Work systems in Ghana is witnessing a changing trend. People are shifting focus from gaining a job to setting up businesses. For instance the current shakeup in the financial sector left thousands of workers jobless. Many of the layoffs have set up a form of business or are considering venturing into business.
Also, to talk about pools of young graduates who come out of our tertiary institutions every year. With the absence of ready jobs, some young people have started their own businesses. The drive to use their talents is the motivation. I’m certain most of these budding entrepreneurs have no regrets. Here are a few essentials for individuals who want to set up businesses in 2020.
Identify a purpose for the business
You cannot embark on a journey without a destination in mind. Similarly, one cannot go through a process with no clear-cut underlying purpose for whatever you set out to do. Hence you need to define a clear purpose for your business. Purpose in this instance can be your goal or objective for going into what you intend to do.
Thus, if you intend to go into distribution business, lay out a plan of how far you wish the distribution network to expand to. Also, if you are considering a food processing business, plan on how you will attain and build customer base, access to raw materials, people to employ, etc
This is essentially the business planning stage. You may however not need a consultant to develop an expensive document at this stage. You only need to simply identify what you intend to achieve with the business, especially by the end of the first year. Also, identify the means to achieve your purpose. It may help to write your purpose out to serve as reference point.
Identify a location for the business
Secondly, it is essential to have a location where you will conduct the day to day affairs of the business. Business location is the second essential if you intend to set up business in 2020. Many budding entrepreneurs wake up on the first day of being on their own and they have no idea where to set up their work space. Don’t fall into this trap.
If you’re keen to work from home, identify a spot in your house that becomes your workspace. Try to only work from there so that the rest of the house remains a zone to relax in. You can also opt for a shared work space if work from home is not possible. However, co-working spaces may mean that you have to cough up a monthly contribution towards the rent. It is however much cheaper than renting an entire space on your own for a new business. Additionally, you also get the benefit of possibly sharing ideas and experiences with other users.
Also, co-working environments provide small businesses with access to a much larger infrastructure they would not have been able to afford on their own. Food processing and other manufacturing businesses require a well laid out space for operations.
Know your potential clients
You are in business to meet particular needs in the market. Who are your customers, is an essential question to answer if you intend to set up business in 2020.
As a result, know your customers to properly meet their needs. Hence, if you opt to go into website design, how best do you market to your potential clients? Who are the possible targets for fresh fruit juice processors? These are essential questions that you need to answer depending on your line of business. You can only get answers by identifying and interacting with potential customers.
For prospective businesses in services, you may need face-to-face meetings with potential clients. For instance accounting and other consulting professionals may look for opportunity to interact with owners of small business. An opportunity to establish a need for your service and gain some possible clients.
If you’re selling coffee, meet with restaurants. Get yourself in the door and make a good first impression. This way, if people don’t need your services immediately, you are top-of-mind for any potential projects or jobs in the future.
Arrange to interact with other entrepreneurs
There are others who have come before you, and have done this before. Hence, grab opportunity to meet with other entrepreneurs to find out what worked and what didn’t work for them. If you’re in a co-working space, you may find like-minded people all around you. Don’t be afraid to ask questions if need be. You are seeking pertinent information that will guide you to set up your business in 2020.
Get the paperwork out of the way
There is a ton of paperwork involved in setting up a registered business. It can be very overwhelming, but it’s definitely something that you should get out of the way as early as possible. Register your business, be tax compliant from the start. Also set up processes to manage your accounting processes from the start and set up a business bank account.
You are good to go after initiating these five essentials. Good luck in your new venture