The prospect of starting a business can be exciting yet challenging, and not to mention quite rewarding. However, there are so many factors to consider, such as when to start, how to start, the process involved etc. Wondering how to set the ball rolling? Here are a few handy tips:
- Research and know your stuff
What need is your business going to provide a solution to, and more importantly, who is your target market? Before going any step further, you first need to be well-equipped with sufficient knowledge that will position your business to answer your clients’ needs. This of course takes time and effort, but is certainly worth it. The good news is, technology has made research easier, more organized and accurate. It will be a plus to your business journey if you start right by gathering the right information. Some relevant questions include:
- What need is my business fulfilling?
- What steps am I putting in place to sustain the business?
- What is my target audience and what are they looking for?
- How will the business make profit?
- Who am I competing with, and what is my unique selling proposition?
Answering these questions will not only guide you, but also help you determine if there are any changes you need to make to your business. After the necessary research is done, preparing a business plan is quite easier and more organized.
- Have a financial backup plan
Life is full of uncertainties, and so is business. It is always best to always have a Plan B in hand for a rainy day. You need to identify where the cash flow for your business is going to come from, as well as how to sustain the cash flow. For any growing business, there are many possible sources of funding such as investors, self-funding, etc. However, it is prudent to identify at least two sources of funding in case the need arises to depend on more than one source. This is to help ensure business continuity and also to avoid a possible financial mess. Doing this also means, having measures in place to closely track your finances such as expenses, profit and loss etc. Need some handy templates for your business? Click here
- Get your paperwork in order
There are some necessary documents required for businesses operating in Ghana, ranging from business registration forms to tax-related documents. To know the required documents to pursue, you first need to have an idea of the kind of ownership category your business falls under, such as sole proprietorship, partnership and limited liability. This will guide you in identifying which procedures to follow. Remember: It’s always best to get your paperwork sorted out to avoid any issues in the future.
- Get started
Everything big, they say, starts small. Now that you have your stuff in order, it’s time to actually take that leap and get started. How are you going to let your target market hear about your products and services? This stage is one of the most essential for your business, as it puts you out there and gives your potential clients an idea of what you have to offer them. Find a unique way of packaging your brand in the best way that conveys the message “We know what we’re about.” Simply put, be your brand’s best representative no matter what.
Starting a business is definitely not a walk in the park, but is certainly rewarding in the long run and worth the try.