Category: Tips&Tricks

Lack of plan, overestimation of income, underestimation of costs, ignoring marketing, fear of change… Solutions: mentoring, market research, flexibility.

Starting your own business is an exciting and courageous journey. That moment when the idea you carry in your head for a long time finally takes shape and moves towards the market is invaluable. But with enthusiasm often comes mistakes. They are not a sign that you are not capable of business, but a normal part of the process. The good news is that you can avoid most of them if you recognize them in time.

• Too much faith in the idea, too little in the implementation

Many people think that a "good idea" is enough to succeed. But the ideas are as valuable as they are well implemented. Without a clear plan and discipline, even the best idea can remain only an idea.

Advice: Test the concept on a small sample, talk to potential users and collect honest feedback. It is better to hear criticism at the beginning than after spending months (or years) in development.

• Lack of a clear plan

Many go into business guided by the idea, enthusiasm or desire to “not work for others”, but without a clear business plan. Without a plan, it is difficult to make smart decisions, predict challenges or measure success.

Advice: Create a simple but concrete business plan with goals, target audience, competition, cost and revenue estimates. It doesn't have to be perfect, but it has to be. How to write it read here.

• Neglect of finances

Beginners often think that “everyone will want their product” and that money will only flow. Too much is spent on beautiful packaging or space decoration, while the very core of the product or service remains unfinished. The result is an empty cash register even before reaching the customer.

Advice: Count conservatively. Get ready for a slow start and plan a financial reserve for a few months of revenue-free business. It is better for reality to surprise you positively than negatively.

• Underestimating marketing

"A good product or service is enough advertising" – is one of the most common misconceptions. The reality is that we live in a noisy world where we compete with thousands of messages and ads every day. If no one sees you, no one will hire you. Marketing is not a cost, but an investment.

• Do everything yourself

Initially, it is normal for an entrepreneur to be both a director and an accountant and a seller. But in the long run, it's a recipe for burnout. When you try everything on your own, you lose focus on what matters most, business development and customer relationships.

Advice: Delegate, even if it's small things. If you do not have the opportunity for a permanent team, engage freelancers or project collaborators for areas where you are not professional.

• Fear of failure (or change of direction)

Many are afraid to admit that something doesn't work, and that's exactly what's holding back. It is true that almost every successful startup goes through at least one "beer" – a change of idea, market or business model.

Advice: Look at the change of direction as an adjustment, not as a defeat. Investors often like entrepreneurs who know how to admit that something does not work and are brave enough to try differently. Flexibility is a sign of strength, not weakness.

Mistakes are not the end of the road, but the lessons on it.

A business trip is never a straight line. Mistakes are an integral part of the process and anyone who enters the business will make at least a few of them. It is important not to remain trapped in them, but to learn, correct and go on.

If you accept that mistakes are there to teach and empower you, every next step will be safer and smarter.

Bonus tips

• Mentoring helps – Talking to someone who has already gone through what you are going through can shorten the learning path and avoid costly mistakes.
• Explore the market – Do not offer solutions without understanding the real needs of customers.
• Be flexible – Adaptation is essential. Plan, but be prepared to change course when circumstances change.

How long does the movie trailer last? A minute, two? Enough to make you buy a ticket and watch the whole movie. Pitch is just that, your trailer. In a few minutes, you need to show the best scenes that will make the audience want to see the whole story.

Why is pitch important?

You can have the best product or service in the world, but if you do not know how to present it, it remains a hidden gem in the drawer. Investors and partners don't just buy numbers, they buy stories. And your job is to tell a story that will remain in their ears long after you've left the stage.

Small rules for big impressions

We all know the classic tips: Be clear, have a good presentation, do not read from paper. But there are a few other tricks:

• Start unexpectedly

The classic "I am Ivana and my idea is …" will not make anyone raise their head. You need to immediately draw the audience into the situation, give them a picture that they can feel and that awakens their emotion. The more vivid and realistic the scene, the more likely it is to listen to your solution.

Try: ‘Imagine a quiet morning, a coffee overlooking the sea, a casual conversation with a friend. And then gossip! The glass breaks, the crying, the child runs around the tables… You wonder what the children do in the cafe in the first place? While on the other hand, you are the mother who at that moment wanted to be swallowed by the earth. It was from these moments that the idea was born to create a café where children explore freely and parents drink their coffee without stress."

• Tell the story

Every good idea works as a scenario. It has a hero (user), a problem (frustration), a solution (your product or service) and a happy ending (result). It is a formula that the audience understands and remembers. If you talk through characters and emotions, investors will remember you much easier than through graphs and figures.

