Forming a startup from scratch is more than just signing papers and having a name. Here are 5 simple steps to become a registered business bursting with energy. These steps can be applied to any kind of business – including technology.
Don’t be deceived by the simplicity and how these steps are stated as A-B-C-Success. A lot of hard work will be required and be ready to face challenges. Market forces will be at play, as well as government policies, and other challenges such as keeping motivation high and retaining talent on the team . In the end, you will have to have all 5 things in place.
1. Find a gap in the market.
Develop a concept, product or service that doesn’t exist and that people will want. Being an entrepreneur is about never giving up and having the will and determination to succeed.
2. Put your team together.
Start by identifying the right people for your business. They will help build it and take it forward. You can’t judge on education alone, so find team members who have a proven track record and the experience to get the job done. If you plan on recruiting recent graduates, make sure you invest in them with training geared towards a long-term vision..
3. Test your products.
Once you’ve got your core product, develop and test it using test protocols and usage. This will allow you to assess its development stage and improve on any existing faults.
4. Register your business.
Find the necessary registering authority in your country. This is usually a formality and sees you providing names and an accounting officer for your business. Once you’re registered, you can start with putting your business together. Thinking Nigeria? The you’d have to visit the Corporate Affairs Commission (CAC) for this.
5. Find facilities, equipment and suppliers.
Startups don’t always need the best of the best to get up and running. Instead of wasting money on brand new machinery, you can sometimes opt for reconditioned units that will do the job. The same goes for facilities – you don’t always need to buy or rent property that you can’t afford. Find premises that are suitable and allow for some expansion in the future. When the time comes, you can always upgrade and find a bigger building that will accommodate your growing business. Shop around for suppliers, too, and find the businesses that will help you as a startup. This can include discounts or better account payment plans, all of which will be beneficial to getting you going.
Starting a business means building it up from the ground. This means finding people you can trust with a product or service that fills a gap in the market. Once you’ve got those in place, the rest will fall into place.
Source – AR