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…