• Show passion, but also vulnerability

Investors want to see that you believe in what you do, but also that you know how to recognize the challenges. A pitch with no problems can act as if problems are yet to come. Reality and honesty sometimes sell more than a perfectly designed presentation.

• The team is a film crew, not a solo actor

Everyone loves the lead actor, but the movie makes the team. If you show that there is a team behind you that knows how to design, sell, run a business, the investor will not only watch the presenter, but the entire future idea factory.

• Micro-targets, not just millions

If your goal is a €100,000 investment, don't throw your tickets on the table right away. It's much more powerful when you show that you know how to build step by step. Your first goal can be to arrange one-on-one with the investor. Investors like to see that you can think pragmatically, not just in big dreams.

• A place that is remembered

Just as movies have a striking ending, so pitch must make an impression. The audience then decides if they want to continue the story with you. Give them a call to action that is personal, funny or intriguing, something that will stay in their minds and that will encourage them to approach you.

Try: ‘If you want to be among the first to say ‘I was there when it all started’, contact me after the pitch, coffee is on me.’

Pitch is not born, he is built

No one was born a perfect speaker. Pitch is built by practice: rehearsals in front of friends, mistakes at smaller events, videos you will look at and tell yourself “Wow, this is awful.It is in these mistakes that you grow.

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Our goal is your success.
Together, we shape sustainable solutions and create the foundations for growth, competitiveness and innovation.

Get in touch at rraporin@porin.hr or through contact form and arrange individual counseling.

Do you have an entrepreneurial idea and have decided to start your own business? Advice and information about the steps you need to take is certainly not lacking.

What is a business plan?

A business plan is like a ticket, you can travel without it, but you are more likely to get lost along the way.

A business plan is a written document that clearly and in detail shows where we are currently, where we want to go with business and how we will get there. It defines an investment plan, describes products or services, analyzes the market and competition, sets goals and elaborates a financial and operational strategy. It is not a template form, but a flexible tool that adapts to the purpose, whether it is written for ourselves, a bank, an investor or a tender.

To whom and why is the business plan important?

• For the entrepreneur

Developing a plan allows the entrepreneur to think in a structured way about what he wants to achieve, why he does it and how he will implement it. This avoids rushed decisions and provides insight into the feasibility of the idea itself.

• For financial institutions and investors

Banks, funds and potential investors will not decide based on enthusiasm, they are interested in a concrete presentation of the business model, market potential and financial expectations. A quality plan increases credibility and gives confidence that the investment is justified.

• For partners and associates

Suppliers, consultants or strategic partners want to understand the business logic and growth plan. The business plan provides them with a basis for assessing the sustainability and potential of cooperation.

• For internal organisation

If the business involves these people, it is important that everyone understands the goals and how they are achieved. The business plan helps align activities and communication and increases clarity of roles and responsibilities.

• For long-term stability

A business plan is not a single-use document. With regular updates, it becomes a tool for monitoring progress and adapting to changes. It enables an entrepreneur to identify challenges in time and make strategic decisions that lead to sustainable growth.

What does a good business plan look like?

A quality business plan does not have to be comprehensive, but it needs to be clear, realistic, concrete and fit for purpose. Avoid writing based on assumptions and desires, your plan should be based on verifiable data and arguments. The more thorough your analysis, the more credibility your plan will have.

Key features of a quality business plan:

• has a clear goal and direction of development,
• realistically displays the market and competition,
• contains concrete figures, estimates and projections,
• explains the investment potential of the business venture,
• It is tailored to its purpose.

The most common mistakes to avoid:

Answer the questions:

• What is the subject of the entrepreneurial venture and who are its holders?
• What market benefits does a product or service have?
• What is the potential for sales and growth in the market?
• What resources are needed to start and operate (people, space, equipment)?
• Where will the activity be carried out and are additional permits required?
• How many employees are needed and what are their qualifications?
• What is the sales and promotion strategy?
• How much money is needed and for what purpose?
• What are the planned revenues, costs and expected results in the coming years?

Structure of the business plan

The business plan consists of three key parts: the descriptive part, the financial part and the annexes;. Each of them has its own purpose and contributes to the overall picture of the business venture.

1. Descriptive part – who, what, for whom and how?

This section explains the idea, the logic of the business and the context in which it develops.

