1. Generate Business ideas:
The starting point for starting a business is for
you to generate a business idea. “All
achievements, all earned riches, have their
beginning in an idea” said Napoleon Hill . There
are many ways by which you can come up with
business ideas. You can get a business idea by
looking at existing business and do the same but
in a better way. You can generate business ideas
through brainstorming or focus group. Your
business ideas can be as a result of your work
experience or passion. It can even come as a
result of frustration. This should not surprise you.
That is why entrepreneurs are considered as
solution providers. You should generate as many
ideas as possible . “Nothing is more dangerous
than an idea when it is the only one you have.”
said Emile Chartier. Don’t worry if some of them
look foolish or absurd to you. Hear what Albert
Einstein said “If at first, the idea is not absurd,
then there is no hope for it.” Just ensure that you
document every idea that comes into your mind.


2. Evaluate your ideas:
Research your idea. See if there’s a demand. A
lot of people have great ideas, but they don’t
know if there’s a need for it. You also have to
research your competition – Magic Johnson.
Not all ideas are good ideas. A business idea is
good if it meets the needs of people and their
purchases would be large enough to sustain the
business. You start by asking people if they will
buy the product or service to determine whether
there will be a demand for the product or service.


3. Be Passionate:
“Passion is one great force that unleashes
creativity, because if you are passionate about
something, then you are more willing to take
more risks,” said Yo-Yo Ma . Donald Trump put it
in another word: “without passion you don’t have
energy, without energy you have nothing.
If you want to make most of your entrepreneurial
adventure, you’ve got to be passionate about
what you do. Let the thought of the business
consume you. Remember the story I shared
above. My productivity was dwindling because
the job was no longer interesting. Your business
is your life. If you do what you love, money will
flow to you.


4. Destroy your fear:
One of the reasons many people are yet to start
their own business is fear. That is, the fear of
unknown, the fear of inadequacies and ultimately
the fear of failure.
If you have ideas, you have the main asset you
need, and there isn’t any limit to what you can do
with your business and your life. Ideas are any
man’s greatest asset – Harvey S. Firestone. You
can never win a race you did not start. If you are
afraid to make a start, your greatness may never
emerge.


5. Be Disciplined:
“To turn really interesting ideas and fledgling
technologies into a company that can continue to
innovate for years, it requires a lot of disciplines,”
said Steve Jobs. As an entrepreneur, you must
learn how to be disciplined. Be ready to do things
that are necessary even though they are not
convenient.


6. Develop Business Plan:
If you fail to plan, you have planned to fail. There
is a need for you to develop a business plan. It is
true that you have evaluated your idea and
concluded that the idea is good. Nevertheless,
you still need to prepare a detailed business plan
for the business. You can learn how to prepare a
good business plan . This will save you some
stress.


7. Develop your skill:
There is no substitute for knowledge. To this day,
I read three newspapers a day. It is impossible to
read a paper without being exposed to ideas. And
ideas, more than money are the real currency for
success – Eli Broad.
From the SWOT analysis in your business plan,
you should be able to determine whether you
have the expertise and know how required to
exploit to make the business idea a success. If
you lack any of the essential skills, you should
develop yourself in such areas. Apart from the
specific skills that are directly related to your
business, there are other skills that all
entrepreneurs should possess.


8. Choose a location for your business:
The choice of location largely depends on the
type of business you do. There are some
businesses that you can operate from home. If
your business is home-based, you may not need
to start searching for a location for your
business. However, whether you operate from
home or elsewhere, you should ensure that you
comply with the zoning laws governing your area.
Learn about other factors you need to consider
before you choose your business location.


9. Determine your business legal structure:
The choice of the right legal structure for your
business is very important as it has both legal
and tax implications. Popular business legal
structures are sole proprietorship, partnership and
limited liability companies. Each business legal
structure has its advantages and disadvantages.
You need to consider various factors that affect
the choice of business legal structure
to know the one that best fits your business.


10. Register your business:
You need to choose a name for your business. If
you are finding it difficult to generate a business
name, you can use business name generators .
Some of them will not only suggest a business
name, they will help you check the availability of
the domain name. Your business only becomes
legal after you have registered the business
name.


11. Source for Finance:
The first source of finance that will be easily
accessible for you is your personal savings. If you
are confident about your business idea, you will
be willing to invest your personal money into it. If
you don’t have enough savings to start your
business, then you can consider other sources of
finance.


12. Obtain necessary licenses and permits:
There are some businesses which are regulated
by laws especially drugs and foods related
businesses. You need to apply and obtain
approval before you can be allowed to carry on
such business. Besides, you need to obtain
business licenses and permits from different
levels of government such as federal, state and
local government.


13. Register with Tax Authority:
One way you can easily run into problem is when
you refuse to comply with tax laws. Immediately
the registration of your business name is
completed, you need to register your business
with tax authority. The process will differ from
one country to another. Generally, you will obtain
(TIN). You will need to make reference to this
number every time you remit taxes to the tax
authority. It is also expected that you display
your Tax Identification Number (TIN) on your
invoices.


14. Open a bank account for the business:
One thing you need to do as early as possible is
to open a bank account for your business. You
should separate your personal expenses with
business expenses. If you ask your customers to
pay into your personal account, it indicates that
you don’t have a structure for your business. For
good and proper accountability, your business
should maintain its own bank account.


15. Proper accounting records:
You should be able to track all income and
expenses of your business. You can use simple
accounting software to keep your records. This
will make things easy for you and you will be able
to generate financial statements in order to
assess and measure the performance of your
business at any given time. If you can’t do this
by yourself, you can hire somebody to do the task
for you.


16. Hire the right staff:
You will need to hire other people to work with
you whether now or in the nearest future.
Otherwise, you will over-work yourself and
therefore suffer a burn-out. It is important you
hire somebody with skills that complements your
own. Also, you should familiarise yourself with
employment laws and the implications of hiring
to your business.


Conclusion
Now that you have taking pain to read how to
start a business, it is very important you start
taking the necessary steps. When you take one
step, the next step will become easier.

Thank you.

noted for necessary action.