7 Important Steps To Take In Establishing A New Profitable Business

This article is being put in place to empowering young people to become self employed and help them escape the trap of poverty and become active contributors in the development of an economy. It is therefore important for a prospective entrepreneurs like you to read this article to the very end in order to know how a BUSINESS can be established.

Starting point

BUSINESS as we all know is any activity that provides good and services or both in exchange for money.

Having known what Enterprise/Business is all about! Let see what it takes to start a new business.

Starting a new business
There is no one best way in starting a new BUSINESS, Bellow are some of the common step that have to be taken.

* Identifying a business idea

* Selecting a business idea

* preparing a business plan.

* Selecting a legal form of business.

* choosing and registering a business name.

* obtaining relevant approval from relevant government agency.

* lunching your enterprise.

1) IDENTIFYING A BUSINESS IDEA. The first step in starting a business is to identify a need that can be satisfied by a product or service in a community or society. New business ideas or opportunity can be generated when there are changes in demographic structure, society economic policy, technology etc. Furthermore an entrepreneur can also gather an idea or ideas from his or her immediate environment, media, listening to complaints of the people about need. For example, from the complaint about products or services a prospective entrepreneur can have the idea of making the products or services more convenient, less expensive or easier to use and thereby provide costumers added value for their money.

2) SELECTING A BUSINESS IDEA: The second step is to select a business idea, this occurs when a good ideas number of business ideas have been identified so as to select the most attractive and profitable one, it is important sometimes to consider the following when selecting an idea.

         * The skills required to run
             the business

          * Possibility of getting the
             relevant information.

           * Personal interest in the
              in the business

           * Capital

            * Viability

            * Risk tolerance

3) PREPARING A BUSINESS PLAN. When starting a business, it is important to write a business plan. It will lay out direction for the future of your enterprise. Just as plan are important when building a house, so is a business plan important for starting a business.

4) SELECT A LEGAL FORM OF BUSINESS: Here you need to consider some factors before selecting the legal form of the business. Like

i) Set up formality
ii) Additional capital
iii) Tax advantage

5) CHOOSING AND REGISTERING A BUSINESS NAME; A business name is any name under which any economic activity is carried on. It is an identification mark therefore a good entrepreneurs should choose a unique name that is easy to pronounce, easy to remember and reflect the nature of the business.

6) OBTAINING APPROVALS FROM RELEVANT GOVERNMENT AGENCY: To start some business in Nigeria a license or permit from appropriate regulatory agencies like NAFDAC, SON etc is required. It is important that an entrepreneur finds out if such permits are required for his or her business. You can make enquiry from similar existing business or government agencies that ft fry have oversight responsibility for the sector to which your business belong.

7) LUNCHING YOUR BUSINESS: Having got the required resources to start a business such as suitable location for the business, human resources, capital, suitable technology etc the business can be launched. Lunching mark the end of the start up process.

It is important to mention here that this is the beginning of a wonderful wonderful business experience. Remember a journey of a thousand miles start with a step. This stage of starting the business is the basis for experiencing other stages of growth that the enterprise will have. To succeed, the entrepreneur must be determined and willing to learn from his or her m is take stab and successes.

I believe you have gotten an overview of what it takes to start a new business: THANK FOR YOUR PRECIOUS TIME WASTED. KEEP VISITING N-TRACE KEEP ENRICHING WITH THE RELEVANT KNOWLEDGE.