help of reputable headhunt services in Vietnam, such as https://int-hragent.com/.
Step 9: Mobilize and call for capital
Start-up is very different from opening a normal business company. Start-up companies must always have the capital to scale their business.
Start-up companies often bring methods to solve users’ needs, so the “covering speed” of the market must be breakneck. And capital will help you quickly achieve this goal.
Making a plan to raise business capital for each round is an important step to help a start-up company survive in the initial stage.
Step 10: Corporate structure and personnel
After preparing the elements from ideas, plans, personnel, capital, the next step you need to decide is to choose the type of business.
Depending on the capital source and scale of development, you need to choose an appropriate business type. However, before choosing, you need to carefully study the issues related to the type of business.
For a start-up, people are always the top priority to help that start-up grow and be convincing enough to investors. A good founder knows how to gather elite individuals into a united, strong, and competent team.
Step 11: Set an operating budget
For your company to grow, you need to budget its operations. Specifically, including items such as marketing costs, company salaries, other procurement costs, etc. It is important to ensure that you do not waste any expenses to maximize cost savings but still capital when needed. Besides, opening an office is one of the mandatory requirements if you want to start a business in Vietnam. And of course, the cost of this is not small. You can choose reputable units to help you do this.
Where To Start A Business In Vietnam?
Vietnam is fully capable of being a major start-up hub of Southeast Asia because of many advantages that not all countries have. Ho Chi Minh City currently accounts for more than 50% of start-ups in Vietnam. Most start-ups have found sponsors and investors. In which, most start-ups are encouraged to start in the direction of producing and providing new services according to new technologies. Moreover, the development of Ho Chi Minh City is completely suitable for start-ups in the fields of Information Technology Outsourcing, Real Estate Company, Real Estate Investment, Manufacturing, Retails, Trading, Ecommerce, Fintech. It shows that Ho Chi Minh City has a favorable environment for starting a business in Vietnam.
Therefore, if you intend to start a business in Vietnam, Ho Chi Minh City will be ideal land. You can contact many reputable services to assist you with HR issues and office openings. One of the options of most start-ups in Vietnam today is https://int-hragent.com/ – one of the best HR outsourcing agencies in Vietnam.
The Vietnamese market is now increasingly fiercely competitive, especially for small businesses. Therefore, understanding the steps to start your business in Vietnam will help you have your own direction to develop your company and minimize failure. If you have a start-up idea, don’t hesitate to invest in Vietnam. The advantages that INVEST Talent brings to your business will be many if you have a sharp mind and entrepreneurial spirit.
Hopefully, through this article, you will know how to start a start-up in Vietnam. Be bold to implement ideas, create motivation to work to build your initial business!