How to start a new business
A business is any or specific commercial activity, enterprise, or establishment of an individual. And sometimes the term means any work, or job done by someone for a living. And a person who participates in a commercial activity and is willing to take and manage all the risks is called an entrepreneur. e.g An Agricultural entrepreneur.
Steps to start your new business
When Starting a venture. An individual needs to master and meticulously follow certain steps or procedure. So, There are many of these steps or procedures. However, In this post we shall only highlight some of them that are essential, these may include the following.
Select category: Anyone who wants to start a new business. Must decide the type, which he or she wants to dive in. This selection also depends on a number of factors. And these factors are age, educational background, experience, gender, and unique abilities of the individual.
Conduct a research on the type you selected: The owner needs to have an insight into the nature of the businesses. As well his or her competitors, and he also must identify the potential risk that he or she may undertake.
Write a business plan: A business plan is a simple to complex documents written by the owner or planner to consists all the information and steps taken to achieve the set objectives. The information in the plan may include name of the business, ways to fund it, employees, competitors, location, etc. For a guidance on plans and how to achieve them consider reading: How to achieve any goal.
Funding: The next step is for the individual to put the necessary capital, or money to the market to kick start it, and this step must indeed come among the entries in the plan. So there are many ways to acquire the money to fund business, these may include.
How to acquire capital for start up
- Personal saving
- Bank loans
- Borrowing money from family members or friends
- Money from investors
- Government grants, etc.
Registration: There are lots of government and non government agencies that any good business must be registered with this include SMEDAN, NAFDAC, SON, CAC and so on.
Obtain tax ID’s from government: The next step is registering the business to get tax ID’s from state and federal government.
Keep your business up to date: The last but not least is keeping your business up to date by considering your competitors, end users, and the overall environment. Therefore this will help your business stay afloat and thrive.
you should note that the contents of this post are made for general educational purpose only, and that any of the above mentioned steps does not guarantee success to your venture. However, they are confirmed by finance gurus around the world, so they are essential for any successful commercial activity.