• Summary – Brief overview of key information from the plan, written at the end and located at the beginning of the document
• Description of the company – what it does, who runs it, what is its legal form and vision
• Product/service – what is offered, what is the added value and why would customers choose it
• Location – description of the business premises, what is the legal status (rent, ownership), where it is located and the advantages of the site
• Organisation and employees – description of key persons, their responsibilities and expertise, number and profile of employees required, working conditions
• Market and competition – what the sourcing and selling market looks like, who are competitors and what are their strengths or weaknesses
• Marketing and sales – promotion methods, sales channels and strategies to reach customers
• Investment structure – what is needed to start a business (equipment, services, infrastructure) and indicative costs.

2. Financial part – how much, from where and with what expectations?

The financial part provides an overview of the necessary investments, expected revenues and the sustainability of the business model.

• Estimation of revenue – calculation of planned revenue by year.
• Price calculation – structure of the cost per product/service and formation of the selling price.
• Operating costs — Material costs, external services, personnel, overheads.
• Investment plan – a detailed account of the planned investments.
• Sources of funding – own funds, loans, loans and other forms of financing.
• Depreciation – a plan to spend fixed assets over time.
• Profit and loss account — a statement of income and expenses with a view to determining the expected profit or loss.
• Cash flow – a plan to move money over time and preserve liquidity.
• Financial-market score – Project efficiency indicators and dynamic score:  Return Period, Net Present Value (NPV), Internal Rate of Profitability (IRR)

You need a business plan, but you don't know where to start?

Creating a business plan is a process that requires a lot of research and information gathering, market analysis, financial planning, but also strategic thinking.

In cooperation with you, we create customized business plans for different needs:

• self-employment applications;
• tenders and grants;
• requests to banks and financial institutions,
• strategic development and expansion of business.

We will ensure:

• a clearly structured and comprehensible document;
• detailed financial analysis and projections;
• advisory support throughout the process,
• help with registration.

Are you still wondering if you need to hire a consultant or not?

The involvement of experts can bring objectivity, expertise and greater clarity to parts of the plan that you are less familiar with (especially in finance). But no one but you can explain your idea, vision and motivation. That's why your involvement is crucial, and we are here as partners who facilitate the process and help shape the story into a document that you can proudly present.

• The price of the business plan depends on the complexity of the project and the project application and the scope of the investment.

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Our goal is your success.
Together, we shape sustainable solutions and create the foundations for growth, competitiveness and innovation.

Get in touch at rraporin@porin.hr or through contact form and arrange individual counseling.

And good, son, but you have a normal job... or?

If you've ever tried to explain to your grandmother (or any member of the older generation) that you're freelancer, There's a good chance you've heard something like that.

Freelance career, although more and more common among young people, still sounds to many as a phase between looking for a "real job" and what adults actually do. But freelancing It's not just clicking on the keyboard in pajamas. It is a serious (and often very demanding) way of working with a lot of freedom, but also even more responsibility.

Free what?

Freelancer independently provides services to different clients, without permanent employment in a single company. Doing projects, not going to work. He searches for clients himself, he negotiates the price himself, he works when and how it suits him (in theory). This can include everything from writing, design, translation, programming, consulting, education, to cake making or digital marketing.

How to simplify the explanation?

Examples from everyday life can help:

• You know what people call a plumber when something's leaking? Well, they call me when their website leaks.
• I don't go to one company every day, but I work for more than one of them from home – like when your hairdresser goes home to cut hair.
• I work ‘to-piece’ – like when someone orders a pie and you make and sell.

What worries Grandma the most?

• Do you have pension and health care? – Yes, this can be settled, but it is not the time to explain the difference between the flat rate, the contract and the contribution.
• What if no one gives you a job? – Well, that's a real concern. Freelancers are constantly looking for opportunities, building a network and investing in a personal brand.
• You work all day, and you don't have a boss? – This is true. You are the boss of yourself, which means that freedom comes with great responsibility.

Why freelancing Still worth it?

Freelancing brings flexibility, the ability to select projects and clients, control over time and work environment. But it also comes with challenges: unsafe and irregular income, constant need for learning and responsibility for every part of the business.

Grandma may not fully understand this, but when she sees that you are not coming to her lunch, that your phone is ringing all the time and that “you are typing something on your computer all the time”, she may still conclude that there is something serious about it.

And once you pay for her lunch at an online restaurant, she may even start bragging to her neighbours about how you work ‘over your buddies’.

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Our goal is your success.
Together, we shape sustainable solutions and create the foundations for growth, competitiveness and innovation.

Get in touch at rraporin@porin.hr or through contact form and arrange individual counseling.