How to Start a Business

Nowadays, everyone is in search of money! The hushed talk of side hustles has become a thing of the past. With the current economy we live in, and the trends of the world, your dreams of early retirement and having money that works for you seems bleaker by the day.

Many people want to start a business, but does everyone have what it takes? Starting a business does not mean you have to be on it daily. You can have the idea but have a group of people working on it daily; all you have to do is supervise. Do you need money to start a business?

There are two schools of thought. Most businesses require capital to skyrocket, but you can use sweat equity while you put together capital. Others also believe that even though starting a business can be an excellent feeling, it is expensive. Thus, you need money. Let's delve into how to start a business:

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Where do I start?

It's all a mind game till you take advantage of it. Starting a business begins with an idea. We tend to get ideas by finding solutions to problems around us, which is a good starting point.

As the saying goes, there's nothing new under the sun, so don't limit yourself. Think big; you could be sitting on your next million-dollar idea. Here, you also decide what kind of business you would like to engage in, this would help you narrow down your target market.

Don't look too far.

Spotlighting Ghana, the Ghana Innovation Hub offers help to entrepreneurs to expand their businesses, providing support at the stages of ideation, incubation, and acceleration. In the process of starting, you can explore using this avenue to seek help right from ideation. How helpful!

You don’t have to be alone on this entrepreneurial journey. Apart from Ghana, other organisations are open to funding and mentoring entrepreneurial individuals and their ideas, such as TefConnect, The Anzisha Prize Program, MEST Africa and the like. Now starting a business does not look so scary right?

Research the market; is it viable?

It seems like the best solution till it has left our minds and is put in the hands of critical observers, and our idea doesn't look so good after all. Remember that the business you want to create would involve a large number of patrons. Hence you want to ensure that you are hitting their pain points. So get a few of your trusted friends together or a mentor, share the idea, seek their input, test the product, receive feedback then you can start developing the final product or service to render to the customer.

Have a business plan.

Too often, we tend to underestimate the growth and scalability of our business and leave the necessary details to chance and take it a day at a time. There are better ideas than this. This is because having a business plan outlines where you would like the business to reach and how to get there.

This helps you to remain focused with your eyes on the prize. That's the best way to ensure you are laying the groundwork for a successful business. Once this is done, you can consider applying to the National Entrepreneurship and Innovation Programme. This program is available to entrepreneurs to fund their business ideas.

Start small.

To start selling without incurring a lot of capital expenditures like renting an office space, furnishing the office, electricity, and the like, start small. Your first office space can be from your bedroom with your first shop on Instagram and Facebook. These social media platforms have made it easier for business owners to create a marketplace for their businesses just by having a phone. You'd be surprised at the growth you can attain using the tools on these platforms. Read here.

Consistency is the Key

"Rome was not built in a day". This means you have to show up and show out every day at work, with or without customers. Businesses that stand the test of time are those that execute consistency. This works in their favour, making the business look reliable and credible over time. But honestly, that's the best way to get your money in, by being consistent with your customers.

Starting a business is an exciting move. Although starting and maintaining a successful business is not a walk in the park, think about it this way;

You get to be your own boss for the rest of your life. How cool can that be?

Being your boss means you own the revenue generated and are free to spend as you, please.

Speaking about money, the Ghana Revenue Authority makes starting businesses in specific industries more attractive, as there are tax exemptions.

Ultimately, you get to work on something you are passionate about at your own pace.

Everyone should experience starting a business in their lifetime. Don't be afraid to start; a small step each day, and you'll soon be making billions.