Eight (8) Steps To Start Your Own Business pt2

Continuing the discussion from Eight (8) Steps To Start Your Own Business:

Eight (8) Steps To Start Your Own Business pt.2

In the previous post on this series, I discussed three (3) out of the eight (8) steps you will need to take, if you plan to start your own business.( If you missed the post, kindly search for the post with the same headings as this, to read the first three (3) steps discussed before proceeding to the current post). In this post, I’ll continue the series with another three steps, and then in the next post, I’ll conclude the series with the last two steps. So let’s get to work.

#4. Determine your business legal entity: the legal entity of your business structure is very important, as it affects everything about the business, ranging from taxes to personal liability. It’s therefore important you decide what kind of legal entity you want for your business before you register the business. There are different legal entity for which a business can be registered, ranging from sole proprietorship, partnership, private limited company, public limited company, to public corporation and so on. I will advise you seek the service of a qualified and trusted business or legal adviser for assistance on the right legal entity for you business. Also, I want to recommend a platform on Facebook© which I believe may be of help to you on business legal advise. “Law and Business Community”.

#5. Build your team: Except your business is registered as a sole proprietorship, you’re going to need people (a great team ) to get your business off the ground and keep it running. In the B - I triangle of business also referred to as " the eight (8) integrity of a business" the business TEAM is the next important integrity a business must have, only preceeded by MISSION for the business to be successful, and for it to stand the test of time. A successful business is made up of a team of different people with different skills. Great teams have people of different professions, skills, talents, experiences and expectations. More importance should be given to people element in business, even more than the “product” because your product is built by people. Therefore, you need to identify your founding team, understand what gaps exist between them and your ideal team ( the perfect team you need ). Then figure out how and when you will redress the gap. Also, you need to figure out how the team will work together, how to attribute roles and responsibilities, division of labour, how to give feedback and how they will work together when not in the same room.

#6. Choose your business to business partners: starting a business venture from scratch and keeping it running is a big deal and can be overwhelming, and thus, you and your team probably are not going to be able to do it all on your own. Therefore, you may need to partner with other business ventures in the same industry or outside the industry. Just you know, there’re bunch of other business that are willing and ready to partner with you. But you will have to choose carefully, because the business (or company) will have access to vital and potentially sensible business data, so it’s critical to find someone you can trust.

To be continued…

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Informative and educating

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This is very educative. I agree that knowing the business category to registre is helpful as it help the business runner be fixed about taxes. However, in my humble view still one need to draft tactics A, B,C to overcome obstacles when they occur closer to undermine business expectations. Obstacles are not far from the “paved” route of a business runner and have to be Taken seriously. WE SERVE-GOOS and SERVICES DRC has gone through hooks and crooks in its first three years as multiple ilegal taxes where about to knock us down however, as an option, we familiarized ourselves with national legislation to face unothaurized agents who come regularly to collect money as if the businness were made for them. Look, one cannot manage millions government agents with monies. only the legislation in force may help tackle this obstacle which besides descourage many to launch businesses. To conclude what I mean is investors who operate where Bad governance is set as a rule, have to think twice before the jump into business.

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You are saying the truth my brother

Thanks for your feedback. Please if your have any business success story , don’t hesitate to share with us, we may also learn from it, thanks once again.

You are making a lot of sense my brother. As an entrepreneur, one of the important assets you need to thrive especially in this part of the world(Africa) is a good knowledge of the law of the land, most especially those relating to business.es. Take for instance , ‘tax laws’ most business owners know little to nothing about the tax law of their country. Little wonder why most businesses run into trouble with the government of their country over taxes.

Tres interressant puis je avoir les 2 derniers etapes s’il vous plait