Important checklist before starting a business in Nigeria. In other words, what are those critical things a business person needs to consider before venturing into a new business.
Here I have a checklist of 7 things you need to remember before you launch your next business in Nigeria or elsewhere. Let’s call it New Business Checklist
New business checklist
- Product or service your business will offer
- Market/target customers
- Profit potential
- Capital requirement
- Legal/formal stuff
- Business location
- Required skills
Product or service
This is your offer; that is, the product or service your business will offer to your customers.
Market for the business
Here you should ask yourself, who are my potential customers? Where do they live? What’s their spending capacity or income level? Etc. These questions will help you create the right kind of product and also your entire business plan.
How will your business generate revenue? What is profit potential of the business. That is, what’s the chances of your business making profit and how the profit will be made.
What amount of money and other resources are needed to set the business in motion. This should also consider the sources of the capital.
Legal & Formal stuff
Formal part you need to check include business registration, tax, government laws for such business, etc.
Business location is very important for certain types of businesses. For example, if you want to start a restaurant business, you want to make sure that the location is somewhere that’s exposed and not far from where most of your target customers are.
What skills are needed for successful running of the business? Is it a skill you don’t have currently? Do you need to hire someone with certain skills?
Here is a more detailed post at Entrepreneur.com on things to consider before starting a new business: Elements of a business plan
Surely, there should be other critical factors you need to consider as it applies yo your small business. This post just tries to list some of those things you just shouldn’t forget before starting a new business.