Starter Pack for Young Entrepreneurs in Nigeria
According to a recent report, 4% of small business owners are between the ages of 18 and 29 years, and 14% are aged 30 to 39 years. In fact, more and more millennials are venturing into entrepreneurship in pursuit of the flexible structures, freedom and work-life balance that can come along with being your own boss. However, getting started with good support and plans will make the journey easier than contemporaries who are using ‘trial by error’ or intuitive approaches to business.
When the thought of establishing a business surfaces, the first thing entrepreneurs are worried about are the thoughts of “Where Do I Start From?”
Here is our Starter pack for every young entrepreneur starting off their business
● Right Skills and Knowledge
You are not ready without the skills, experience and knowledge of a venture you want to start. Get your arsenal ready with relevant business and life skills with air support of the business niche knowledge.
You can refer to our last publication to know about the top skills you need as an entrepreneur.
● Prepare Your Mind
There are endless stories of entrepreneurs who started well only to take a hard fall and quit. If your business happens to take off, remember that perseverance is one of the most endearing traits of a great business person. There will be profits and losses, save and reinvest in times of profit, reevaluate and be quick to adjust in times of loss. Be positive and logical at the same time. It’s a long journey of pain and pleasure.
● Get Proper Documentation
One thing to be sure of is that proper planning and documentation must be put in place.
Here are some necessary documentation for your business as an Entrepreneur
- Certificate of incorporation/registration: This document validates your business name and incorporation by the government regulating agency CAC (Corporate Affairs Commission) to do legal business and makes it a taxable enterprise.
- Business Plan: Developing a drafted business plan before moving further into any business space is highly recommended. It gives you a clear roadmap of your business lifecycle
- Business License and Permits: Depending on your business industry, you will need a business license from your city or state to do business.
- Trademark: It is vital to protect your business asset when starting a new business. Trademark helps you protect your business so it won’t be stolen.
● Know your Numbers
Every new business idea requires money, and it can take a few years before your business begins bringing in revenue. You should try to start building your business with a certain amount of savings or financial backup behind you. When ROI begins to come in, you should be smart about it.
The following are tips on accounting techniques for a starter entrepreneur
- Separate business and personal expenses
- Choose an accounting method
- Keep an eye on certain high-cost expenses
- Seek professional tax preparation guidance
- Ensure inventory data is accurate
- Use financial statements to evaluate business performance
- Generate financial projections
● Adopt Digital transformation
Digitalize your operations if you’re starting off as it makes it easier for your business to thrive and level up faster. Online and social media presence is very important. In this 21st century, your business is not existing if its digital footprint can’t be found online. Create a landing page website using free hosting and domain tools or leveraging on GoogleMyBusiness to position your brand and business.
How to increase your website ranking on Google.
-Improve Your On-Site SEO
-Add LSI Keywords to Your Page
-Match Your Content to Search Intent
-Reduce Your Bounce Rate
-Find Even Keywords to Target
-Publish Insanely High-Quality Content
– Build Backlinks to Your Site
– Boost Your Click-Through-Rate
● Know Your Market
A failure to understand your market is one of the Top 5 reasons why new businesses crash. If you want any chance at success, you need to thoroughly carry out research on your target market before launching your business. This will help you identify important attributes such as the price point and marketing messages that will appeal to your target audience, as well as if there is even a need for your big idea in the first place. The better you understand your target market, the easier it will be to avoid costly misfires. You’re a ship, the market is your Captain, the wind, the tides, intact the ocean.
● Must Multitask
The ability to bear many titles is a necessary prerequisite as starting entrepreneur. At the start of your business, you’ll double as CEO, CTO, COO, PR, and Social media manager, Delivery, in fact the Marketing Manager. However, you can’t do it all, get help (experts or professionals) on certain subject areas which is not your stronghold. That is what smart business people do.
Dear Creative Young Entrepreneur, when it comes to new businesses around the globe, Millennials have made their mark in almost every niche. From technology, on-demand deliveries, social media, digital entertainment and new media, transportation, travel, and the way we communicate, Millennials have changed the world as we know it. Yet, projections have that GenZs are going to be more disruptive and would break the bars in business, innovation and creativity.
We can’t wait to see you begin, taking cues from our starter pack. May your journey be full of adventures and bounty. Cheers!