Starting up a Business
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