fbpx
Edit Content

How To Start A Business That You Can Pass To The Next Generation

How to start a business

How do you start a business? Today we will go through all the steps to starting a business. You will be learning all the things you should be doing if you want to start and grow a sustainable business. And you will not be starting your business alone, we are here to work with you every step of the way so you can sustainably start your business.

See Also: If you want to start your business in 30 days, click to enrol in the course, Start Your Business in 30 Days.

How to Start a Business

Start Your Business in 30 Days Even If You Don't Have An Idea
Start Your Business in 30 Days Even If You Don’t Have An Idea

We will explore the various processes involved in starting your business, explaining each step to equip you for the journey. If you’re unsure about the type of business to start, we offer comprehensive research guides revealing the secrets behind the most profitable businesses in Nigeria. These guides contain everything you need to kickstart your business. Get your guide now and embark on your business journey today.

Steps to Start Your Business:

Decide on the Type of Business

When starting a business, determining the type is crucial. Have you gained experience in an organization that you could leverage for a business? Do you possess marketable skills? Can you develop these skills into a business?

The chosen business type should align with your passion. Why emphasize passion? Because during the business journey, there will be challenging times when motivation wanes. Passion for your business will drive you toward success. At the Start Your Business in 30 Days Program, I will take you through the process of identifying your marketable skills so you can start your business. Click here to learn how to enrol.

Protect the Idea if Possible

If your idea is innovative and not widespread, consider safeguarding it. You might patent or trademark the idea. As your business grows, communication becomes essential. You’ll collaborate with co-founders, employ staff, and seek investors or loans. Protecting your idea, therefore, becomes crucial, safeguarding both the concept and yourself.

Find Out if the Idea Is Viable

Often, we believe our idea is groundbreaking, but it’s not enough for an idea to exist. People must be willing to pay for it, it must relieve them of pain and add value to their lives. To validate your idea, step outside and engage your potential customers. Ask if your solution could solve their problem and if they’d pay for it.

Endless strategy meetings aren’t enough. If people won’t pay, it’s time wasted. Research others who’ve turned similar ideas into successful businesses. Conduct a feasibility study to confirm your idea’s viability before committing to it.

You must commit to the work to ensure your business is successful in the long run. Success in business is about consistently doing the work and crossing every ‘T’. That’s why you must enrol in the ‘Start Your Business in 30 Days’ Program. In the ‘Start Your Business in 30 Days’ program, we will ensure you don’t miss any step in starting your business.

Develop a Business Plan or Business Model

Once you confirm your idea’s viability, craft a business plan—a flexible document that contains the road maps for your business. The business plan document includes the executive summary, your product or service, management, finances, and marketing—everything essential to bringing your idea to life.

A business plan is often used to attract investors or secure loans. However, if you have the finances to start, consider developing a business model. Utilize a business model canvas to view your business holistically—similar to the human body. If any area falters, the entire business suffers.

For instance, poor customer service affects marketing efforts, while operational issues impact overall performance. The canvas ensures each segment functions optimally. Participants of the Start Your Business in 30 Days Program learn how to develop their business models in one of the modules.

After developing their business model, we review the business models in a live session and give feedback on areas of improvement. If you would like to learn how to develop your business model so you can attract the right customers, then enrol in the Start Your Business in 30 Days Course today.

Determine How to Fund the Business

Go from idea to starting your business in 30 days
Go from idea to starting your business in 30 days

After developing your business model, the next step is to figure out how to fund your business. Do you have savings to bootstrap the business, or will you leverage other people’s funds? Consider family, friends, angel investors, venture capitalists, or crowdfunding. You can fund your business through equity or debt financing, depending on your business, available funds, and business goals.

How to fund your business is very important, which is why at the ‘Start Your Business in 30 Days‘ Course, we bring in a Finance Expert who explains everything you need to know about funding your business, the different sources of funding, and how to access the funding for your business. Click to enroll today to learn what will qualify you to get the right funding for your business.

Name Your Business

Naming your business can be an exciting experience. Choose a creative name that may require significant marketing efforts for brand awareness or a name that straightforwardly reflects your business’s purpose, like Entrepreneurs.ng.

There is a framework we developed for naming your business. This framework will help you choose the right name for your business. If you have not chosen a name before enrolling in the ‘Start Your Business in 30 Days‘ course, we take you through the framework, and at the end of the module for business naming, you will have a catchy name for your business.

The ‘Start Your Business in 30 Days‘ program takes you from idea to starting your business in 30 days. If you are afraid of doing it alone, come to ‘Start Your Business in 30 Days,’ and you will have licensed business experts guiding you every step of the way. Click here to enrol.

Choose the Legal Structure

The legal structure significantly impacts your business. Consider registering as a business name if you are a sole proprietor and want control of the business.

Alternatively, opt for a limited liability company where your liability is limited to the shares you own. Or explore the non-profit entity option if you are a social enterprise.

There are different factors you have to consider before you choose a legal structure for your business. To make an informed decision, you need access to the right knowledge. Our organisation is a full business development organisation and we ensure to educate you so you understand the implications of each legal structure before you choose one.

Reach out to ReDahlia for all your business registration needs on 08188122223. Because the Start Your Business in 30 Days Program is a comprehensive program, business law and taxes are part of the things covered in the program. Click to learn everything about the program and enrol.

Also, get The Ultimate Legal Guide to doing business in Nigeria. It answers all the legal questions you have about setting up a business in Nigeria.

