Starting a business could be one of the most rewarding things you would ever do. For one, you will be the boss of yourself; which means that you control your working hours, your schedule and your risks. More importantly, you will be making a living for yourself! Which is fantastic.
For starters, there are some things you need to put in mind before starting a business.
- WHAT KIND OF BUSINESS DO YOU WANT TO ENGAGE IN?
One of the best ways to do good business is to look out for a problem in your neighborhood, community, street, etc. and look for a solution to it.
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2. HOW TO START YOUR OWN BUSINESS: CHOOSE A GOOD LOCATION
Another important step when one is trying to start a business is looking for a good location. Many franchisers in business consider your outlet location as a paramount prerequisite before granting or denying you a franchise. This means that the business world and indeed business people are aware of the importance of location. Choose somewhere that is located near your target audience and somewhere that is quite accessible.
Here are a few order things you should do when starting a business.
- Own your name. Make sure the company name you choose is one with an available trademark and Internet domain name. To see if a trademark is available, you can do a trademark search online through the United States Patent and Trademark Office’s website. Failure to properly obtain a trademark could put your fledgling business at risk — not to mention that the time and money you have invested in establishing your business name could go to waste if someone else owns the trademark. Don’t assume your new business name is not trademarked because you were unsuccessful finding such name on the Internet, either. Someone could have used the name for a business that closed, or filed a trademark and never used it.
- Get in with the law. Understand what regulations, licenses and taxes you will need to follow, obtain and pay for your new business. After doing some initial research on your own, consult with a lawyer and accountant to confirm your understanding and to help structure your business to be in compliance with the law. Generally speaking, you will need to need to (i) ensure you are charging the correct amount of tax your service or product that your business is promoting, if applicable and (ii) obtain all of the proper licenses needed to run your new business, at a minimum. Establishing a successful business is hard enough. The last thing you need is some technical legality or administrative detail to stand in the way of your success.
- How much do you need to live? When working on your business plan, do not forget about the most important factor: YOU. You need to take into account your living costs. Rent, mortgages, and health insurance — these are all things that don’t pay for themselves. You will most likely need to cut out all the unnecessary extras you can live without. Make sure you account for unforeseen or unexpected expenses by factoring a little flexibility into your budget for those “just-in-case” moments. You might even consider taking a part-time job until things pick up with your new venture and speak to a financial planner to help you budget yourself properly.
- Where are you in your life? Starting a new business takes brains, bravery, and what will seem to be endless hours of hard work. When you own your own company, there is always something that has to get done. You will most likely find yourself working at least 60-80 hours a week for the first two years. With that said, I’ll ask you one very important question: Are you ready to give up your personal life for the next three years?
- Don’t over — or underspend. Starting a business can be incredibly financially tasking on you and your family. You will need to learn where and when to spend. It’s important not to waste those precious seed dollars but it’s equally important to spend where necessary. In any business, you often have to spend money to make money. Don’t skip out on things your company needs. For example, it may be worth it to put 1500 Naira in an online vendor listing, but it may not be necessary to give every new customer a 15 Naira mug. Be sure to keep up with technology too — there are many time-saving programs and apps (including free or inexpensive ones) that can help you keep track of it all, and as we all know, “time is money.”