HOW TO START A BUSINESS: A 10-STEP GUIDE FOR 2023
Starting a business involves planning, doing market research, and acquiring knowledge of the legal aspects of opening a firm.
You’ll answer questions like, “How do I find a product to sell?” “What’s the right business model?” “What are the best channels for marketing?”
Let’s go over the key steps on how to start a business, including creating a business plan, registering your company, promoting your offering, and more.
*1. Choose a business idea*
It all begins with an idea. Many small business ideas are available for you to pursue, including ventures you can run from home.
*2. Research your product and audience*
Upfront research is necessary to determine whether there’s an audience for your business or product idea.
*3. Write a business plan*
A business plan helps you get clear on how to manage key aspects of the business. It includes everything from your executive summary to your financials.
*4. Make or source products*
If your product is a handmade item, you can choose an appropriate space in your home to carry out its production. If it’s designed to be manufactured in a factory, you’ll likely need to find a supply partner.
*5. Develop a brand*
A strong brand is crucial for building trust with customers and the wider audience.
*6. Build a website*
A website lets you introduce your business to the world, and it’s easy to create one thanks to website builders like Shopify and site123.
You can reach out to us if you need a professional website.
*7. Register your business*
In most countries including Nigeria, you will need to officially register your business.
Reach out to us to get your business idea registered with CAC so that you can have a legal backing.
*8. Manage your money*
Getting a grip on finances is important for streamlining your business operations. This involves everything from opening a business bank account to choosing accounting software.
*9. Market your business*
Marketing is essential to launching a successful business. It’s how you can get products in front of your target audience.
*10. Grow your business*
Once your business is up and running, consider taking steps to make it grow. New business owners can take several measures, from seeking additional funding to selling in overseas markets.
*HOW TO SUPPORT A FRIEND STARTING A BUSINESS*
Staying motivated is critical to keeping a business alive, but it isn’t something you can buy. Family, friends, and colleagues can be a great source of motivation.
So even if you’ve never started a business, you can be instrumental in helping others start and maintain their own.
Here’s what you can do to offer your support
*Take Them Out to Lunch*
Starting a business can be lonely when you feel you are the only one that believes in your vision. That worsens when you have to work in isolation on initial business planning.
Invite your friend out to lunch or dinner for a ‘business meeting’. Let them talk to you about the challenges, goals, and recent successes in their business. Be open and take the lead on the topic of conversation.
*Ask How You Can Help*
Funding is an important part of starting a business, but it’s not the only thing that matters. Marketing, sales, operations, and accounting are also critical parts to a successful business.
This is could be a great opportunity for you to sharpen some skills that you are not using in your own day-to-day job. Ask, you might be surprised with what they say.
*Celebrate Small Victories*
The road to entrepreneurship is made up of many small wins before the big goal is reached. Celebrating small victories is a simple, impactful way to keep your friend encouraged.
Networking is powerful. If you hear of networking events, find a professional organization, or just meet someone that you think would be a great resource – be sure to share that info with your friend.
*DEPLOYMENT OF ADDITIONAL COMPONENT ON THE COMPANY REGISTRATION PORTAL (CRP) FOR FILING OF SURRENDER, ALLOTMENT, TRANSFER AND TRANSMISSION OF SHARES*
Do you have a shareholder(s) in your company that didn't pay for the shares, or is not interested in the business of the company?
Did you add a shareholder as a requirements for registration and you wish to remove him/her?
Are you a company shareholder and now no longer interested in the shares and wishes to transfer to someone else? *This news is for you*
The CAC wishes to notify it's esteemed customers and the general public that additional component has been deployed on the Company Registration Portal for the filing of the following notices:
1. Surrender of shares to the Company as a gift
2. Allotment of shares
3. Transfer of shares
4. Transmission of shares
The above is in additional to the Alteration of Memorandum and Article of Association of a Company and Amendment of the Constitution of Incorporated Trustees which components has since been deployed and is active on the CRP.
