We know so many of us are eager and ready to start that next franchise or the next great tech company but you are lost on how to begin your start-up;
here are a few tips that you can use to guide you in that journey of the business world:
- Conduct market research:
In the design world, there is what is called the UX(User Experience), it is Market research that will tell you if there’s an opportunity to turn your idea into a successful business.
It’s a way to gather information about potential customers and businesses already operating in your area. Use that information to find a competitive advantage for your business.
- Select a Name and Legal Structure:
You have 4 choices when selecting a legal structure in Nigeria
- Sole Proprietorship
- Limited Liability Partnership (LLP)
- Public Limited Corporation/Private Limited Corporation
- Write your business plan:
Your business plan is the foundation of your business. It’s a roadmap for how to structure, run, and grow your new business. You’ll use it to convince people that working with you — or investing in your company — is a smart choice.
- Pick your business location:
Your business location is one of the most important decisions you’ll make. Whether you’re setting up a brick-and-mortar business or launching an online store, the choices you make could affect your taxes, legal requirements, and revenue.
- Open the Company Bank Account:
Select a bank and open the company bank account.
TIP: Contact the bank before opening the account to see what their specific requirements are to open a business checking account; some banks’ requirements are fairly simple whereas some banks’ requirements are extremely complex.
- Obtain Business Insurance:
There are many types of insurance for businesses but they are usually packaged as “General Business Insurance” or a “Business Owner’s Policy”. This can cover everything from product liability to company vehicles.
- Register your business:
Once you’ve picked the perfect business name, it’s time to make it legal and protect your brand. If you’re doing business under a name different than your own, you’ll need to register with the federal government, and maybe your state government, too.
- Get the Word Out (Marketing):
Now that you’ve set up the company for success, you need to get the word out. Create a marketing plan for your products and services that targets your ideal customer.
Reference: MyCompanyWorks™, https://www.sba.gov/business-guide/10-steps-start-your-business