Starting and planning a Business in Mauritius


Planning to start a business

• Do you have a new business idea? Get to know of the following:

1. Potential market

2. Availability of finance

3. Support from institutions available

4. Licenses required

5. Buyers for your product

6. Whether your potential business will fall in category small or large

7. Intellectual property protection required, if any

• Then take steps as follows:

1. Contact potential customers

2. Deciding on form of business

3. Choosing a Business Name

4. Choosing the right location

5. Registering and licensing the business

6. Financing the project

7. Planning and Organising the Business

8. Obtain Intellectual property protection, if necessary.


Some hints on issues to consider to develop the business idea

Vision
What do you want to achieve?

Market analysis
Who will be the customers and what are their needs/characteristics?

Competitive analysis
Who are the major competitors in the industry, the competitive products/services
Opportunities in the market
Threats and risks
Strategy
Assess your key capabilities and weaknesses

Products/services

Product/service description and evaluation

Marketing and sales
Determine pricing strategies.
Identify advertising and other promotional channels.
Identify distribution channels.

Operations
Determine key personnel, organisational structure, human resources plan, product/service delivery, customer service/support

Creating the financials of the business plan

Profit-and-loss/cash flow projections

Balance sheet projection

Some hints to prepare a Marketing plan

There are two types of market research:


• Primary research to collect first-hand information through surveys, interviews, and businesses and talking to customers and businesses.
• Secondary research through government statistics and trade publication

Identify potential customers through Market Research

Identify potential clients through imports, contacts, visits to fairs, internet, etc

Do a Customer needs assessment
Identify products in demand, quantity and quality demanded,

Identify segments of customers for which products are meant

Whether customers are meant from lower, middle or upper segments of the market.


Decide on the pricing strategy
Know competitors’ prices
Adapt to competitive pricing conditions on the market.


Prepare a Communication plan
Advertise your products for visibility;
Ensure sustainable communication with clients;
Adopt a strategy for customer delight.


Marketing Distribution Channels
Assess reliability and cost of distribution networks.