The first consideration that comes to mind when starting a business is CAPITAL (otherwise… money to start and run the business).
Yet what is often overlooked is that money is not the only factor to consider when starting a business. Once a workable business plan has been set, the will to manifest it pushes any entrepreneur to acquire relevant capital.
Now if you are among the special lot that deter from establishing their businesses due to lack of capital, this piece of writing is specially you.
Table of Contents
The Basics
Before starting any business, you have two choices: creation of product or rendering of service. You can always choose both, but that depends on your ability. It is advised that you start with the one you are most skilled in to avoid poor management.
The business can be set-up solely, making you the founder, a sole-proprietor, or in partnership with another entrepreneur, making co-founders, and partners.
If you are the brain behind the business, you might need other entrepreneurs with relevant resources and skills to compliment yours. Bear in mind that many successful businesses such as Google, Facebook, started off like this.
Next, you will need a business plan and business proposal. which you can use to attract investors for seed funding. Be sure to document them clearly, explaining how your business will thrive, and other necessary additions. Also make sure it is in the standard format, else be prepared for swift rejection. You can check here for how to create an acceptable business proposal.
When you proposal is perfected and ready, submit to some seed-funding companies in Nigeria, and await their feedback.
However, avoid putting all hopes in their feedback. Move on to the next stage of establishing your business.
The Start-Up
Pick a location to establish the business. Note that the environment determines the type and quality of consumers you get. If you are seeking to attract students, choose a school environment. If you are seeking wealthy consumers, choose a lucrative environment (be mindful of the running costs).
After deciding on a good location, register the business with relevant regulatory bodies: CAC for the business as whole, NAFDAC for food and drug products, SON for manufactured products, and so on. The registrations are essential to avoid future issues when exporting or making substantial sales.
Having done all the required registrations, you might be low or out of cash. This is where you apply for business loan to start the business.
With relevant certifications and proof of registration, and business feasibility, you could get a loan to start the business, and pay with interest, depending of the loan terms.
The Establishment/Running
Understand that the business loan you took has to be paid off before you can actually boast of being established.
So for your business to stand the test of time, inculcate polices in management, finances, employment, and all areas. Endeavour as much as possible to enforce these polices with discipline.
Be considerate and plan ahead for the future, while centering the overall establishment on an expansion. For instance, if you started in Lagos, try expanding to other states to cover more areas and other countries to go international and worldwide.
There you have it. If you have a learnt a thing a two, kindly share so others can learn too.
Read also: How Youth Entrepreneurship Impacts Economic Growth