According to the World Bank, Israel has been classified as one of the world’s developing economies. Just like other western countries, Israel nurtures a mixed market economy which allows its residents to enjoy a good standard of living. Everything from roads, rails, and airports, to power generation supply, and other infrastructure issues are adequately taken care of by the Israeli government. One of the most significant advantages of starting a new business in Israel is the absence of a language barrier. English is Israel’s second most commonly used language, and the majority of its residents also speaks it. Also, almost everything is translated into the English language: official signs, business services, restaurant menus, and others. In this article, we will cover a few steps you should keep in mind when starting a small business in Israel.
Start With A Business Plan
Regardless of the type of business you want to start, you will require a plan for running your business. You will need to determine your value proposition and what kind of good/service you intend to offer to the public. Perhaps you are providing a good/service to a market demographic that is underserved? Or maybe you are reaching a new target market? Whoever your company is targeting, it is essential that you first develop a plan for your business to implement so that there is clarity within your company.
Once you have a business plan in place, and you have identified the market opportunity you want to capitalize on, you will need to make a budget to determine all of the savings you and your business partners have on hand and the total amount of funds required to start your business. You will also need to take into consideration the monthly costs that are associated with running your business so that it can survive for the foreseeable future. Ensuring your company is cash flow positive is essential for the longevity of your business.
After you have a business plan and a basic plan for how you intend to finance your business, it is essential that you register your business with the government. It is imperative that you speak with a licensed professional to ensure you set up your company correctly. According to the Israeli government, it can take between two and three months to register a company.
Now that you have set up your business, you will need a location for people and customers to find you online. Simply put, if your website cannot be found online, then people will not know if you exist. Having an online presence with a website and social media is an absolute necessity in today’s technologically advanced days. If you are on a smaller budget, you can just set up your site and hosting by yourself. With many website builders, free themes, plugins, Google Analytics, Commander One FTP client, Shopify, and many other web tools, it is straightforward to get your website and your online presence setup within a few days.
In conclusion, if you want to be an entrepreneur, Israel is a great place to start your business. Just like any other place in the world, you will require a business plan, a funding plan, registration with the government, and an online presence. All the very best with your new adventure!