Are you ready to set up your business? There are steps to take and things you MUST do right at the beginning and from the beginning. Mistakes can be very costly. Avoid the error of taking things for granted and the erroneously belief that you can always do it later. That is not the path of successful business operation. Remember the fable of the kingdom that was lost just for want of an insignificant horse shoe nail.
- Are you really convinced and prepared to set up your business?
- Are you convinced of the business and industry you want to play in?
- Do you have the resources to set up the business?
- Do you have the passion, skill and experience to succeed in this business?
- Have you done your background work, checks and counterchecks to be convinced?
- Are you enthusiastic about this business?
Start small and grow big. In this way your resources would not be over tasked and your skill would not be overstretched. You would have enough opportunity to learn the robes and correct any problems. Learn to dangle a yard before you go abroad.
Steps to Set Up
- Choose an industry and a segment of the industry
- Choose a product and or service
- Choose your target customers
- Choose your location and territory
- Choose a business type (sole proprietorship, registered business name, limited liability company, partnership)
- Choose a business name
- Get a solicitor or lawyer to register your business for you
- Get a Tax identification Number (TIN) and VAT registration Number.
- Engage the services of an auditing firm (for financial advice, setting up of your books of accounts and auditing your financial records)
- Engage the services of a firm of solicitors (for legal advice and representation)
- Set up your office and or factory
- Comply with all government regulations affecting your type of business e,g. obtaining approval of the Food agency in case of food products.
- Draw up your business plan
- Draw up your employee handbook and personnel manual and ensure to implement the policies thereof
- Recruit you staff; train and orient them.
- Set targets for yourself and your staff.
- Set up and maintain your books of account.
- Open a bank account for your business and ensure all proceeds go through that account.
- Fix a monthly salary for yourself
- Take out an insurance policy for your business assets and property
- Create awareness of your entry and for your products and services
- Launch and run your business.
- Attend trainings, seminars, workshops and conferences to network and improve yourself.
- Continuously re-evaluate your business and keep improving.