Gabriel Massuh: 7 Steps to Building a Successful Business
Starting a business is a challenge that requires planning, commitment, and a series of key steps to ensure that each phase of the process is managed properly.
Launching and growing a business can be a major undertaking, but the rewards of that effort and ongoing dedication are the greatest return when deciding to take the leap into entrepreneurship.
From that moment on, starting a business becomes a journey full of obstacles, where the entrepreneur’s determination and knowledge are crucial to staying on course.
Entrepreneurship requires determination, experience, and passion—qualities embodied by Gabriel Massuh Isaías, a Chilean-Ecuadorian entrepreneur who, from a young age, successfully built a business in Chile, a country that was unfamiliar to him over two decades ago.
But how do you go from being an entrepreneur with a vision to becoming an established business leader? This is the natural process of any growing business, bringing with it new factors and responsibilities that lead to the professionalization of the company.
Gabriel Massuh’s Step-by-Step Guide to Starting a Business
Having a business involves much more than just an idea or a project. Regulations impose a series of responsibilities that go beyond attending to market, customer, or supplier demands.
It is essential to responsibly comply with public institutions and other entities, pay taxes, and operate correctly to ensure the company meets the necessary requirements for success.
In the fruit sector, where Gabriel Massuh Isaías has been a leader for over 20 years in Chile, he recognizes that, whether it’s a natural product or a service, providing and adding value is key before starting a business.
It’s not just about creating the product, but also one of the main goals and motivations for any entrepreneur. “A successful launch isn’t just about introducing a product or service to the market; it’s about creating an experience that customers appreciate and remember,” he reflects.
1. Develop a Solid Idea
The first step is to have a clear and well-defined business idea. Your idea should address a need or problem in the market, with a unique value proposition. According to Massuh Isaías, “thoroughly research the sector and analyze the competition to find your competitive advantage.”
2. Create a Detailed Business
Plan A business plan is the backbone of your company. It should include a market analysis, a marketing plan, financial projections, and sales strategies.
This document will not only guide your decisions but will also be key to attracting investors or partners.
3. Choose the Right Legal Structure
In the United States, LLCs and C Corporations are among the most common forms and offer great advantages:
On the one hand, LLCs share with partnerships the benefit of profits and losses flowing directly to their owners. Thus, owners pay federal income tax based on the dividends generated by the LLC.
On the other hand, like C Corporations, LLC owners are not personally liable if the company incurs debts or losses.
Additionally, it’s a very flexible structure in its management, as it consists only of partners or managers, eliminating the need for a board of directors with positions like president, vice president, secretary, or treasurer.
However, an LLC cannot issue shares or apply for loans in the company’s name, which limits its ability to attract external investment. Loans, if needed, must be applied for by the members themselves.
As Gabriel Massuh, who studied in the U.S., explains, “an LLC can have one or more members, who can be foreign individuals or companies. In fact, the U.S. allows you to register an LLC from another country fairly easily.”
4. Obtain the Necessary Licenses and Permits
Depending on the nature of your business, you may need specific permits to operate. It’s essential to research what legal requirements apply to your sector and ensure compliance with all regulations.
5. Manage Your Financing
Every business needs capital to get started. Evaluate your financing options, whether through investors, bank loans, or public funds for entrepreneurs.
“It’s important to have clear financial projections and ensure the capital is enough to maintain operations in the early stages,” advises Massuh Isaías.
6. Develop Your Brand and Marketing Strategy
Your brand will differentiate your company in the market. Develop a visual identity and a message that aligns with your business values.
Additionally, establish a marketing strategy that includes both digital and traditional channels to reach your target audience.
7. Maintain a Flexible and Adaptive Mindset
The market is constantly changing, and as an entrepreneur, you must be prepared to adapt. Keep a flexible attitude, willing to learn and adjust your strategy as necessary to ensure long-term success.
Following these steps will help you build a solid company ready to face the challenges of today’s business world. With a structured foundation and proper planning, the path to success will be more clearly defined.