3. Access start-up funding
You need a start-up capital. It is great if you have the funds needed, but even if you don’t, that should not stop you, there are many viable options to raise funding for your business. X-ray the different options and activate the one that is most feasible for you and raise the needed capital. Read more …
4. Decide on your business legal structure
Sole Proprietorship – This is a type of business entity that is run and owned by one person. There is no distinction between the owner and the business.
Partnership - this is where two or more people share the liability and profit of a business venture.
Private Limited Company - is a separate legal entity from the owners. Below are some conditions for registering a private limited company in Nigeria, this may vary slightly from one country to another.
· Must have a registered office in Nigeria
· The company name must not be identical to any other company already registered with the Corporate Affairs Commission (CAC)
· There must be at least two shareholders who are above 18 years
· The company must have at least 10,000 authorized share capital
Public Limited Company… differs from private limited company in that it may be quoted in the stock exchange
It is better suited for large organizations, it must have at least 500,000 authorized share capital.
5. Register your business accordingly
Register in line with the laws of the land. It may be best to get a lawyer to guide you especially if it is a limited liability company. This conditions and procedure varies from one country to another. In Nigeria, you need to register with the Corporate affairs commission (CAC).
6. Build your team:
You need a team to build a successful business. This is very critical to your success. So review your needs and mobilize team that will drive your business.