Steps to Start up

Starting your own business is wonderful and yet a scary step.
Your secured monthly salary will no longer be so secured at least not until you find your feet in your new business and start making profits.
You will be the boss, the one to make it all happen. The whole idea/ concept of stepping into an unknown world of entrepreneurship might be a scary one but the long term advantage far out weighs this initial feeling of uncertainty.
Be careful when starting out; seek out expert advice from subject matter experts.
As it is said in project Management “Getting it Right First Time, On Time, All the Time within Budget”
These are essential start up steps you should take before opening for business. This list is in no way exhausted but they are vital steps to a successful launching of your business.

1. Business idea
Do you have a business idea? If you do, the next thing to do is to carry out a SWOT Analysis.
S – Strength – What are the strength of your business idea?
W – Weakness – What are the weaknesses of this idea?
O – Opportunity – What possible opportunities are there to developing this Business idea?
T – Threat – Are there any threat to this business?

Determine if there is a market for your product or services.
If you don’t have a business idea there are lots of business ideas to choose from or you could go for a franchise.
A franchise is a business model that helps individuals who might be interested to start their own business with the support of an already existing and established business brand and tested process. The Franchisor takes a part of the profit.

Other ways of choosing a business idea is by your:
Skills. What skill do you possess as an individual that can be used to start a business?
Passion. What are you passionate about? A business idea can be developed through things that you are passionate about and can fetch money for you.

The next step will be to research and carry out a survey on the business idea.

2. Market Research
A research will help you to know if the business idea is good or a viable business idea to invest in. With a market research you will be able to know who your competitions will be in the market. What market shares will you have when you do decide to invest in this business? With the market research you will be able to know who your target market is.

The next step is to write a business plan

3. Business Plan

A business plan is a roadmap to a successful business. A business plan should be written at the beginning of a business startup. With a business plan you are able to get a holistic view of your business. A business plan puts reality into your business idea. A business plan shouldn’t be lengthy but it should contain the vital issues that are required. A business plan contains an executive summary, Mission statement, Management team, financial, sales and marketing forecast/ plans.

The next step is to get Funding for the business.

4. Funding

Now that you have a business idea funds will be required to put things in place and set the ball rolling. How do you get funds for your start up. As a female entrepreneur going into business in Nigeria it will be wise to find out if there are any grants available to the women folk from the government or private investor. The different ways of funding businesses are through personal savings, loans from relatives and friends, bank loans and investors.

5. Business Incorporation and Licenses

At this point you are ready to incorporate you business. Just before you do this it will be good to seek advice from an accountant and tax expert on the various options of incorporations available. It will be wise to get it right from the very beginning to avoid any unpleasant experience as an entrepreneur.
At this stage you would also decide what business structure your business will have.

With all licenses and permit acquired it is time to open shop for business.

This is to your success.