How to start a business (Things to know first)

Before starting a business, you should consider some necessary things that I am want to share with you in this article.

Choosing a business Name: this is very important for a start up business, because a name is an identity, therefore you have to choose a befitting identity, name that can represent what you are doing, something unique and easy to remember. One simple technique in choosing a business name is to write up to ten names down and ask friends and relatives to choose from them, the one that was most chosen can be used. Remember, it is not about what you like but what will sell fast.

Choose your business Location: one factor that determines business success is your location. You should take time to carefully choose where you want to locate your business, and the choice should be determined by some factors like;

·         Accessibility: the people who need your product and services should be able to reach you easily.

·         Infrastructural facilities: you must be able to determine if the location has the basic infrastructural facilities you need to smoothly run your business. Examples are light, road network, telecommunication network, water etc.

Register the business Name: It is very vital for you to register your business name with the appropriate body set up by government, like in Nigeria it is the Corporate Affairs Commission (CAC).  You have to do that in order to secure the business name and so that you can transact business with the name. The process is easy and it is not so expensive.

When you follow these steps, you will hardly make the kind of mistakes that so many small business owners make a lot of times.

I wish you success in your business endeavor.

Felix Aigbonohan

Business & Personal Development coach

Xterics Resources®| RazorEdge Coaching

www.maximumperformancecoach.com.

How to raise money for small businesses

Raising capital has been seen by intending small and medium scale entrepreneurs as one major challenge in this part of the world. Commercial banks do not easily give loans to small start-up businesses mostly because they cannot meet the requirements.

In this article, I am going to be showing you alternative means of raising capital for your small business.

Personal savings: if you are a worker at the moment or you do something that brings you constant money, you can start saving a part of your income consistently over a period of time. This is for people who have the mind of starting a business in the nearest future.

Sales of Personal Assets: If you have done your due diligence check and you have a well planned business in mind, you can sell a valuable asset like land to be able to raise the money. Point of caution; make sure you are very sure of the business idea before selling your asset.

Family assistance: if you are serious about starting a business, most especially when you have a well written business plan, you can meet a relation of yours that is financially buoyant to assist. Your seriousness will make the process faster.

Loan from friends: If you have a friend that can help you, ask him/her. Tell her when and how you will pay back the money.

Gratuity and Pension Benefit: If you have retired from active service, you can use your retirement benefit to start a business, instead of using it to renovate your house. This way, you will not depend on monthly pension to survive.

Receiving deposited against Supplies: you can ask for money from your clients before you provide the goods/services. Most times, it is 70% upfront that is if you have business integrity.

Group contribution:  You can join a group contribution that is locally known as “Osusu”

Loan from financial institution: some financial institutions still gives loan to small and medium scale businesses, when you meet the conditions. Microfinance banks, venture capitalist and quick loan organizations.

Make sure you have done every other things right before moving ahead to get money for your business.

To your you success!

Felix Aigbonohan

Business & Personal Development coach

Xterics Resources®| RazorEdge Coaching

www.maximumperformancecoach.com.