Starting your own business is very much like laying the foundation of a house. You have to take proper care to ensure that you do it right to avoid costly mistakes. Unfortunately, not everyone knows what exactly they must do to get their business up and running. For that reason, we’ll be taking you through nine solid steps that will guide you in starting your own business.
- Conduct adequate market research
Find out who you’ll be selling to, understand what exactly they want. In addition to that, you must know what competitive advantage you’ll have if you go into the business. Ensure that your research is as comprehensive as possible.
Write a business plan
It is not enough to get a business idea. You also need to write a business plan. This plan will detail everything about your business from its structure to how you intend to grow it. Additionally, it is one of the major things you’ll need to pull in investors.
Figure out where you’ll get your capital
Can you afford to pay for everything yourself? If not, where will the money come from? Begin to think of this and start looking for safe alternatives to funding the business on your own. Remember that you don’t want to get into debts that you’ll not be able to pay.
Pick your location
Unless your business is entirely digital, you have to be doubly sure that the location you are choosing is right. Does it have enough of your target market? Are the tax laws favourable? What about the legal requirements? Consider these carefully.
Pick a business structure
You’ll want to be particularly careful here as your decisions will affect the requirements for your registration, your tax commitments as well as your liability. Your options in this regard are sole proprietorship, partnership and a limited liability company. Choose wisely.
Decide on what to name your business
You’ll want to ensure that your business name portrays what your brand stands for. Above all, pick something that’s not already been chosen because a court case over legal name rights is really not that pretty.
Go through the registration process
Until you register your business, it does not really matter if you came up with the idea or not. As such, having chosen your business name and solidified your business idea, register it. You might have to do it with both the federal and state governments; but it is well worth it.
Get the required permits and licenses
The permits you’ll need to run your business will vary largely on the type of business you’ll be running. However, they are highly important if you don’t want any trouble. For example, if you will be dealing with consumables in Nigeria, get a NAFDAC license.
Open a business bank account
This allows you to properly keep track of your capital, income, and other financial parts of your business. Additionally, you will be able to move larger sums of money as business accounts have lower restrictions than personal accounts. Thankfully, if you went through step seven already, setting up a business account would be much easier.
Above all that’s been mentioned, the most important thing in starting your own business is to keep learning. While this article provides information, it is not all that there is to start a business. The world is ever-changing. If you do not go along with it, you’ll become obsolete.