Starting A Business: From business Idea to Incorporation





The world is run by business, and as you can see there are so many businesses around us. Some businesses are left to the Government and others are created and run by private individuals. The motive of private individuals for establishing businesses is to make profit whilst the Government aims to provide social services for its citizens. There are so many businesses you can think of. Examples include, waste management services, catering services, restaurant, lumbering, wholesale and retail businesses, online businesses and so on.


Businesses start when entrepreneurs identify a need in a society and come up with ideas on satisfying that need. However, the entrepreneur should satisfy himself that the idea is viable, that is, it can be turned into business and generate cashflows. A viable business idea should have the following characteristics:
1. It should be able to generate cashflows;
2. There should be ready market for the products or services;
3. Resources are available to start and run the business;
4. It should be profitable.

After satisfying yourself that the business is viable, you then put together your business plan. The business plan is helpful is so many ways. It serves as a guide in transforming the business idea into real business. And in case you need investors, which is usually the case, you have to present your business plan to them. 

Click on this Business Plan Sample for sample of a business plan for an abattoir business. I encourage you to take sometime to go through and learn about what goes into a business plan.  I will talk about registering your business at the Registrar General's Department in my next blog.


See you soon.


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