5 Things You Must Do Before Starting Up Any Business
If your dream is to start up a business someday, then you should start today by developing a passion for that business. But the truth is that you cannot develop a passion for something you know nothing or less about. So the first thing you need to do is to start up any business is to:
- Start acquiring the needed skill for your dream business. Find good trainers, tutors, or schools that will teach you all you need to know about that particular business. It is also possible to learn from the internet (for some skills) but you must evaluate whether your chosen business can really be leant online. Some persons have succeeded starting up businesses just by taking courses online, but that cannot be said of every kinds of business. Some businesses need actual practical lessons. For example, it would be impracticable to learn hair-styling or auto-mechanic business online. The best you can get are guides.
Once you have gained the knowledge, or if you already have the knowledge and practical experience by virtue of your involvement in a company as a worker or an intern, the next thing you should do is to:
2. Develop a real passion for your chosen business. Let your every focus be on the business. Think about the business, talk about it to your family members, and your good friends. Read anything about the business that comes your way. Visit shops and offices to see how they are set up, what equipment they are using, how large they are, what zeal the staff have for the business, their methods of handling services-be very observant. If possible, make friends with the owners of your kind of business and tactfully interview them about the business. Invest on guides, books, and catalogs that have a bearing on your chosen line of business and imagine yourself already performing services to clients and customers.
After developing the passion for chosen skill, develop an interest for doing business as well. And then:
3. Source for business finance. You need some funds not only to start up the business, but to sustain yourself throughout the time that the business is growing, say for a year. And your first point of call should be your personal savings. How much do you have in your bank account? If you do not have enough savings, see if you can get funds from friends and family. Seek investors who would be willing to put money in your project. Be sensitive about government and non-government grants for small businesses. You could also Source for companies that give out loans with very fair interest rates. If all of these options fail you, do not be afraid or upset about postponing the business idea to a few months or years when you could have saved up for your business. But do not forget about the idea.
Take note that you do not have to start big. That you have seen big shops with multiple products and services in your line of business does not mean that you should start that way. However, if you have all the money, why not-you can start as big as you wish. But if you do not have all the funds, start with your available funds.
If you have succeeded In the area of funding: It’s now time to move to the next step.
4. Get a Business Plan For You Business. So many business owners today make a very big mistake by just going into business without first preparing a business plan. We say it is a very big mistake because no driver can successfully drive a path they have never trod before without a roadmap. Even if a driver tries, there is limit to his success. In this connection, no house can stand without a foundation. Your business plan is the foundation for your business. It’s your roadmap. Even if you have begun the business and you forgot to draft a business plan, it’s not too late to arrange for one. Business plans are not costly.
After having a business plan, you would see that the coast is clear and you would very likely be eager to start actualizing what you have on plan. But before you do that:
5. Legitimize Your Business: to legitimize your business is to make it legally acceptable for operation in the country where you live, in Nigeria; you can legitimize your business by registering it with the Corporate Affairs Commission. You would normally register it as a business name, or a corporate entity. Choose if it’s a sole proprietorship business, or a limited liability company. Only when you legitimize your business would people be more comfortable doing business with you. It would also afford you the opportunity to open a business bank account, do business in a larger scale, protect your business name, protect your business reputation, receive loans and grants, and really go corporate.
Just to add a bit- make sure you fulfill all the legal requirements around your business. These include, obtaining business permits, licenses; paying up relevant business taxes, etc. With these vital steps, your business can kick off well.