The best time to plant a coconut tree was 25 years ago and the second best time is now. Don’t get caught up in the rat race, register a company now and seek for help on how to run it.
It’s being said that only 5% of companies remain in business after the first five years. This worrisome statistics should not discourage you from starting your business as yours have the chance of being among this 5%. Did I hear myself say chance? Yes I did, chance not luck, as in business though you need a little of luck, what is more important is your readiness and willingness to push through. Start a business today with that idea as no matter how fantastic your idea is, it will do no one including you no good until it is birthed either as a business or as a charity.
A successful startup would need all of the following to succeed in today’s business world.
A business name or incorporation. In Nigeria, you are free to start your sole business with your name or any other name of your choice without the need to register or incorporate it. However, you will be restricted as you cannot get a bank account in the name of such business. This will limit your success as corporate organisation would not be interested in awarding you contract knowing they are dealing with just an individual. So you need to have at least a business name registered with CAC.
An eye-catching website. People are so busy in today’s information age that they don’t have enough time to attend to their personal issues much less another’s. With the increasing mobile penetration in Nigeria, many won’t even border coming to look for you to know more about what you do except you are offering a lifesaving service. Get your business online as soon as you can as this is the best medium with which you can tell the world about your products and services.
A bankable business plan. It’s a known fact that getting a loan from banks to fund a startup especially a service oriented company is like National Space Research and Development Agency of Nigeria going to the moon. The available and of course rapidly increasing opportunity is investors. But you know what, investors don’t just invest in ideas, they invest in people. Your business plan is an explanation of yourself and what you and your team are ready and willing to do with your time, knowledge and available resources. You need a well written business plan with a solid income projection statement to prove to would be investors that there is a high ROI in your business.
A good company profile. A business plan is the document you give to your investors but a company profile is the document you give to your prospective client. Without a viable means of directly informing your prospective client about what you do and who you had served (If any), you will not be able to make sales. A professional company profile will get clients attention to your business before you will put on your sales skill to get conversion from the profile lead.
An aesthetic company ID. There is no second chance to make first impression. Get it right from the start and you will be in for a good project. The first thing people see on you is your wears before they look at your face. The first thing people see about your company is the unique ID, your brand. This is very important and should not be treated lightly.
A good social media platform. You cannot do without the social media platform if you want to succeed in whatever you do today especially if your business has anything to do with reaching a wider audience. Just like real life, people are not so interested in what you offer but how it can benefit them. Creating a social media account and dishing out messages is a good start but you may be surprised to see that this is not yielding the desired result. You need to employ the right keywords to keep your messages before your audience all the time.
Many startups are folded in their first five years but great companies are those who in tick and thorns weathered the storm of business. Life itself is not a bed of roses so is business. Though business can get you any rose bed but this can only happen after much push.
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