Starting a small business doesn’t require a huge capital but you need to have some funds to start it up.
If you wish to start a small business on the side to create another source of income, here is how to go about it.
Starting a small business doesn't require a huge capital but you need to have some funds to start it up.
So many people are into various small business, but being a business owner comes with various challenges which makes it difficult for so many small businesses to succeed.
Starting a business is the easy part but survival of that same business is the difficult part.
The first step to starting a business is doing a research on what type of business you want to do. It is very likely people already have what kind of business they want to go into, but it goes beyond having just an idea.
You must do your research on the business idea you plan to start. Is it a viable business idea, would it be a successful business, would it be accepted by the general public?
You need to ask all these questions and also do a feasibility study on how successful and profitable your business idea could be.
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The next step is to make a plan for your business. Create a plan to bring your business into existence. A business plan serves as a guide to establish and grow your business.
You can't start a business without having a plan for the business. It is important to have a business plan for any new business.
Now that you have done your research and also drawn out your business plan, the next step is to plan your finances.
Small businesses really don't require a lot of money to start up, but some money would be needed to kick off a business project. You'll need to spend money expenses before you start making profits when starting a small business.
Put a list together writing all what you'll need to start up a business and how much it would cost in total. Also, don't forget the running cost to maintain and keep the business going.
Be careful what kind of business structure you adopt for your small business to avoid paying tax your business cannot afford.
The best business structure for small businesses is sole proprietorship, solely for one person. Another business structure small business can adopt is a partnership, if it entails more than one person.
You can then choose and register your business name. Choose a good business name because it plays an important role in your business.
A bad business name might be bad for business which you don't want for your business brand.
Registration of business names in Nigeria is always done by Corporate Affairs Commission (C.A.C)
You can then pick a place you want to set up your business.
Pick a location where you can operate a good business. If you don't have the means to set up a business, you can go ahead by doing it from your home using social media as a means of advertising your goods or services.
ALSO READ: Why you should have a side business
Now that you have all in check, you are ready for business. Start promoting your business to attract clients.
Small business doesn't require you to employ people but as the business grows you can start employing people.