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Building a Business


Building a business is one of the dreams of many young Nigerians. But, what is worth doing at all is worth doing well. Therefore, as young aspiring entrepreneurs, there are certain steps we should be knowledgeable about, the ignorance of which could jeopardize our chances of ever building our dream businesses. To successfully launch a business, there are a few steps that should be considered.

Have an idea

Remember, ideas are infinite, if you dare look for them you will find them. An idea does not mean an invention. The world has been beautified and made comfortable… if you have an idea of how to deliver a service better, you can rein-vent or revolutionize a whole industry. So look around you, when was the last time you were unsatisfied by a company’s service delivery?

Rather than complain, create a business around that need. Chances are, you are not the only one unsatisfied with that service. When was the last time you looked for a product around you and couldn’t find? You can start a business that supplies that product. You never know, you may be the next millionaire by just satisfying a single perceived need.

Find a pessimistic partner

Controversial, I guess. Entrepreneurs in general tend to be overly optimistic and are soon taken into a world of fantasies. This is however not so good, because even though it is good to be highly optimistic about your chances, you should however have a good dose of reality check most times. This will help you come to grip with reality.

And pessimists are the best realist out there. According to David Schwarz, pessimists are the best business partner, because they help you come to grasp with reality most of the time. However, you have to be careful with the advice you get from pessimistic partners, because they are not the best builders and are usually gifted with pulling down momentum and more often than not take advice from their fears, which are the wrong place to get advice from.

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Choose a company name

When choosing a company name you must know that despite several claims that a name affects the impact that a company will make, the truth still remains that you can make any name a brand or a world class symbol by the quality of the products or services associated with the name. Just decide on a name with your partners or do it alone if you will.

It will do you good if your name is not too mystical or too far away from the product or service you intend to offer. For example, if you wish to sell T-shirts, it would be better to name your company Seyi-Wears than to go for Avante cole. However, if you do start with Avante cole and develop a reputation for quality and have your own uniqueness, I can guarantee you that somehow people will find Avante cole more  interesting and easy to recall than Seyi-Wears.

Buy your Domain name

After choosing a business name, it is important that you buy your own space on the world wide web. Buy your www.yourcompany’sname.com e.g www.seyiwears.com and if you wish to be country specific-which is highly advisable-buy the .ng or .com.ng extension, this will signal that your primary place of business is Nigeria. How-ever, if you plan to become an international brand, the .ng or. com.ng extension would serve as a limitation.

Build your website and social media handles

We live in the age of the internet. Almost everything we do in our business is online which helps us reach more people and do business easier than ever. So after buying your domain name go ahead and start building your website. Incorporate all the plugins necessary for the services you will expect to offer, like e-commerce, booking system. Also, build your company’s profile across all the social networking sites to better position you to leverage the immense power of social media.

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Register with CAC and obtain all the other necessary licenses

Registration of your business name and company type with the Corporate Affairs Commission is very important and it is important to at least register the business name that you have come up with before you register your domain name. You don’t want to register a domain name only to find out that the name is already taken by another business in the CAC registry. So endeavor to register the business name you have come up with immediately before it becomes unavailable.

Start building a team with at least one staff

Team work they say make the dream work. So it’s important you start out by enlisting support from a trusted partner or staff. One of the things that kill momentum in the entrepreneurial journey is commitment on too many things. In business, you have to be very focused; precision is the key. This involves you doing only those things you are certain you can do and employing someone else or outsourcing the others you cannot do.

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