People are beginning to realize business is the real deal compared to working under someone. To start a business, you will need a lot of information on how to start and ways to go about it.
As we were taught in the four corners of classroom, it always begins with a business idea. I believe that will take a lot of tasks as you will need to be sure if it will pay off at the end of the day.
Some steps to take to become your own boss
1. Build a business plan
Now that you already have a refined idea on the ground. The next step is to make a thorough plan of how you are going to manage your business. Of a truth, it is never easy but this is important for the growth. Ask yourself some certain questions like what is the reason for this business? Who are your targeted audience and the cost? Your end goals at the end? How do you intend to get the finance for it?
A lot of people just embark on business without having a good feasibility study. This is bound to fail except one along the way, do things right. It is always advisable to have a well-written plan so as to forestall any chance of failure.
Conduct a market survey and know your competitors are the right things to do.
A business plan is like a roadmap that helps you outline goals and ways to achieve the goals.
2. Estimate your finance
To start a business, you require more than a great business idea. You will need to determine how you are going to get the needed cash and resources for it. Do you already have the cash in your coffer or you intend to borrow? If you are planning to leave the job which is currently putting food on the table for you, do you have some money aside to support you until you are finally smiling to the cashier?
I am not in support of anyone starting a business on borrowed funds as it has proven over time that these businesses always fail. Obtaining a loan to start an unproven business is a bad idea. Before you say jack, the banks are already on you.
New businesses always fail due to a lack of enough money. Always overestimate the amount you will need as there will be a lot to do when you eventually start.
3. Register your business
Registering your business is so important
If you want to become an officially recognized entity. Corporate Affairs Commission (CAC) is responsible for that in Nigeria.
The requirements are
1. At least 2 members and not more than 50. Members must be at least 18 years old.
2. Only people of sound mind and not disqualified by CAMA or bankrupt can be registered.
3. minimum share capital has to be at least N10,000.
Aside from those previously listed out, Articles of Association and Memorandum will be required, Notice of registered address of your business, Receipt of payment of stamp duties, and Statement of compliance by a legal practitioner.
4. Tax Registration
Now that you have registered your business, the next step is to get your business registered at the tax office. In Nigeria, it is called Federal Inland Revenue Service (FIRS). This is the body that will collect tax on value-added, withholding, and company income.
Once you are done, you will be issued Tax Identification Number (TIN)
It is very important to pay taxes regularly as there are penalties for tax defaulters.
5. Get a website
It is important to set aside some cash in order to help you create awareness for your business. To do that, you need a quality website. Having a website makes it easy for your customers and potential customers to connect with you easily. Get a good designer who has had successes in those fields.
Having a responsive website and fully optimized for search engines will make it easy for your customers to always come back. If you really want to enjoy successes, then you need a professional website designer to help you set it.
I know it may come a bit high but kindly pay up as it will help you in the long run. Remember, marketing is the soul of business and a website can provide you with the platform.
6. Assemble your team
You will need a group of professionals to help your business gel. Getting the right people for the business is also as important as others except you will be running it yourself.
Nothing bad in running a business by oneself but having people around you hastens the growth of your business. People around you come up with different approaches to help you settle and also for the long term benefits.
7. Create awareness
You already own a website. That is good for a start. But you are still going to do more. You will need to get your businesses known to those who have no access to the internet. But before you venture deeply, it is important to have your own brand. Design a logo to help people identify your own brand. The logo gives you a unique feeling.
You also make use of social platforms to help create awareness. Make use of third parties such as vendors as they are more closer to the customers than you are. Treating them right could give your business a boost.
Lastly, when you reach a crossroads, ask questions from those who have long been in the field. Seek professional advice. This is important to the growth of your business.