AskCharlesOnY!: Starting a business? You should consider these things

by Charles Odii

Week 5 of #AskCharlesOnY!

Dear Charles,

Firstly, Let me thank you for the good work, keep it up.

I’m about to start my business; please can you share with me a list of things I should consider before I start off, so that I am adequately prepared.

Response

Hello,

Good question. Please see below a checklist designed to remind you of the key point to consider when becoming self-employed.

Fundamentals

What are your reasons for becoming an entrepreneur?

How feasible is your idea and why?

What’s the unique selling point of your business?

Who is your potential customer?

How will you make sure your products are marketable (Quality Control)?

What knowledge, skills and qualifications are needed in the sector that you have chosen?

How will you keep your knowledge, skills and qualifications up to date?

 

Your Research

Name five competitors, and how long have they been in the market?

How is your business different, what are you doing differently?

Which five areas of research will you need to tackle first?

Where specifically, will you find the information?

Desk research only goes so far, who would you talk to?

Who will you need to help you – inside and outside the business?

With which professional organizations and associations should you register?

 

Practicalities

What type of business would you run e.g. Partnership, sole trader etc.?

What can you set against tax?

What mandatory regulations must you follow?

What IT facilities will be necessary?

How do you intend to “grow” the business?

What are your success indicators? E.g. No of referrals, Annual income etc.

 

Funding

How much money will you need to start the business?

What resources and equipment will be required?

Where will you be based and what will this cost?

Which sources of funding will you approach first?

How will you support yourself while starting up the business?

Remember SME100Nigeria is here to help you and support you.

Call us today to Book an appointment with our Consultant on 08177743650 or email us on [email protected]. We will be glad to hear from you

_________________________

Op–ed pieces and contributions are the opinions of the writers only and do not represent the opinions of Y!/YNaija

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