8 Things You Must Know Before Starting A Business: A Step-by-Step Guide

8 Things You Must Know Before Starting A Business: A Step-By-Step Guide

When it comes to venturing into a business, it isn't a day's job, rather it requires time, attention, and consistency, this is because there's no business you want to begin that isn't saturated; therefore the need to stand out, being the noise that cut across the sphere is important. 

You want to be in people's faces, you want to close deals, you want to be a global brand, and more, all of these don't happen overnight when starting as a business owner, it starts when certain things are put in place which you must do if you desire to excel in the business industry.

One thing you must understand when it comes to starting a business is this — you are here to solve other people's problems; you want to make their lives easier; How then can these be achieved?

Pay attention to a step-by-step guide that's about to take you on a journey, hop on the train, let's begin.

Shall we?

Identify a creative idea: Every business you've heard of, every brand started from an idea. From Nike, Apple, Google, etc. They all started as an idea and this is what continually hinges on their businesses. The Wright Brothers, who created the airplane, saw a bird flying and thought there could be something that flies that should be able to transport people other than a car, and that's where the need to make aircraft came from. Idea!Never discard any idea that comes to your mind, and as Morgan Housel said in his book, Psychology of Money, it doesn't have to make sense, it has to work. Ask yourself, what idea(s) keeps ringing in your mind? What is that unique service only you can render than any other? 

2. Draft a business plan: After the idea, what next? A business plan. You need to have a plan on how to bring those ideas to actualization. You can't rely on what isn't documented, hence, the need for a business plan. See it as a road map that tells you what to expect and what alternative routes you can take to arrive at your destination. These plans are what potential investors look out for, giving them details about your proposed business venture, your expertise in the industry, financial requirements, and other compelling plans. It also helps you to stay committed, answering questions that may sound challenging as a prospective business owner. Working with a business consultant also helps as a way to supervise your planning when writing your business plan.

3. Have a legal structure: You need to have a structure that aligns with your business venture; this can only happen when you work with a corporate attorney or professional accountants who can offer timely advice on a legal structure for your proposed company as there are different legal structures for different businesses. A legal structure helps your business to be backed by law, in case of any state of emergency that may warrant a court case, it serves as a shield.

4. Get your business accredited: You may think you are the only one with the best idea for your choice of business or the only one with a unique business name, but not until it's registered with CAC(Corporate Affairs Commission) and then you realize it has been taken and used by someone else. Registering your business makes it valid and professional, it serves as an identification in the marketplace of what your brand is known for and represents.

5. Know the market and how it works: As a prospective business owner, you need to know your target audience, where they are, what they need, and how you can reach them. This will help you pique yourself in a particular niche, and know how it works because there will always be competition, you are not the first to start the business neither would you be the last, so you need to stay active and be ahead out of many others is the key to make your business last and not go down the drain.

6. Finance your business: Whether your business is online or offline, you need to invest in it. How do you intend to grow your business? Will you take up grants? Will you take a loan? If yes, for how long and what percentage? As time goes by, you may need to delegate tasks and pay them for what they do. Your business needs your finances, and you must be willing to spend, no matter the inconveniences.

7. Establish an online presence: Even if you have a business capital, you need to be on the internet where people across nations can see what you do. Have a portfolio, resumé, or curriculum vitae, and create content that surrounds your niche. Having a unique selling point, helps you to close more sales easily and fast, therefore establish an online presence, and if you know you may be unable to handle that, that's where social media managers come in.

8. Have a marketing plan: Your business can't do without marketing. Brand pitching, complimentary cards, brand souvenirs, flyers, etc. help spread the word, even in your absence. With consistency, be rest assured to see growth. Your marketing can also take the form of advertising, using TV or radio commercials, billboards, etc. This is not sales in itself, but as a way to promote your business for sales. Professionals like brand consultants, influencer marketers, etc. are folks you should work with if you desire massive growth.

There you go, what you have is in your head and in your heart, I dare you to start. Start from somewhere…anywhere but not anyhow

Do it afraid. Yes, afraid, everything will fall in line.

Cheese!????