There are thousands of quick turnover businesses you could start and become rich. Thanks for new daily-emerging technology and good old-fashioned ingenuity. Though, the vast universe of possibilities, there are a few essential steps you need to take before you can start a business. The following steps provided are here:
1. Market Research: researching marketing trends is so essential for any business starter who wants to go into a business because it helps in finding a right marketing niche or knowing who wants to buy your product or service or needs it most before selling them, to make money. Easily! Don’t sell them what you want, but sell them what they want. Before starting a business, you need to answer these questions yourself. What type of products or services do they want or need most? Is there space for your product or service in the market?, etc. For example, if you want to become a distribution businessman or retiring businessman or any business, what type of product or service do buyers buy most or people need most. Find it out.
2. Business Plan: before finding an ideal need or hot demand, you need a business plan well. How much will you need to start a business? List how much you think it will cost you to start a business. But many entrepreneurs fail because they don’t write a business plan rightly. I learned that one Nigerian man went to Pastor (Dr.) Patrick C. Orji in his work office and asked him for funds to finance for his business. But Dr.Orji asked the foolish man how much he wanted him to lend him money for a business. And the man replied that he should just give him money. But Dr.Orji asked him impressively again how much he really wanted money to fund his business. “Any money”, said the man. What if the man goes out with a loan and finds money is not enough to meet his business requests?
3. Hire A Business Lawyer: if you want to start a big business like distribution, small-scale manufacture,etc, you need a good business attorney (who knows about business well) to help you to start structuring your business as well as gives you advice about what to do.
4. Hire An Accountant: anybody who wants a business must have a good accountant because he or she will help you to establish bookkeeping and other record-keeping procedures for you, to keep good tracks for years.
5. A Business Structure: choose which a business structure you want to be, for example, partnership, corporation, proprietorship, Limited Liability Corporation, etc.
6. A Business Name: what kind of business names or brands would you like to title for your business. Just write down what you want to name a business name. The business name should be similar to a product you select.
7. Necessary Licenses: for a manufacturing business, you need a licence to manufacture and sell specific products. For example, if you want to drive a car some where, you need a government licence to approve policeman that you are permitted to drive the car in the public road.
However, if you take the seven steps above, you will find yourself in a confident and business-ready position. May God bless you as you take steps for your business.
I hope you understand it. Any question, my business readers. Please drop your comment here in the box. Thank you for choosing this article and read it.
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