Last Updated on 2 November 2021 by Gertrude
Starting a business is quite scary.
Every day there is at least one person who thinks about starting their own company either professionally or personally.
Businesses require a lot of work to sustain themselves. It is no lie. If you want to start your own company, by all means, go for it.
However, it is important to know what you are expected to have or do in order to bring your business company to life.
To start your company, you need a plan.
A solid plan.
The most part of business success is all about planning and good management.
It is important to know all it takes to start your own company and how to manage it in its early stages of operation for a successful process.
There are listed tried and true approaches that have been used by the world’s successful entrepreneurs to start their own companies and have them reach where they are today.
Here is a list of tips that you can use to start your own company.
Tips for Starting Your Own Company
Here is a list of tips to do to get you started in your own company.
Starting a business is a scary thing.
You need to assess yourself and be sure that that is what you want to do.
Ask yourself what your life goals are and why you think starting a business will help you achieve that fast.
Focus on your skills
Before you start a company, you should know what your skills are and how you can tap those skills into what will get you enough money over time.
A company owner should have good interpersonal skills. Technical skills can be employed by other people.
Have an idea
A business idea is one way to start your company.
Have a business idea on something that can bring change to the world.
Something that can make you stand out from the crowd.
Tap into your creativity and analyse all the business ideas and find out what works for you.
Test your idea
To start and run a successful company, your idea of the company must be viable.
Can your investors understand what you have in mind?
Is your idea profitable?
How is your idea solving a problem in society?
Your business idea should also be unique and should allow room for innovation.
Write a business plan
A business plan gives you a route map of the journey you will be going through to achieve your company’s goals and objectives.
A business plan lays out your company’s vision, identifies pitfalls and gives you a path to follow for business success.
When you start a company, you need to have funds to manage your activities.
Capital can be in terms of financial resources, human resources or natural resources.
A person may opt to get a loan or use personal savings to raise capital for his business.
Conduct market research
Before you start your company, do market research to find out about your competitors, potential customers and the challenges of starting a company in that particular niche.
Identify your customers
Customers are the lifeblood of a business.
Without them, a business fails to exist.
As you start your company, make sure that you know who your customers are and then build your product around them.
There is no point in having a knockout product and not having a market to sell to.
Have a marketing strategy
Once you know who your customers are and what they want, have a good marketing model to make them know that you exist and that you are providing the services you have talked about.
Evaluate risks of starting your business
In every business venture, there are ups and downs.
Identifying the risks associated with your company is important when you mitigate these risks that could potentially affect the company negatively.
Look at your competitors
Check to see when our competitors are, what it is they are doing and why some of them are performing better than what you have in mind.
Once you find this out, start taking steps to improve your company and get your competitive advantage over them.
Blog about your company
Many people use their smartphones and spend a lot of time on the Internet.
Write about your company and drag traffic to your website.
Have a budget
Preparing a budget will help you delegate your finances to areas that are of much importance.
A budget will stop you from wasting your finances on trivial matters.
Research ownership structures
When you want to choose your business entity, find out what the internal organisation of that type of entity is like and how many people have a share in the company.
Talk to an attorney
An attorney will take you through the legal requirements of your business.
An attorney will also help you keep off from unnecessary lawsuits when you are starting your company.
Choose a business name
A business name should embody the feeling of your brand.
It should remind your employees and customers that you are doing what you are doing. Find a name that is new and on-trend.
It should be relevant and memorable to have an impact on your potential clients.
Check if the name is available
You do not want to settle on a name that someone else is also using.
Set up an Instagram handle to secure your name.
You will also get to know if the name you’ve chosen is available for use or has already been taken.
Register your name
Once you have chosen your name, register your name and make it known.
Registering your company’s name puts you on the spectrum.
Trademark your company name to indicate that you have full ownership of your business.
This will prevent any upcoming companies or business owners from using your name.
Form your business entity
Choose what you want your company to operate as.
Do you want it to be a limited liability company or a corporation?
Check out to see all the requirements of forming an LLC or a corporation.
Find a business location
Choose a location for your company.
