How To Start Your Own Business With Simple Steps In Ghana
“Becoming your own boss” means managing your own business and it can only be a “dream come true” if you get started. So many people live by paycheck to paycheck because they have not put any effort to start their own business, hence struggling to live below the life they wished they had lived. However, most don’t really know how to start their own business, perhaps, thinking it’s complicated to start a successful business. In this post, I take you through how to start your own business in Ghana with simple steps. Starting a business means putting your dreams, plans and ideas into reality to achieve your goals and vision.
Why You Should Start Your Own Business
Getting your own business is very beneficial if done properly, it goes a better long way to impact your life. Below are the reasons you should consider starting your own business.
✔ You become your own boss, employing others.
✔ You keep the profit and become financially independent.
✔ Starting your own business could let you reach your potential goals in life.
✔ It keeps you busy, releasing your stress.
✔ Starting your own business let’s you keep to your passion, doing what you love.
✔ You develop managerial skills, leading you to establish more businesses.
Factors To Consider Before Starting Your Business
Below are the things to consider before you establish a successful business.
1. Business type: Before you start, you should consider your business ideas, and the type of business you want to establish, physical business or an online business.
2. Business skills: Consider if you have knowledge and the needed skills to run the type of business you have chosen.
3. Business Start-up cost: Examine the cost involved to get the business started. How much would be required to cover the start-up cost.
4. Where and how to fund the business: You should now consider how to get money to fund your business, whether you have your capita already, saving towards starting up, apply for a business loan or perhaps, get support from family and friends. These need to be taken into consideration to get your business up and running.
5. Business size and competition: Another important factor to consider when starting a business is the size of the business you want to start and it’s competition. As you begin, you may want to start small and upgrade as time goes on, that’s a good idea to rock on. Also consider the market value and it’s competition, how competitive is the business and it’s market demand should be analyzed.
6. Business risk: yes! Consider the risk involved in your chosen business, the pros and cons you may encounter in the process of managing your business.
7. Business plan and goals: You need to consider the plans and goals for your business, what you want to achieve and how to achieve them in a stipulated period of time.
The Processes Involved In Starting Your Own Business In Ghana
Business idea identification
To get started, identity and sort out a business idea which you want to implement. You may have to sort out the many business ideas you have and then choosing the one you wish to start with. You may choose the one with market value and very demanding. Sometimes you have to choose businesses you have passion for and can manage well.
Research the market
After choosing your business idea, it’s time to do market research to know the market value, demand and competition of the business. You may want a business with high market demand with low competition but unfortunately businesses with higher demand are very competitive so plan and prepare well by considering the cost that may involve in establishing higher demand business.
Make a business plan
The next step to starting your own business is to draw your business plan. Business plan contains the goals of your business, the methods to use to achieve your goals and the time-frame which you want to achieve your business goals.
Choose a business structure
Choose a structure for your business considering the legal aspect of the business you want to establish. The size and type of your business will determine the tax value of it. Determine whether your business will be sole proprietorship, partnership or incorporation (limited liability company-LLC). Also, the size of the business determines the number of staff to employ. Business structure determines the business location so you take into consideration, the market demand and customer value.
Financing the business
After getting your business structure, it’s time to fund your business by determining how much money is needed to start and where to get the start-up capita. Taking small business loans, support from friends and family, small business grants and aids and personal savings are ways to rise funds to start your business.
Choose a business location
Now, you need to choose a desirable location for your business, whether a physical business or an online business, considering market and customer value.
Business name and registration
Choose a nice business name for your business, short and memorable name is recommended. Register your business after choosing the name to make your business official and legal at the registrar general’s department and get a business certificate.
Get a tax identification number (TIN)
Get a tax identification number, most businesses owners required to get a tax identification number before they get their businesses registered. Tax identification number identifies you as a due tax payer and qualifies to register your business.
License your business
Get your business licensed to be a legal business and recognized entity. Business license gives you the authority as a sole owner of the business.
Open a bank account for your business
Finally, open a bank account for your business where business funds will be deposited to. A fixed deposit account, savings account, business account or a high-yield savings account. An investment account is also a great way to keep your business funds.