Owning and running your business is what every reasonable person will hoped for. The rates of unemployment worldwide is on the increase. There are many advantages of you running your personal business or company. We will discuss these advantages soon. But here, we are going to outline the various steps needed in order for you to actualize your dream business.
I am going to take my time to explain each step using simple English and makng my explanation more comprehensive and concise.
1. Be passionate about being self employed: yes I mean it. For you to be more successful in any business adventure you have to be more passionate about such business. For instance, you can hardly be successful running a packaged water business while you are more passionate about computers and tech stuffs. A real life example is Bill Gate the co-founder of Microsoft corporation. He is more passionate about tech stuffs and he dived into same area of business. Every passion can always be turned into a very profitable business. All you have to do is to find out how?
2. Create Your Business Idea: your business idea should be smart, realistic and unique. Avoid engaging into same business just because someone else has been successful doing it. You need to do proper research, planning and feasibility studies about your proposed business idea to know if it is feasible. Here, also involves you doing wider consultations, attending seminars, etc.
3. Write down your Business plan:
Your business plan is just like the blueprint or direction of your business. In your business plan you may specify the financial cost of starting such business(es), the number of manpower needed, the equipment and raw materials needed, the destination of your business, where you want your business to reach in few months/years’ time, and so on. It just like your map which gives you direction towards your desired destination.
4. Register your business name
Registering your business means giving your business an identity or a name. it is just like domain name for a website. You will have to register your business with the appropriate authorities within your country. For instance in Nigeria you will have to register your business with the Corporate Affairs Commission (CAC). You may need the services of a lawyer to complete your business name registration. Also, application fees may be paid by you.
5. Obtain Other Licenses and Permits
This actually depends on the nature of your business. Some business will require you to obtain some licences and permits before you can embark such business. For example, in Nigeria before you can start a packaged water company, you will have to obtain permit from the National Agency for Drug and Food Administration and Control (NAFDAC). Without obtaining such licences and permits, you might face persecution and fine.
6. Get An Office Space/Apartment
Having conceived your realistic business idea, created a business plan, registered your business and obtain all necessary permits and licence, then it is time for you to acquire a physical location address for your business. This you can do be either searching it yourself or informing friends who would help you get a location or talk to reputable housing agents. This will be the address people or customers will visit when they want to visit you. Having a physical location has a very good advantage and gives your customers the confidence to do business with you.
7. Start your business
Yeah you can now start your business. While you are doing your business, you will have to develop a good marketin plan for your business. This will create wider awareness for your business to prospective customers or investors. One good way to starting a good marketing strategy is by creating a website for your business. Many businesses and organizations are now creating their websites where people can visit to read more about their businesses. You can also advertise your business website using google adwords facebook ads, Linkedin ads, etc.
Happy business venture!!!