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One of the problems small business people encounter when trying to start their businesses is capital or funds (money). So many people think that money is the most important aspect of any business. People have jumped into businesses and lost everything they used in starting the business and this is due to the result of impatience, greed, over-indulgence and the lack of expertise in running the business. In this chapter, we will let you know how to start that business you have dreamt about with less capital, with an amount as low N10,000 to N100,000.
Starting from the basics, you need to get your business registered with the government agency that does that. In Nigeria, the Corporate Affairs Commission (C.A.C) is the sole organization that does so. You can get your business registered with a minimum of N5,000 as a business name, N35,000 as a limited liability company with a minimum of 500,000 shareholders list and N50,000 with a maximum of 1 million shareholders list. You would pay more if you would acquire the services of a third party to assist you in securing the registration of your business. But the C.A.C ensures that you use the services of a lawyer to obtain the registration of a limited liability company.
Make sure that you are well skilled in the running of your business. You need to know how, when and where you can secure the goods you need to produce your manufacture your products at a cheap rate and how you can package them for sale. It is very important for you to make people know about the product and services you are offering for sale, and most importantly, you need to have a proper bookkeeping record of your daily activities, doing your business. This would enable you to be eligible to qualify for a loan when you need it.
After you must have learned the necessary skills to start your business, prepare a business plan. This is a document that would not only assist you in securing a loan to establish or expand your business but also a document that shows you how to run and manage your business and which assists you in solving any problem that affects your business in the future.
If you want to start a business of your own, you need to have a skill. You need to know how to do something better than other people. Successful business men and women, who made it in life, know how to provide solutions to other people’s problems in such a way that when they did it, these people had no choice but to recommend or refer them to their friends, who had the same problem. Warren Buffet knows how to manage money and multiply it by investing in successful business ventures, so other people give him, their money to do likewise for them. Bill Gates knows how to design computer software products that corporations pay him huge amounts of money to purchase his products and services. In Nigeria, Mrs. Ibukun Awosika knows how to make furnitures and governments, corporations and individuals fall over each other to buy her furniture. Alhaji Aliko Dangote, uses other people’s abilities and skills to build mega companies that provide solutions to our problems in the construction, shipping, food packaging, oil and gas industries etc. Banky W knows how to entertain people, even corporate bodies like Samsung, pay him well to be their brand icon. You need to be the best in whatever you do, so that people would have no other choice but yours.
For you to be a skilled person, you need to understand that there are three basic types of skills which you can either have, and the are as follows;
(a) VOCATIONAL SKILL.
This is a type of skill that you learn from someone who is well learned in that skill you intend learning. You do not need a special degree to acknowledge the fact that you have the skill. Most people who have this skill are called artisans. They do not know anything else apart from the skill they have. Example of people who have this type of skill are hair dressers, tailors, shoe makers, barbers, plumbers, auto-mechanics etc.
(b) TERTIARY SKILL.
This is the type of skill you learn when you attend a university education. At the end of your program or course, you obtain a degree to declare that you actually did the course in the university. Actually, most degree holders, in various fields of endeavor end up being job seekers. They assist business owners in providing solutions to their business and are paid by the end of the day for their labor.
(c) ENTREPRENEURIAL SKILL.
This is the most important skill of the three. It teaches the learner how to take care of all the problems he or she might encounter in using their individual skill in providing solutions to other peoples problems. It helps the skilled person in packaging his skill and selling it to the public. It helps in managing how money goes in and out of the business. It also helps in managing the business for a long time. This is not just an ordinary skill you need to have. It deals with the skilled person, his target market or customers and the product or services he is offering. In fact, people who have the two, above listed skills, need this skill to succeed.
You can start small by meeting the needs of a particular customer and then patiently wait till your customer base increases. Remember the saying, slow and steady wins the race. Patience and perseverance is the name of the game in business.