Every great business starts with a great idea which then has to be nourished for years to make it big. This great idea has to be broken down into various small actions. That’s where many people fail. They try too hard to achieve that big goal, but many times they end up not achieving that. Which then results into frustration. Today, I will help you to understand how you can start small business in costa rica and turn it into a big business. Why? Because I have faced the situation of coming up with great idea and starting small in ticoland. Because I want to help other ticos y ticas who have a great idea but don’t know how to start.
These following steps may help you to start a small business in Costa Rica:
1. Write your idea on paper and try to be as precise as possible and NOT as detailed as possible. Most important trick for a startup is to keep things simple and spendings as low as possible. When I say spendings, I mean in terms of money as well as time. Don’t spend too much time trying to come up with the best business plan ever.
Mention the following while writing your idea on paper:
Problem: What problem does your idea solve?
Solution: How do you solve the problem?
People: Who are the type of people that are going to be your customers?
Goals: Mention 3 small goals for first 3 months that you want to achieve.
Strategies: Mention strategies saying how will you achieve those goals.
2. Calculate the budget/cost needed to start the small business in costa rica. Once, you have the idea on paper, now is the time to talk some money. Not the money you will earn (that’s for later), but the one you will spend. Remember that you are an entrepreneur. Which means that you want to keep your spendings as low as possible. But at the same time, be realistic.
Always give a room for additional 20% of what you have budgeted. Budget your month over month spending very carefully for at least first 3 months or till you plan to earn profits. Try your best to stick to these numbers.
3. Make it official. Starting your own small business in costa rica is fun. But it also comes with a lot of legal paperwork. I trust that you haven’t forgot that that costs money as well. Research ahead of time about what municipality and health licenses you need to have, what is the procedure of registering a business and a brand.
Okay, here I am helping you by mentioning what paperwork you need to start a business in Costa Rica.
Register a society: Go to a trusted lawyer and get your society registered. This is just a society under which you can start several businesses.
Check availability of business name: Make sure to check the availability of your business name at oficina de patentes while you are registering your society.
Register your brand/business: Once your society is registered and you know that the name of your business is available, go ahead and register your brand at oficina de patentes. Help from a trusted lawyer to fill the forms for the brand will make the process easier.
Get municipality and health licenses: Pay a visit to nearby municipality and health ministry offices and research about what patentes you need based on your business and the location. Once you know what you need, go ahead and get the forms to do that. And actually apply to get the patentes.
You may need various other permissions based on your business.
4. Get the website going. Now you have dealt with all the paperwork and this is the right time to work on your website and the content. Decide the purpose of your website and write the perfect content for it to achieve that purpose.
5. Keep talking. Yes, you read it right. While you are following all the above mentioned steps, keep informing your friends and family about what your business is about and how it will bring a change. Request them to share your website and blog with their friends.
6. Never quit! Now you are running your business and I am sure you will be frustrated many times in the beginning months but the key to success here is keep going and not quitting. If you believe in what you are doing by heart, you will eventually taste the success.
Don’t be selfish and go ahead, share this useful information with your tico y tica friends. Write in the comments if you have any questions or if you want me to write about something of your choice.
Co-Fundador Creasala Coworking
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