Another very *lucrative* business in *Aquaculture* which is not yet very popular in *Nigeria*, is *catfish fillets*. The *catfish industry* in the *USA*,*Vietnam* and *Europe*, relies on *filleting* the *fish* and *packaging* them either *fresh* on *ice* in *insulated Styrofoam boxes* or *frozen* in *sealed plastic bags*. Value can be *added* by *marinating* the fillets with different *flavours*. *Catfish fillets* are quite *neutral* in *taste* which can be *adjusted* with *herbs* to the *consumer’s preference*.
By *filleting* the *fish*, the *product* has become *consumer-friendly*; they just have to *fry* the *fish fillets* to eat them. *African* consumers spend *less* and *less time* cooking and are *more willing* to buy *convenience products*. With *regards* to the *increasing middle-class population in Nigeria*, I believe that *boneless fillets* could also be *distributed* and *marketed* via *supermarkets* all over the *country*. Be *aware* that by *filleting* the catfish you will *loss 55%* of the *initial weight*. The *waste* from *filleting*, such as the *catfish heads*, can be *sold* to *local markets*.
GREENHOUSE FARMING: DISCOVER THE PROFITABILITY
Greenhouse farming is a type of farming in which crops are cultivated under a protected and enclosed environment.
Greenhouse farming is becoming very popular in Nigeria because of its advantages of keeping out pests and diseases and its comparable yield advantage to open field cultivation of crops.
A small-sized greenhouse standing on one eight of a plot of land can have a yield commensurate with an open field farm on 1 acre of farmland.
Let’s take indeterminate tomatoes grown in a small greenhouse for example.
A single indeterminate tomato plant can yield up to 30kg, some can yield lower though.
If 1,000 indeterminate tomato plants are planted in a greenhouse, about 30,000 kg is the maximum yield that will be gotten from the greenhouse.
If 1,000 indeterminate tomato plants are planted in a greenhouse, about 30,000 kg is the maximum yield that can be gotten from the greenhouse.
This analysis shows that a greenhouse can be very profitable with a high ROI.
Note: You also need to know that your greenhouse can also make a massive loss if you do not know how to cultivate crops in a greenhouse.
Most SMEs will never grow past their nose in business because they are like a guy I know called Femi.
They think business is business for the sake of pleasure and enjoyment, yeah, business affords you a life of options when the profits start rolling in,
But if you lack financial management, you'll be writing a goodbye note for that business before it starts.
So, here's the gist.
Femi got into business with so much certainty that he was going to make it, I mean, he had all it takes to be successful.
He was skilled at business like the Nwa Bobo of the Igbos, and his business acumen was like that of the Jews.
Side note: I will share my lessons on the Jewish business secrets some day.
Hmm, the Jews are very skilled in business oo, I think you have one or two to learn from the jews.
So this was Femi, a combination of the Igbo trade skills and the business acumen of the Jews. This was what gave him his confidence.
Femi was so good at making money, his turn overs was like that of a billionaire who loves to "chopping and spending money",
He was so good to the point where he had NO MERCY FOR MONEY, but here was the challenge, he didn't understand that your profit in business is a seed for the next phase of your business.
Let me repeat that, "Your Profit In Business Is A Seed For The Next Phase Of Your Business".
Side note: I'm not saying you should not enjoy yourself after making profits in business, I'm saying you should be smart in the distribution of your profit.
Know which percentage goes back into the business, and which percentage is for "chopping and spending" money.
Back to Femi:
He saw the money, but he didn't have a FMS (Financial Management System) that would help him sustain the success he envisaged.
Even when the money was rolling in, it was as though he had a snake in his pocket that usually swallows the money.
In order not to be like our brother Femi, here are a few tips that can help your finances in business.
🍅 Issue an invoice for every sale.
🍅 Insert a narration when you make a bank transfer.
🍅 Track every money spent either on expenses or miscellaneous.
🍅 Avoid personal spending from the business account.
🍅 Pay yourself a salary from the business.
🍅 Review your bank statement monthly.
🍅 Add VAT to your sales invoice.
Omo, I'm not an expert in finance, I just thought of reminding you this new week so you don't make more mistakes.
~ Nelly wrote
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