I have learnt a lot over the years about how to start and grow your own business. Starting a business can be a daunting task, one has to be tenacious, willing to go through failures, and no responses but also have the mindset of picking yourself through all of these trials so that you can succeed in your ventures.
Let’s look at some steps that you will need to go through to conceptualise, set up and grow a successful business.
1. Identify your niche: What product or service do you want to offer? Who is your target audience? Understanding your niche is crucial to the success of your business. Ensure that if there are other similar businesses very similar to yours make your product or service stand out. So speaking of the target audience, let’s look at the next step which is research, yes I know it sounds boring but it’s actually quite crucial.
2. Conduct market research: Once you have identified your niche product or service, conduct market research to understand the demand for your product or service. What are your competitors doing? How can you differentiate yourself in the market? Do not be scared to be innovative to be different, to be the pineapple in an orchard of apples.
3. Create a business plan: A business plan is essential to securing funding and organizing your thoughts. It should include your company’s mission statement, financial projections, and marketing strategy. An excellent business plan is the first step that you are really serious about being in business. This is like your passport in the world of entrepreneurship. The banking and serious financial institutions will ask you for your business plan if they are to consider lending you money. A well-detailed business plan will let potential investors that you have thought about your business, its challenges, how you will progress and a projection of how you see your business financially in a pre-calculated time in the future.
4. Register your business: Once you have created a business plan and a good plan, it’s time to register your business. These are some steps for you to do this in Seychelles. If your business needs a license you need to apply for one at the Seychelles Licensing Authority (SLA) and register your business name at the Registrar Division. Obtain a certificate which you can take to the Seychelles Revenue Commission (SRC) for your tax registration. Now you are done. Well, these are some of the broad steps, and there will be small steps and you will be frustrated along the way but its worth it.
5. Secure funding: Depending on the size of your business, you may need to secure funding to get off the ground. Research different financing options, such as loans and grants. In Seychelles, there are several loans and grants targeting entrepreneurs but sometimes it’s very hard for a small business to get the funding it requires to secure the funds. So initially you will have to do some savings and invest in your business, re-invest your small earnings (initially it would be) in the business.
6. Build a team: These need not be people you are going to pay, but if you are starting small, you can call upon families and friends, with skills that they might have to help you and you can give them a small token of appreciation to begin with. Eg: Instagram is a great platform for marketing your product or service but you need some skills to really manage that, a young person can be great with this and I am pretty sure they will be willing to do it for free or a small fee.
7. Launch your business: After months of hard work, it’s time to launch your business. You can launch in a bang, or you can do it small and quiet, but whatever you do celebrate your accomplishments and stay focused on your goals. You might need to provide a few samples for free or a free service all in the name of marketing.
Remember, starting a business is a journey, not a destination. By following these key steps, happy entrepreneuring!