Starting up any business requires a well thought out plan, thorough research, good decision making and the necessary legal works involved and the passion to succeed in a particular business.
In this article, i will show you the right steps to follow to start a successful business establishment.
Step 1. Market Survey
The first step to a successful business establishment is to conduct a market research. In this step, you will be focused on checking the already existing business in the area you want to start your business. How far the product is being demanded and how comfortable you will be, starting up your business in that area.
During the market research, you should also look out for potential customers and what they need from the market. In doing this, you will find out the brand of product to sell and how to package your product to attract more customers.
Step 2. Business Plan
After you have surveyed the market, you will have to sit tight and draw up your business plan for how to run your business. You business plan should include but not limited to; how to make your business trend in the market, how to grow your business, how to generate your capital and the plans you have for your partners and future investors.
Your business plan should be concrete enough to convince your partners in the business and the investors such as the bank that will give you loan to start up the business.
Step 3. Raise Your Capital
With your business plan, you already have a way to fund the business. Your business can be started up with capital from your business partners, a loan from the bank and capital from investors to say the least.
Step 4 Pick Your Market
The next step after you have gathered the money for the startup is to choose the best location for your business. Depending on the product you’re going to be selling, some states have there location for some products already mapped out. So you will have to check the already approved location for that product, if not, choose a location that will best bring you a lot of customers.
Step 5. Type Of Business Or The Structure
In this step, you will determine whether the business will be a sole proprietorship, a partnership or a corporate entity. While determining the structure, you should learn about the particular structure you choose, the legal and economic requirements that will follow it. The structure of your business goes a long way to affect the taxes you will pay and the requirements to register it.
Step 6. Choice Of Name
In choosing your business name, make sure that it has not already been chosen by another business brand in the same market to avoid a suit case coming for you.
Also, in determining your business name, it should reflect the brand of your product and the genuineness of your business. A catchy name always attracts more customers to your company.
Step 7. Business Registration
This will keep your business name and brand secured and only you can from henceforth, make use of it. You can register your business with the Corporate Affairs Commission (CAC). In doing the registration, always seek advice from a certified attorney or you can easily allow the lawyer do all the legal work.
After the registration, you will get a Tax ID to keep your records of paying tax so you won’t be charged to court not paying your tax. Your attorney is in a better position to also apply for a license and you will be permitted to do business in the environment of your choice. It is always relieving to keep all the legal work done and dusted to save yourself the stress in future, from hiring a lawyer to defend you in court for fraud.
Step 8. Open A Business Account
After you have completed all the legal works in starting up the business, the next step is to open a working business account. This will make it easy for your to pay for all the legal duties to the government and keep your head up. Your business account also makes the business look more standard and in tune with modern dealings.
In every business establishments, the passion to succeed should be higher than the fear of failure.
Goodluck In Your Businesses