ad collaborative post // Finland isn’t known as a hotbed of startup activity, but that doesn’t mean it’s not a great place for new businesses. In fact, you might be surprised at how many opportunities exist for startups there! Here are some top tips for startups in Finland:
Photo by Tapio Haaja on Unsplash
While the country’s well-known for its high living costs, there are actually plenty of affordable options. Whether you choose to rent an apartment or buy a house, remember that quality doesn’t have to equal luxury. Just make sure to keep your expenses low by shopping in discount stores, avoiding unnecessary purchases and activities, and choosing simple meals. Also try to spend less on entertaining yourself by going to the movies or out with friends—instead invite them over for dinner at your place!
Research. Research. Research. Almost all startup success stories start with an idea, but it’s the research that takes it from an idea to a viable business plan. You should build your startup plan upon research about the market, your competition, and what makes your business unique; without this you won’t have the background necessary for making sound decisions about how to proceed once you’ve got the initial idea in place.
Take the time to build a business plan and financial projections. This may seem like an exercise in futility before you’ve actually got any customers or revenue, but it’s going to serve you incredibly well as you build your product, find your first customers, and raise funds for growth.
Focus on finding as many sources of funding as your business plan can handle; private small business loans, government grants, crowdfunding campaigns, friends and family…whatever it takes. You don’t want to get stuck short of the capital you need to keep growing when things are looking good.
Choose a business model that works best for your startup. A great idea isn’t enough; startups need a sustainable business model to be successful long term. Startups need to balance their revenue with the cost of materials, labor and overhead to avoid raising money from investors when they can’t afford to pay them back. Don’t waste your time building a business that won’t stand on its own without investors and backers; focus on one that will produce enough profit to keep you operating for years, even if you don’t raise any more capital in the future.
Talk to people who know something about what you’re doing. Find out what’s working in your industry and what’s not. Online forums are great resources, as are local experts and industry associations; talk with the people who would benefit most from your startup if it succeeds – they’ll be able to tell you things you might miss otherwise.
Build a team you can work with. You’ll need business skills, technical skills, and the ability to work well with others; this combination is essential if you want your startup to be successful. Building a strong team is going to take time and a lot of effort, but it’s worth it when you have the right people in place.
Choose an accountant/banker/lawyer that understands your industry. These professionals may seem expensive, but they know more about your industry than anyone else and can save you from making costly mistakes. They’re also great sources of advice when it comes to legal issues that may arise as your company grows.
Ignore haters and doubters. Everyone knows a startup isn’t going to succeed without a lot of hard work and persistence, but that doesn’t mean you can’t get discouraged sometimes. Don’t let your startup’s biggest critics deter you from your goals.
Build relationships with entrepreneurs in your local area. The internet makes it possible to connect with entrepreneurs on the other side of the world, but there’s no substitute for meeting people in person. In addition to making social contacts, these relationships will help you find mentors who can offer advice and support when you need it most.
Keep up with the latest trends and developments in your industry. Your business may not be relevant in five years, but if it’s based on an old technology or a known concept, you won’t get very far. Knowing what other people are doing with your product will help you avoid the mistakes others are making and save you money by avoiding R&D that won’t pay off.
Continue to nurture your startup at all costs; it’s never too late! If you’re waiting for the massive growth everyone says is necessary before you can make decisions about funding, start-ups and big companies, you’ll be waiting forever. Your startup isn’t going anywhere without your full commitment – so don’t stop working towards its success until the moment it’s complete.
Remember that a good idea is only part of what’s required to start and run a successful business—you’ll also need some solid funding. Luckily, there are government grants available for small businesses that will help you get your startup off the ground. Just make sure you apply as early as possible and follow all the application instructions carefully!
Once you’ve got your funding secured, make sure you have the right legal structure set up for your business. Regardless of whether you’re opening a one-person shop or a larger corporation, you’ll want to be certain your startup is incorporated properly. This means that you’ll want to look into getting a limited liability company (abbreviated as “Oy”) or an unlimited company (“Oyj”), depending on what’s best for your business.
Once your entity is set up, make sure you have the correct amount of insurance coverage. You should have both property and liability insurance, as well as workers’ compensation coverage if applicable. While business insurance may be a little expensive, it’s well worth the cost if you want to protect your business and yourself against all possible risks.
Before you start advertising your new business, take some time to get it set up with the necessary permits. While the whole process may take a while, consider it an investment in future success because if you don’t follow the rules and regulations properly, you could be putting your startup at risk for failure!
Once your permits are sorted out, think about getting business cards made. While many startups choose to forgo printed business cards since it’s more affordable to keep contact information online, remember that nothing beats handing out a card during networking events. Since you don’t have the funds to do this right away, you can always opt to create business cards that are good for one use only—either print them yourself on your home printer or have them printed at a printing shop.
Remember that although Finland may be small, it’s a great place for startups because it has plenty of opportunities for growth. Whether you’re into data science or energy management, there are plenty of universities and organizations in Finland that can help take your ideas from concept to reality!
Remember that the startup process isn’t going to be easy. While it’s tempting to try and rush your business so you can start making money faster, resist the urge. Instead, devote yourself to doing whatever it takes to create a quality product or service before attempting to sell it.
Once you’ve got your first product ready, don’t expect success right away. Keep in mind that you’ll need time for word of mouth and positive reviews to build interest in your product before sales will start pouring in!
If sales are slow, don’t give up! While some entrepreneurs might decide at this point to try and change their concept or simply call it quits, remember that persistence is a virtue. Instead, look for ways to increase awareness and marketability of your product. This might mean trying out a new type of ad or even creating an entirely new product—and that may take time, but your patience will pay off!
Remember that startups are risky, but as long as you’re willing to work hard, you’ll be able to find success. Don’t give up, no matter what happens!
Remember that being a successful business owner means more than making money—it also means having the freedom and flexibility to make decisions on your own terms. Make sure you’re always keeping your business running smoothly, as well as being a member of the community!
Finally, remember that entrepreneurship isn’t for everyone. If you don’t enjoy the process of starting a company or if you don’t have enough experience to keep your business running
smoothly, it’s probably best to consider something else. Don’t let your lack of expertise be an obstacle to success—just keep working hard and things will come together
I so enjoyed reading this! My father was raised in Finland, so It was nice to think about this. Thank you for sharing all these tips which would be good for people anywhere…Wise words to avoid the negativity of the ‘doubters’. This is true for so many things in life…we must nurture our own dreams and goals. 🙂