So you have decided to be your own boss- Congratulations! The good news- that was the easy part, the not so easy part is how to make your idea come alive. You don’t have to panic though; there is a pool of resources at your disposal. Here are some factors to consider:
- Market Research: How feasible is your idea? Will your idea turn up a profit? Test the market-will you buy your own product/service?
- Develop a business plan: This is essential for planning the success of your business. It entails your mission and objectives, target market, competition, marketing plan, revenue and growth models, operating budgets and forecasts and financial plans.
- Funding: Do you have the required funding or will you need external funding? How do you intend to source for funds?
- Business Structure: Will your business be solely owned by you( sole proprietorship) or will you have co-owners( partnership)
- Business Name: What will you call your business? Bear in mind, a name is significant in forming a brand.
- Company Registration: Following step 4 and 5, submit an application to Corporate Affairs Commission (CAC) to have your company registered. You will need the services of a Lawyer or a Chartered Accountant to do this.
- Tax Identification Number (TIN): Apply to any Federal Inland Revenue Service (FIRS) office for your TIN number.
- Business Bank Account: Choose a bank that offers a low COT charge and open a corporate account with your company name.
- Licenses/ Permits: Depending on your chosen field of business, you may require certain licenses or permits to operate in a given region.
- Corporate Identity: Develop and design your logo, business cards, brochure, letter heads and other business documents as applicable
- Logistics: Staffing, software, systems, etc.
SELL!!! SELL!!! SELL!!!