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How To Start A Business

Step 1 - Get A Superb Business Idea

Every great thing starts as an idea. This is quite important because if you do your home work and get a sound business idea, it can give you all the money you're looking for.

What most people do is that they see what everybody is rushing into, and they join the train.

 

An example is, the Dubai clothing importation business. You'd find this one common among the women folk in Port Harcourt City as most of them travel to Dubai to import clothes to sell.

If you live in the Coal City(Enugu State) where I do, you will notice that there's been an increase of hospitality outfits; hotels are being built in every corner of the town.

Now there's no problem with this except for the fact that one might end up going into a market that is already saturated all in the name of 'everybody is doing it'.

 

So it's very important to get an original idea; a need that no other person is meeting or a need that is poorly met.

Some years ago, 3 men decide to come together and package bottled water(Swan Water); it was the first of its kind. There was no other competitor and so they entered the market and made all the money. I think shortly after their entrance, Ragolis water joined and now there are more bottled water packaging firms than we can count. Their idea was the first of its kind.

 

Another good example is, Cyber Café business…this one is already saturated. If you notice, the cafes that are still running up till today are not making their money by providing internet service only but through computer training;  seasonal surges from examination registration, US Visa, Online interview application etc.

 

So before you get into any business, ask yourself this question, 'What is that need that no other person is meeting or that is poorly being met in my environment?'

This is not a question to take lightly; you will need to do your research to answer this question to its best.

Emphasizing on businesses that are poorly met, let me say that you can still find yourself in a saturated market and still make it big time. There are quite a lot of factors that can help you stand out in a saturated market but I'd just point out 2 major ones and probably talk about them in detail in some other post;

• Great customer service and
• Aggressive marketing

 

Statement of fact: There are still many needs that are not being met; the question is, can you find them?

 

Do you need a superb business idea? Grab a Holy Bible and read Jeremiah 33: 2 - 3

 

Step 2 - Research The Market

Make your research to know if there are enough customers willing to pay for your products or services; especially when it is something unique that is about to be released. Be sure that your business idea is viable in your environment.

Talk to people, ask questions

 

Step 3 - Get Your Business Name Registered

You will need to have your business registered with the Corporate Affairs Commission closest to you. If you deal with health related materials, NAFDAC should know that you exist.

Registering your business name gets you to be on the right side of the law. People who have fallen victim to this just start with their unregistered business name and while they have gone far with their branding, they discover that some other business bears the same name and has it registered.

 

Having a registered business name is vital;

• For name recognition
• So you avoid legal action taken against you in the eventuality that someone already bears your business name else where
• So it can strengthen your branding efforts

 

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