10 Must-Haves For New Business Owners
Well done! You’ve embarked on one of the most interesting yet extremely rewarding character development ventures ever! However, there are certain things you must know/have to have an overall smooth and enjoyable experience.
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- Have a business plan
Business plans are like a map – it’s important to go with one when embarking on a journey. A business plan helps to lay out your goals and also track your progress. More importantly, when seeking funding, a business plan shows potential investors that your venture is worth putting money into.
- Have a unique and memorable name.
For your brand to succeed in today’s fast-paced world, you must create a strong identity for your brand and a strong identity begins with a business name that is memorable and unique. Try not to have names that are a mouthful, hard to pronounce, and/or vague or an imitation of another brand.
- Have your business registered
If you’re conducting business in Nigeria, it is required that you have your business registered with the Corporate Affairs Commission. For public perception, brand credibility, legal protection, equity financing, and many more, be sure to register your business
- Have Social Media Presence
Create only the relevant social media pages for your brand so that it is easy for your customers to find you and also for you to manage. You’re a lean team and shouldn’t stretch yourself thin by being on every social media platform.
- Have Consistent Branding
The world’s most successful companies are consistent with their branding – this way, they distinguish themselves from competitors. Let the tone, style, colours, and fonts of your brand remain consistent so customers can easily spot you from the crowd.
- Have a business account
Your business funds belong to your business, regardless of being a sole proprietor or not. Create a business account so you can track your finances and business records. Put a barrier between your personal funds and business funds by having a business account. Also, a business account helps with proper audit and is also a requirement to seek funding from future investors
- Have a marketing budget
Doing business without advertising is like winking at a girl in the dark – you know what you’re doing but nobody else does. You have to create a budget to promote your business, no matter how little. That’s the fastest way to gain more customers and grow your business
- Have a support system
The entrepreneurial journey can sometimes be lonely and so you need a support system. Join a community of like-minded individuals and learn from each other. The FCMB Business Zone is an excellent platform to receive advisory services, network with other business owners, get visibility and recognition, and gain access to events and training.
- Have fun and learn as you go.
You’ll make mistakes but you must learn from them quickly and keep it moving. Your patience will also be put to test but you must always maintain a positive outlook. Remember, this is a marathon, not a sprint. So slow down when you need to, take a break if you feel overwhelmed, and enjoy every phase of your business.
- Have a growth mindset
A growth mindset helps to reframe challenges as learning opportunities. Just because you had a bad day or an order went wrong doesn’t mean you have a bad business. Learn to grow through whatever you’re going through and you’ll be better for it in the long run.
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