Dangote's 5 Top Tips To Starting A Successful Business

Dangote's 5 Top Tips To Starting A Successful Business

       Currently there are 37 million MSMFs businesses in Nigeria. This shows that every year, hundred of thousands of people across the country take a leap of faith and start their own businesses. This route requires a lot of dedication, and many end up failing. But for those who survive, the dividends of entrepreneurship commensurate with the obstacles they face on the road to success.

     

        Keep in mind, I'm only talking about setting yourself up to do business; am not talking about writing a business plan. The goal is to reveal Dangote's top 5 tips for starting a business and to get off square one and get on to the fun stuff.

Here Are The Top 5 Tips For Starting A Business.

1. BRAINSTORM IDEAS

          Both new and existing businesses start with an idea. Suppose there is something you are really passionate and knowledgeable about, or perhaps you think you have found a way to bridge a gap in the market place. Wherever your interest lie, it's almost certain that there's a way to turn it into a business enterprise.
    Recommended :

•  How To Choose A Feasible Business Idea.
• The Top 10 Business Idea To Start That Is Recession Friendly

          You might as well consider franchising. Once you have narrowed your list of ideas down to one or two, do a quick background check on existing companies in you chosen industry. Learn about their pros and cons and figure out how you can do better. If you believe your business can provide what other companies don't ( or provide the same thing, but in a more faster and cheaper way ), you've got a solid idea and ready to create a business plan. 

           "Businesses don't start with simple ideas", Silverstein told business news daily "They start with a problem to be solved (And) opportunities to do things better".

2. CRAFT A BUSINESS PLAN

          A business plan is an inevitable road map for business success. This living document generally projects 3 - 5 years ahead and outlines the routes a company intends to take to grow revenues. A business without a plan is just like a person going on a journey without a map, especially if he doesn't know where his going. In basic terms, business plan helps you figure out where your company is going, how it will overcome any potential difficulties, and what you need to sustain it. A full guide to write you plan can be found here, But these are the basic sections you will need to cover.

• Your business description and how you will accomplish your goals.
• Your future goals and how you intend to meet market needs.
• Your findings on your target market.
• Organization and management of your company.
• Your service or product line, including your design and development plan for your product.
• Strategies or market penetration and growth.
• Estimated cost and financing.

3. SOURCE FOR BUSINESS FINANCES

        Starting any business has a price, so you need to determine how you are going to cover the cost. Do you have the means to fund your startup, or are you depending on borrowed money? If you are planning to make your new business your full time job, It's wise  to wait until you have at least some money set aside for startup cost in order to sustain yourself in the beginning before you start making profit.

       While you might have some amount of money to fund at the beginners stage, growing it with that little money might be an headache in the long run. This is why you workout some ways to source for finance.

      A bank loan might be a good place to start, though you might find it difficult in sourcing for finance as a startup in banks, except if you can convince them with your product or service. If you can't access bank loan at the end, you might as well look out for some good grants and incentives of government in your community.

         Business startups involving huge amount of finance will have to watch out for other alternatives such as venture capital, maybe angel investment as well.

4.DECIDE YOUR BUSINESS STRUCTURE

         Before you legally register your business name, you need to decide what business structure to choose. Make sure the business structure fit your business model and overall brand.

         If you have intention of running the business by yourself without any form of partnership, then proprietorship might be a better alternative for you. However, if you are considering partnering, then partnership can help you. Danielle Wilson, president and CEO of AIR AMBULANCE Transport Company, said these two are the easiest types of businesses to form.

         If you are thinking of separating your personal life from your business liability then forming a limited liability company might be the idea business structure for you this makes business a separate legal entity from its owner.

         Ultimately, choosing a business structure all boils down to the choice of the entrepreneur and what he think is best for his business pursuit.

5.REGISTER YOUR BUSINESS

         Business registration depend largely on the form of business that is been registered and government policies. Take for instance if you are planning on being a sole proprietor in Nigeria all you need to do is to work up to any lawyer or corporate affairs commission (CAC) branch around you to get your business name registered.

         Here's a quick tips of how to properly get your business name registered. What you need are !

1. Two passport photographs.
2. The details of a partner (You can not register alone, you will need a partner).
3. The partners photographs.
4. Your address (You can make use of resident address).
5. Telephone Number (Use GSM).
6. Local government area (LGA) and other related requirments.

         According to CAC, there are some compulsory charges: LOOK FORWARD TO HOW TO GET YOUR BUSINESS NAME REGISTERED.

         On a final note, starting a business is just a tip of the iceberg, how you are going to leverage on available resources to achieve tremendous growth is what matters.

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