By Fola Daniel Adelesi
How does one move from a bright idea to running a successful enterprise? Usually, the first step is the decision to become a business owner. While some make this decision based on the desire to build wealth, others have decided to venture into entrepreneurship to create an impact in their society.
For some, the task of becoming an entrepreneur is daunting whilst others simply do not know how or where to begin. While it truly takes a lot to start a business, there are some basic steps that will determine the status of the business as a legal entity. When starting out, you need to have a clear purpose for implementing your business idea, and the courage to face imminent challenges. Now that you’ve made the decision to start a business, consider these 10 important steps:
Identify a need: An opportunity is created from the need you identify. Once you observe a need that isn’t being met, it is a signal to explore the possibilities of offering a product or service to meet that demand.
Set your target audience: Identify a target market of people who have those specific needs. You must conduct adequate research to get a deeper understanding of who your target audience are, and appropriately segment them.
Create a solution: Once an opportunity and a target market have been identified, the next step is to create a viable solution that you will sell.
Define your vision: Once a business idea has been established, it is necessary for the entrepreneur to set clear targets and determine the vision to ensure there is continuity.
Choose a business name: While this sounds simple, it is sometimes one of the most complex decisions to make because a business name can attract, confuse or discourage customers from patronizing you. Choose a simple and catchy business name that will resonate with your prospective customers.
Register the business: Your business is not legitimate until you have registered it with the governmental agent responsible for regulating the formation and management of companies in your country. You must also register with your local tax agency and ensure that you file your tax returns appropriately and on time.
Open a bank account: This is crucial for maintaining financial records and keeping track of the business turnover. A bank account also serves as a reference for potential investors or financers to evaluate your business.
Establish online presence: Establishing an online presence through blogging, a corporate website or even social media is necessary in today’s digital era. Creating an online presence using effective online marketing strategies can drive attention to your business.
Create a structure: Your business should not only be tied to you as an individual. You should have an official means of communicating with stakeholders, have a workflow process and set certain standards in place before launching.
Sell sell sell!: Don’t take all the steps listed above and keep still. Selling is a constant process as the aim is to eventually increase both the capacity and yield for the business.
Becoming an entrepreneur is not limited to these 10 steps. However, it is important to implement an idea and keep moving. Every step counts, especially the first few.
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