One of the resolutions you might have made this year was to start a business. 2022 is almost half spent, have you been able to kick off with that business idea? Perhaps, you don’t even have a definite business idea. This article will put you on the right pedestal to start your own business this year, especially if it falls in the category of SMEs. Starting a business in Nigeria, especially with the current economic and political situation, can seem like an impossible task.
However, I will be sharing basic things you should know before you venture into any business. They will save you some headaches.
Put your house in order
This involves understanding your current financial position. First, identify why you want to start a business in the first place. If you have a regular 9-5, what plans do you have to balance them both? Identify what kind of business you want to start and specifically, what it will take for you to start and scale the business.
Conduct market research
This is definitely a follow-up to the first point. Now you understand why you want to start a business; the next thing is to go through a process of idea generation. Determine what it will take for that idea to become a reality. What market are you entering? Find out the demographics of your potential customers.
Who are your competitors and what are they doing? These are things you should consider in the process of your research.
Draft a business plan
This can easily pass as the next step. Once you know your onions as regards the business you are about to start, you have to draft a business plan. This is a summary of what your business will be about, the number of staff members you want to have, the location of the business, the capital source and estimates, etc.
Register your business
In Nigeria, the company registration body you should not lose sight of is the Corporate Affairs Commission (CAC).
Ensure that you get your business registered with CAC. You can also get legal backup in this process. Have a lawyer to guide you through this. Amongst other things, registering your business makes you able to operate without fear of interference whatsoever.
Build a strong team
To a great extent, the strength of your team determines how well and how fast your business grows. When you must have started off with running your business, you will need to recruit the best hands that can take your business to the next level. Have your prospective employees go through a thorough recruitment process, so you can sieve out the best from among them.
Finally, garner the skills that you know will move you and your business forward. If it means taking a course or acquiring an MBA certificate, do it. The most important thing is that you are developing yourself for where your business is going.
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