10 Steps to Start-Up

This 10 step guide will give the entrepreneurial direction to take you where you want to go.

Step #1 – Think about It
Think about what sort of business you’d like to do. You’ll definitely have an advantage if you have some background in it or previous experience, but even a strong interest can help. Find out what it is that interests you and assess your abilities to do it.

Step #2 – Research and Evaluate
So now you’ve got an idea. Go out and do some research. Find out as much as you can about your business, the industry and the market. You need to do this to make sure there is truly a demand for your service/product, so that it works.

Step #3 – Choose a Name, Design a Logo, Select a Location
Come up with an excellent name for your business. At the same time you’ll need to design a logo and determine where you’re going to operate your business from. To help you find the right business name for you, read our article here.

Step #4 – Calculate the Cost
Work out how much money you need to start the business. Write down all your costs. This includes basic equipment you will need like pens and paper to heavy machinery. Factor in your salary, employee wages, electricity bills and everything you need to get a good estimate of your requirements.

Step #5 Write a Business Plan
Now that you’ve thought through all the basics, get it down on paper. Write a comprehensive and detailed business plan to make sure you know what you’re talking about. For help on writing a business plan, read our article here.

Step #6 – Understand your Financing Options
If you need financing for your business find out what options are available to you, speak to banks or local development agencies to gather as much information as you can. Remember, if you ever have a potential investor be sure to show them your business plan to help them visualise your goal.

Step #7 – Prepare a Marketing Strategy
How are you going to get the word out there that your in business? Consider your marketing options and devise a communication strategy. Click here for an article on how to boost your marketing.

Step #8 – Know your Legal Requirements
Dependening on the size of your business and your location, you may need to fulfill legal requirements to start your business. Find out what is needed from you so you in your country  so that you can sort out all the paperwork.

Step #9 – Team Up
Need employees or business partners? Network and search to find the team you want to build the business with. Find employees who you trust and will help you grow the business.

Step #10 – Do It
By now you should know what you’re doing and be ready to launch yourself into the world of business. Go out there and inspire those around you as an entrepreneur in Africa.