Baby Steps in Starting your Business

You want to run your business? Be your own boss? Or you are simply tired of saying yes sir yes ma (in the real sense, you aren’t going to be tired for you will say it to your customers…lol) and you want to try something out.

The first thing most people do is to just think of an idea, jump into it and run. While that s good, what is expedient is the sustainability of that idea and having a structure around it that will aid you in the days to come.

So, what do you want to do first as a business minded person?

  1. Have a business name once you have the business idea. The business idea may or will determine the name of your business…though I must say not necessarily. But once you have that figment of an idea…produce a business name that resounds with you and will project the values…the objectives of that business idea.
  2. What type of business do you want to run? A Sole Proprietor? Limited Liability (Ltd/Plc)? Partnership? Or what? You need to be clear on this as it would determine your next move and positioning. And you don’t have to start big by the way…just start from where you are capable and grow your business into that sphere you want it to be.
  3. Register with Corporate Affairs Commission (CAC). This is the next smart thing to do. Register your business. Either as a business name which will make it an enterprise or ventures or as a Limited Liability Company or as a partnership. The key thing is this step sets you on the pathway of building the proper structure for your business to survive and innovate in the nearest future. Registering with CAC is not rocket science. You can do It yourself…by simply going to their website to register…The simplest you can do is Business name registration. It won’t cost you more than N10500 to do so and in a matter of weeks or less, once you have your business objectives clearly stated and other key information which are your details…you are on the way to having your business name registered. All you need is just at a click here: https://pre.cac.gov.ng/home
  4. Get your TIN Number and register for VAT. This is most crucial for any businessperson and business entity. You got to pay your tax! And beyond that, you need to be legally registered as a business entity with the government so should the government be making tax incentives you are qualified. Or should there be a bidding, without the TIN you stand no chance. The benefits are too numerous to mention. In other work, the benefits outweigh the cost. And the cost been when you default. Registering for TIN and VAT is free…and you can get it within 24-96hrs at any FIRS Tax Station close to you.
  5. Open a Corporate Bank account. Yes, this is the ultimate step in starting your business. Open a corporate bank account…. you do not want to start business and be accepting funds into your own personal account, do you? Well, if you have been doing so…and not done any of the steps outlined above…then you are losing out in a big way you just don’t know it yet. (More light will be shared on this in the nearest future).

In conclusion, to kickstart your entrepreneurial journey, start with the five simple steps outlined above. There are several other areas and things that you need to do to make your business sustainable, viable and profitable. This today, is just baby steps. And should you have started your business without any of the above, well…it is not too late to start the right process.

See you at the next post!

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