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  • Business - Your Money
  • Updated: July 15, 2021

7 Things You Should Do If You Desire To Excel In Business

There are certain things, which every prospective business owner should consider before getting started in the business.

While the very essence of venturing into any business is to make profit, putting these things in place is relevant to actualizing the goal. Below are seven things to put in place before or while setting up a business enterprise.

Setting up a business

A business plan

Preparing a business plan should be the first line of action when starting a new business. This is because having a business plan is a vital tool for a successful business.

In a business plan, goals are laid out, making it easy to track your progress as your business grows.

While some people may argue that it is possible to be successful in business without a business plan, not having one increases the likelihood of getting lost along the way.

Templates are available online on how to write a business plan. A prospective business owner can also engage the service of a professional to have a business plan drafted.

Funding

Funding the business, otherwise known as 'financing' would usually be spelled out in a business plan. As we all know, starting most businesses requires money. Getting the money to start up a business may be through funds from personal savings, partners, investors, government grants, bank loans, or gifts from family and friends.

The amount of money required to start-up each business would be dependent on the size and nature of the business.

Location

The location of a business venture can make or mar the business. Therefore, choosing a business location should be carefully considered. Some of the factors to consider when selecting the location for a business are the nature of the business, your budget, accessibility to the target audience, market competition, building structure, and security among others.

Getting a license
In some line of business, having a license may be required before the business can be 'Kick-started'. In other words, when a license is required, you have to approach the regulatory body in charge of your type of business to be licensed.

For example, those who intend to venture into the food processing business in Nigeria would need to approach the National Agency for Food and Drug Administration and Control (NAFDAC) before they can start selling to consumers.

Having a license prevents you from unnecessary sanctions and ensures the smooth running of your business.

Registering a business name or incorporating a company

The structure, nature, and size of a business usually determine whether to simply register a business name or incorporate a company.

The essence of registering a business name is to discover if the name you have in mind for your business is available and not registered by someone else.

It is unfortunate that a lot of business owners build brands only to find out that someone else has the legal right to their ‘Business Name’. 

A major advantage of incorporating a company is the 'Corporate Personality' status conferred on the company. This means that the company is a seperate legal entity from those who run it.

Setting up the business space

Once a business space has been selected in a good location, furniture, equipment, and office supplies are essentials and must be ready and in place before business commences.

Recruitment process

Once all of the above are in place, the next step is to start the recruitment of workers who would help run the business.

The number of employees would depend largely on the size and nature of the business. For example, you will need to hire more people to work in a factory than you would need to work in a small retail store.

Advertisement

Once a date for the opening of business is set, ensure you advertise your products or services. This can be done by a paid advertisement or by simply spreading the word within your family and friends' circle.

Publicity in business is vital in reaching your target customers, which in turn drives sales.

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Bolanle Akinlade
Bolanle Akinlade

I am a diligent, innovative, and detail-oriented individual, who thrives in dynamic environments.

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