Steps in Starting a Business-FINALLY

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4. WOULD YOU NEED A PERMIT OR LICENSE TO OPERATE?
Depending on your country and location, you may require a permit or license from a government establishment to operate. What are the requirements and standards for approval? Would you need to have specific equipment or tools? Is there a standard qualification you must obtain to be eligible for a permit? You must know these requirements in advance and take the necessary steps to ensure you get the approval you need to open your doors to the public for business.

5. YOU NEED TO USE THE RIGHT EQUIPMENT/PERSONNEL
The size and quality of your equipment/personnel will depend on how much output for the market and the amount of start-up capital you have. It’s very important that you don’t spend too much on equipment at the beginning of any business. Look out for any good quality, pre-owned (second hand) equipment you can find at a bargain price.

Yours Sincerely,

Emmanuel Idenyi-Shaibu ICEN, NIMN

The Millennium Entrepreneur

idenyi1@yahoo.com

twitter : @EIdenyi

Blog: http://www.idenyi1.wordpress.com

08036151760

Federal Lowcost, Jos

Plateau State.

 

Steps in starting a business-Choose a location strategically

Consider locating your business from a cluster of your competitors. Locating your business near too many types of the same business can hurt your chance for success. Always visually inspect the area before you decide on a location.

The types of business/service in the African market appeal to different segments of consumers. You must ensure that the type of business you intend to go into will find a sizeable market in your area. What kind of people live around you? Are they high, middle or low-income earners? Are they students, single people or households with families? Are they predominantly young or old people? If you live in a closely knit community like a residential estate or a university campus, it may be a great opportunity to run this business from your home.
Look for newly established or developing suburbs and high traffic locations that have little competition. It’s also important to focus on areas that may not be well serviced, like industrial estates or high density office blocks where you can draw eager customers.

Yours Sincerely,

Emmanuel Idenyi-Shaibu ICEN, NIMN

The Millennium Entrepreneur

idenyi1@yahoo.com

twitter : @EIdenyi

Blog: http://www.idenyi1.wordpress.com

08036151760

Federal Lowcost, Jos

Plateau State.

 

Steps in Starting a Business-You must know enough

YOU SHOULD KNOW ENOUGH ABOUT THE BUSINESS, ENOUGH TO ENABLE YOU START.
Nobody says you must be a master to start and succeed in business; you really don’t need to. However, you need to know the basics and tricks of the trade if you want to survive in any business. Sign up for basic courses, seminars, workshops, symposia and learn the basics about measurements, recipes, flavours, packaging, branding and marketing. You should not give in to the temptation of thinking it’s enough to just hire a manager and have the business make you money. Your ignorance is likely to open you up to financial losses and eventual failure.

Yours Sincerely,

Emmanuel Idenyi-Shaibu ICEN, NIMN

The Millennium Entrepreneur

idenyi1@yahoo.com

twitter : @EIdenyi

Blog: http://www.idenyi1.wordpress.com

08036151760

Federal Lowcost, Jos,Plateau State.

Business Digest Today

Steps in Starting a Business

1.      Prepare a business plan

2.      You should know enough about the business, enough to enable you start

3.      Choose a location strategically

4.      Would you need a permit or license to operate

5.      You will need to use the right equipment and personnel.

PREPARE A BUSINESS PLAN.

Your detailed business plan will reveal the locations of your potential clients and suppliers and you need to position your business where they will easily have access to you. The nature of your business will determine the number and capacity of work space that will contain your workforce and stock that will service your customers.

A business plan is not as scary as it sounds. Even if you don’t intend to source any capital from banks or investors, it is important that you organize your thoughts on paper. It doesn’t have to be complex or too elaborate, just something to keep your eyes on the big picture. The business plan will allow you to easily identify the obstacles and anything you may not have considered. Your business plan should consider the prevailing market price for the type of service you want to render and how much competition there is. You also need to estimate the profit you’re likely to make in the first, second and third years. Is it sustainable? Is it worth the time, effort and capital? It’s usually wise to keep 8-12 months working capital to adequately support the business. We will discuss what working capital is subsequently. This is just to enable you not encroach into the capital invested especially when such money are sourced. We will advise also that an expert in drafting business plans, feasibility studies is contacted. You will surely need an independent and objective appraisal of that business from someone else who do not probably have sentiments for the growth of the business not matter how small it might be, it will cost you something small to get this road map which will serve as a guide as the business progresses. May I tell you that recently Twenty Million Naira only (N20,0000,000.00) was paid for just a feasibility study to be done by a Consultant for the establishment of a private university in South-South Nigeria(name withheld). Conclusively, the need for a business plan cannot be over-emphasized. Even if you think you don’t need it now you will surely need it later. Anyone who wants to assist with a loan, grant or other source of funding will ask for your business plan.

