Business Activity || 6 Procedures To Consider Before Starting a Small Business || @ronindboss

Introduction

Over the years, many individuals have lack the opportunity of getting a white collar job, in addition to this, they either Become a freelancer or start a small business. My article today will list out the possible steps for the successfully creation of a small business and anyone can easily utilize these methods.

• Define your business and market demand

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Before starting a business, a person must make sure if there's a demand for it in the market. He should ask himself if the business he's about to start will solve any problem in the society? He should also do research and conduct a feasibility study to find out if there's any of his competitors already in the market. More importantly, the business should be a lot different than others for a more wider audience and patronization.

• Write a business plan

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Any upcoming business venture requires a business plan whether big or small. The business plan will determine how it'll affect your business In the coming years and what type of good/services you're bringing to the market and society at large. Conduct a research for the cost of running that particular services from Charges, To Funding. If the plan of the business is to reach some certain audiences, then decide if it'll be a niche type business that specialize in one thing or a general type business that engages in many aspects. You should also be implement the form of business your making if it's an E-based or physical.

• Fund the business

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Capital is essential for the startup of any Business, knowing your capabilities can greatly influenced your business, if your capital isn't enough then you have to look for more options, consider taking a loan from government issued companies that way there's some time interval and less interest when paying back. You could also approach investors that are willing to fund your business if you show them your plans.

• Determine The Business Structure

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Every business has a form of ownership that includes; Partnership, Proprietorship, Cooperative or Non-profit, S corporation and Limited liability Company (LLC) corporation. Determining the structure of ownership can greatly influenced your business. Each Forms has its pros and cons, so it's advisable to perform some research or consult an accountant for help.

• Choose A Name For Your Business

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A unique name that differentiates your business can be very helpful. A name should say a lot about your business, don't just pick a catchy name. Also, Check if someone else is already using the name by visiting any TradeMark office. However, you can still use somes else's trademark if it's not officially registered. Choose a business name that's easy to remember, clear and easy to spell.

You should also consider creating a logo for your business to help differentiate it from others. Your logo should be unique and related to your business name and function.

• Open A Business Bank account

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Every legitimate business must have it's bank account, using your personal account as your business account is not advisable as it could cause a Run-in and affect your loan payments and mortgage. So creating a bank account for your business activity and Transaction is recommend.

Conclusion

Research also pays off when diving into a business venture, it helps facilitates analysis and capitulation in business, with the steps mentioned above, anyone could start a small business. Thanks for reading...⭐

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My Business Detail

Business name:	Ronin Graphix
Owner's name:	@ronindboss
Business address:	Barnawa, Kaduna State, Nigeria
About Business Activity Community:	Link

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