Business Advice Setting up your Business

Setting up a business is a big decision, and one that comes with a lot of risk. So it is my priority to ensure that you get the required steps right before you venture in. Here are 13 steps every potential business owner should follow.

1. Get the business idea

You have to have an idea of the kind of business you want to do. Is it a product you want to be making or a service you want to render to people that needs it, you need to have an idea of what you want to do. It’s good to have more than one idea, and then you can finally narrow it down to one.

2. Set your target

You need to set a target for the business. Are you in it to achieve financial freedom? Or you want small business that will sustain you and give you steady income? It is good you set your target early enough before you start the business.

3. Define your team

You have to decide how you want the business to be run. Are you going to run the business alone or you will get someone to assist you, this bring a lot of synergy to the table, because two heads are better than one, as people bounce ideas off each other.

4. Determine the legal structure of the business

Decide what type of business you would like it to be. A sole proprietorship, a partnership, etc. This is important for tax purposes and for attracting investors.

5. Get a business name and register it

By now you should have name you want to use for the business, get a lawyer to assist you to register your business name, before someone else use the name. Your business name should be unique to you.

6. Finance your business

How are you going to finance the business? Will you take a loan from the bank co-operative or you will use your personal savings? And remember to have reserve cash for the funding of things until the business is really up and running.

7. Consider the competition

Consider the competition around. The people that are into the same business around, how much are they selling? What can you do to make your product better than theirs and with a better price?

8. Create a business plan

For your business to succeed you need to have a business plan, because it helps you in the running of the business. And it is what investors, bankers and other interested parties will use when deciding whether to invest in your business.

Credits+

Business Advice

With the alarming rate of unemployment in Nigeria and in the World, the average youth is now made to believe that after the first degree, he/she has to quickly embark on a Masters program or PHD in order to stand a chance of getting a job.

But the big question is this? What have you done with your first degree? You paid so much in school to get this degree. What value have you created with it so far before pursuing another? In this post we will be looking at how to turn your first degree into a profitable business.

Once you have obtained your first degree and have graduated successfully, here are steps to take to transform that degree of yours into a profitable business that will be worth your time and efforts.

STEP 1: Offer your services for free for a start:

• Once you leave school, you can begin to apply for jobs, but while waiting for the job that may take years to come, you can offer your services for free to a local firm in your neighbourhood or state that is in line with what you have studied in school. Most of these growing firms are looking for cheap or free labours to us to do work. That's why they will not reject you. While in the firm, volunteer to be part of tasks that will expose you to the practical nature of the job.

STEP 2: Gain Practical knowledge, Skill and Experience: 

• Learn as much as you can from the boss, the staff. Be loyal and humble. You know the reason you are there, so do not let anything discourage you. If you happen to be a computer scientist or engineer, you will easily learn programming, networking, graphics, software from the staff for free too without paying, by so doing you are building skill. Even if you studied Accounting or social science courses, your presence in the organization will afford you the chance to learn practical skills from the staff of the firm for free. 

STEP 3: Build your Network and clients:

• Make friends, lots of friends, because those same staff who you are learning from today, are going to be your clients tomorrow, or refer clients to you tomorrow. Exchange contacts with people you meet daily who are in contact with the firm, whether professionals, clients, or suppliers. Build your network.

STEP 4: Begin as a Freelancer/Consultant: 

• At the end of your volunteer time, the firm may decide to employ you if you impressed. You can take it or decline. If you feel you have learnt a lot and you are ready to venture into the business world, I would suggest you begin as a freelancer/consultant because you require almost no capital to start as a freelancer/consultant. (A freelancer is someone who performs tasks, usually for multiple employers over the course of a year. A freelancer is somewhat like a free agent - he or she essentially sell their services to the highest bidder - except that they usually work for more than one employer.). Being a freelancer or consultant will allow you build income gradually till you can afford an office and hire staff of your own.

STEP 5: Build a Team: 

• Connect with other freelancers or consultants in the same field as you are so as to gain access to more paying clients/customers. Gradually build a team of professionals so that you too can outsource jobs you cannot handle alone.

STEP 6: Grow Big:

• When you have built your reputation, and capital, expand!!! Get an office, hire staff, help people, live well, love God and enjoy your wealth. At this stage you will not need that white collar job you once applied for even when they invite you because you are now your own boss.