1. Decide on your business idea

As an entrepreneur, you are responsible for your income, and you have the freedom to work for yourself. Therefore, it is essential to carefully consider your business idea. What product or service do you want to sell? Who is your target audience? How will the sales process work? Or do you prefer to buy an existing business?

2. Create a business plan 

A business plan is a document that outlines the profitability of your upcoming business. It is a written plan detailing how your business idea will be implemented in practice, covering entrepreneurial skills, work history as an entrepreneur, business idea, marketing, etc.

In practice, the plan describes the business's operating environment, practices, and goals. The business plan is a detailed description, including a profit budget and financial statement. There are various templates and models available for creating a business plan, and external support is also available. A well-prepared business plan significantly facilitates presenting your idea to financiers, authorities, and other stakeholders. When choosing your business name, you can check which names are already in use at www.ytj.fi. 

3. Select an accountant and insurance company

Choose an accountant and, if necessary, an auditor. A good accounting firm can also assist you in planning and initial setup. Check the insurance coverage you need. If necessary, contact insurance companies for advice.

4. Organize financing

There are two main options for arranging financing that are not mutually exclusive: self-financing and external financing. Investigate the financing options available for your business.

5. Choose your preferred business form 

Do you want to operate alone or with a business partner? How much business risk are you willing to take personally? Risks, benefits, and responsibilities related to the business can be distributed in various ways. You can influence this by choosing the legal form of your business.

Business activities can be conducted as a sole trader, partnership, a private limited company founded by one or more natural or legal persons, or a cooperative.

6. Check the licenses required for your business

Certain business sectors require licenses. Find out if your business activities in Finland require specific permits and whether your company is eligible for development or financing support.

7. Complete registration documents 

Fill out the necessary documents included in the startup package for your business. Remember to, for example, provide your business details to the Finnish Tax Administration's registers before commencing operations.

8. Visit the bank to open a business account

Go to the bank and open a business account using the registration documents you have filled out. If you are establishing a limited company and wish to name the shares, deposit the capital into the account you have opened. A limited company can also be established without minimum capital on the Patent and Registration Office (PRH) website.

9. Register your business

Submit the necessary registration documents to the Finnish Patent and Registration Office. Pay the registration fee to the Patent and Registration Office to obtain a business identification number (Y-tunnus) for your new company.

10. Start your business

Now, you can start looking for suitable premises for your business at the latest.