Business Digest: Starting Small-Prepare a Proposal

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Steps in Starting a Business

1.      Prepare a business plan

2.      You should know enough about the business, enough to enable you start

3.      Choose a location strategically

4.      Would you need a permit or license to operate

5.      You will need to use the right equipment and personnel.

PREPARE A BUSINESS PLAN.

Your detailed business plan will reveal the locations of your potential clients and suppliers and you need to position your business where they will easily have access to you. The nature of your business will determine the number and capacity of work space that will contain your workforce and stock that will service your customers.

A business plan is not as scary as it sounds. Even if you don’t intend to source any capital from banks or investors, it is important that you organize your thoughts on paper. It doesn’t have to be complex or too elaborate, just something to keep your eyes on the big picture. The business plan will allow you to easily identify the obstacles and anything you may not have considered. Your business plan should consider the prevailing market price for the type of service you want to render and how much competition there is. You also need to estimate the profit you’re likely to make in the first, second and third years. Is it sustainable? Is it worth the time, effort and capital? It’s usually wise to keep 8-12 months working capital to adequately support the business. We will discuss what working capital is subsequently. This is just to enable you not encroach into the capital invested especially when such money are sourced. We will advise also that an expert in drafting business plans, feasibility studies is contacted. You will surely need an independent and objective appraisal of that business from someone else who do not probably have sentiments for the growth of the business not matter how small it might be, it will cost you something small to get this road map which will serve as a guide as the business progresses. May I tell you that recently Twenty Million Naira only (N20,0000,000.00) was paid for just a feasibility study to be done by a Consultant for the establishment of a private university in South-South Nigeria(name withheld). Conclusively, the need for a business plan cannot be over-emphasized. Even if you think you don’t need it now you will surely need it later. Anyone who wants to assist with a loan, grant or other source of funding will ask for your business plan.

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Yours Sincerely,

Emmanuel Idenyi-Shaibu ICEN, NIMN

The Millennium Entrepreneur

idenyi1@yahoo.com

twitter : @EIdenyi

Blog: http://www.idenyi1.wordpress.com

08036151760

Federal Lowcost, Jos

Plateau State.

 

BU$IN£$$ DIG£$T-starting small

On BU$IN£$$ DIG£$T this morning, we shall be considering “Starting Small” Household names such as  Apple, Amazon, Google, HP, Disney, etc. started in their founders’ garages: however “Virtual Offices” are a better option these days. These are flexible office spaces that offer the office essentials of heat, lighting, cleaning, office furniture, common meeting and reception facilities. Internet and telephone all provided in a single pay-as-you-go bill. This reduces your initial set-up cost and gives you flexibility to move between spaces as you grow. The Holy Writ captures it unequivocally by saying (1) despise not the days of little beginning, (2) though thy beginning be small, they latter end will greatly increase. Bishop David Oyedepo further said that “you are permitted to start small, but you see not permitted to remain small” I have always said that the fact that you have the financial muscle to run a poultry farm of 10,000 birds does not mean you should start, this is so because you need to gradually develop the heart to withstand business risk and thereby grow and enlarge your heart to withstand more pressure. For every business, you must be initiated into in it or if you like, learn the tricks of such a business. Time will fail me to expatiate and I will not want to overflogg the matter….never ever believe in microwave success. Until I come your way again, this is the official broadcast of yours sincerely; Emmanuel Idenyi-Shaibu Esq, the Millennium Entrepreneur. Twitter handle @EIdenyi and blog http://www.idenyi1.wordpress.com.

 

STEP IN STARTING A BUSINESS

1. Prepare a Business Plan

2. You should know enough about the business, enough to enable you start

3. Choose a location strategically

4. Would you need a permit or license to operate?

5. You will need to use the right equipment/personnel.

Details in days to come>>>