Register Your Business With The Right Authorities

The next thing is to register your business with the right authorities. So, for Nigeria, the CAC (Corporate Affairs Commission) is responsible for business registration. It’s either you’re registering as a business name, incorporating the company, or you’re registering as an NGO.

After registering your business, the next important thing is to trademark your brand. Depending on the business, ensure you get the right licenses and permits. For instance, if you’re running a security company, you need some permits. You must also get certain permits if you’re running a logistics business. So, you must do the right thing at the right time for your business.

Open A Corporate Account

Then the next one is to open a corporate account. With your registered business and your TIN (Tax Identification Number), you can open a corporate account with any bank of your choice.

The important reason why you need to open a corporate bank account is that you need to separate yourself from your business. Also, it gives your business a professional appeal and makes the business trustworthy. We have partnered with one of the top commercial banks to ensure you get a corporate bank account as soon as your business is registered. Talk to us on WhatsApp- 08038874148.

Separate Business and Personal Finances

Maintain trust by keeping business and personal finances separate, establishing professionalism, and ensuring payments are made into corporate accounts rather than personal ones. This is vital for long-term sustainability.

Also, for accountability and tax purposes, the business needs to be separate from you. Pay yourself a salary from the get-go and only live within the means of your salary. That is one of the ways to ensure the sustainability of the business.

Choose the Right Location

Selecting the right business location is crucial; conduct surveys to determine optimal locations based on business type—whether physical or online—and gather insights from market research.

Some businesses are unsuitable for specific locations, and some businesses may struggle if placed in certain areas. Some businesses, when situated in particular places, may face inevitable failure. It is crucial to be discerning about where you choose to locate your business. The chosen location, besides adhering to legal regulations, should also align with sound business judgment.

You can start some businesses from home and move to a better place later as your business grows. Some businesses may do well in a shared office space. Just make sure you know what your business needs in terms of location before deciding.

Compliance with Legalities

Compliance with legal requirements is paramount; understanding tax obligations and business laws and seeking expert guidance ensures a sustainable and legally secure business. ReDahlia renders different tiers of legal compliance services. To ensure that you are complying with the law, reach out to us today and subscribe to one of our legal compliance packages. Talk to us at 08188122223 or 08038874148

Business Growth Strategies

Strategize for business growth through creative marketing approaches, strategic partnerships, and meticulous planning, ensuring a steady customer base and sales—a core aspect of business sustainability.

As you start your business and stabilize, the next stage is growth. To grow, you need to have established structures and put systems and processes in place.

I work with organizations to scale their revenue and impact. If your business is at the point where you are seeking growth, then talk to me – WhatsApp – 08038874148

Start Your Business in 30 Days

One of the programs that help you start your business right is the Start Your Business in 30 Days Program. This program is for entrepreneurs and aspiring entrepreneurs who want to start, set up and scale their businesses. Enrollment for the next cohort is ongoing. Click here to enrol.

In conclusion, continue building your legacy by sharing content with your audience and consistently showing up for yourself and your business.

How I Can Work with You to Start And Grow Your Business

If you want to work with me to start a profitable and sustainable business, then enrol in the Start Your Business in 30 Days Program. I will take you from idea to starting your business in 30 days.

Every week, I teach practical business lessons that have helped thousands of entrepreneurs start and grow their businesses. If you want to benefit from my teachings, click to sign up for the weekly business lesson here.

I am an internationally trained award-winning entrepreneur running three profitable businesses and a member of the prestigious Forbes Coaches Council. I help aspiring entrepreneurs start and set up their businesses through my program- Start Your Business In 30 Days.

And, I work with companies and established corporations to scale their impact and revenue. Reach me at Florence@entrepreneurs.ng if you would like to transform your business.

See the different ways we can help increase your business success.

Photo Credit: Canva.com

Share:

Facebook
Twitter
LinkedIn

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Join Entrepreneurs Family

No spam, only business insights and tips. 

Entrepreneurs Sign Up

Business Registration

Most Popular

Join Entrepreneurs Family

No spam, only business insights and tips. 

Entrepreneurs Sign Up

Related Posts

Mistakes when filing annual returns

Common Mistakes to Avoid When Filing Annual Returns With CAC

Filing annual returns with the Corporate Affairs Commission (CAC) is a mandatory task for businesses in Nigeria. It confirms the operational status rather than the financial performance of the business. Yet, entrepreneurs often encounter pitfalls that can be easily avoided. What are the common mistakes business owners make when filing

Advantages of Filing Annual Returns

Advantages of Filing Annual Returns For Your Business In Nigeria

Filing annual returns is a crucial step for every business and it has many advantages. It’s not just about meeting a legal requirement—it’s a move that sets you up for long-term success. In this article, we’ll look at the advantages of filing annual returns, and why taking annual returns seriously

Filing annual returns

A Step-by-Step Guide To Filing Your Annual Returns in Nigeria

Filing annual returns is a critical legal requirement for every registered business in Nigeria. It’s not just about keeping your business in good standing; it’s about transparency and accountability to regulatory bodies like the Corporate Affairs Commission (CAC). The process can seem daunting, but it’s essential for maintaining your business’s

How to file annual returns

How to File Annual Returns for Businesses in Nigeria

Filing annual returns is a pivotal event in the corporate calendar of any Nigerian business. It is not just a legal formality; it’s a declaration of your company’s existence and an affirmation of its compliance with local business laws. In this article, we will look at how to file annual

Scroll to Top

Join Entrepreneurs Family!

Get access to FREE business insights and funding opportunities daily.

Entrepreneurs Sign Up