Your location should be near to clients, accessible, secure and noticeable.
Determine the rent
Find out what is required for rent in the specific location that you have chosen.
Knowing what amount of rent is required will help you plan out your company’s expenses.
Look out for zoning
Make sure that you have chosen a location that is not marked by the government or any local authorities.
You do not want to start your company and then have your activities flagged down.
Examine your options carefully
Look at all your options carefully before you decide on where you want to settle to start your company.
Obtain state licenses
State licences are important to inform your local government that you are starting your business operations in a certain location.
Obtain a business license
A business licence gives you permission to start your operational activities of the business.
Get a licence to certify that you have been approved to conduct your activities.
Get an employment identification for your business.
An employment identification makes you known as an employer.
Obtain a seller’s permit
A seller’s permit gives you permission to sell your products or services within your jurisdiction.
Get a tax certificate
When you start a business, have a tax certificate to show that you have paid your taxes on property or income owned.
Apply for insurance for your company to mitigate loss arising from any risk.
Get an Insurance
As you start your company, it is important to insure your property from any damage due to either natural or unnatural causes.
Consider health insurance for yourself and your employees
Health insurance is important to get compensation and avoid suffering losses in case an employee falls sick.
Decide on your accounting system
An accounting system keeps track of all types of financial transactions, including purchases, sales, liabilities etc.
Have a record-keeping system
Keep financial records for future reference. Your record-keeping system should be reliable and accessible.
Hire an accountant
An accountant prepares your company’s financial reports and ensures your taxes are paid correctly and on time.
Purchase accounting software
Accounting software helps you track accounts receivable and accounts payable, have a clear understanding of payment profitability, and be prepared for tax season.
Have a tax calendar
Knowing the tax calendar is an important tip of starting your business because it gives you a clear overview of when you are expected to file tax returns.
Know the tax scheme for your business structure
A tax scheme gives you creative and legal ways to reduce the tax burden when you start your company.
Find the right employees
Your employees are your teammates.
Make sure that they can help you to achieve your company’s goals and objectives with minimum supervision.
Build your social network and get to know people with who you will be associating as you start your company. As your network, you get more ideas and land yourself potential clients.
Have an online presence.
Most businesses in this day and age want to have an online presence.
Technology has digitised nearly everything.
Create your company’s website and make it known to the online audience.
Pitch your company’s idea to your investors who help you in raising capital or promoting your company in order for them to get returns.
Patenting a company is extremely expensive.
You may want to do this later once your company has picked up the pace.
Do not sell on credit
During the first operational activities of your company, avoid selling on credit.
Some clients may fail to pay back, making you suffer huge losses.
As you start your company, do not be too rigid about what you expect out of your business.
Allow room for expansion and positive change.
Partner with someone
A cofounder will help you raise capital to start your business.
He or she can also help you make decisions and face challenges that you face when you start your business with much ease.
Get financial assistance
If you cannot rely on your own means to start a business, or if you have a lot of expenses that need to be covered, get financial assistance from banks or a trusted family or friend to help you get on your feet.
Patience is a critical virtue that any company owner must-have.
Through patience, you get to focus on your end goal as you face the problems arising within your business with a lot of cool.
Have a mentor
A mentor is someone who has the experience and acts as a guide to an entrepreneur.
A business mentor helps you conduct business matters in an expert fashion for profitability.
Business mentors offer high returns on investment.
Paying for a mentor means that you set yourself up for business success.
Be prepared. Above all, when you start your company, ensure that you are prepared.
Get all your facts checked and do everything that you have to do for a smooth flow of activities.
What are the 5 Important Tips in Starting a Business?
Have a business plan
Research the market
Test your idea
Market like crazy
Find a healthy work-life balance
What Business Should I Start a Beginner
How Can I Start My Own Business With No Money?
What do you know? Your skills are your business
You will need to invest time
Understand what your offer is
How will you get paid?
Have a plan
Sell the idea, then build
Focus on what you have
Be active on social media
FAQs on 50 Important Tips to Keep in Mind Before Starting Your Business in Kenya
- What are some tips for starting your own small business?
Start with passion
Understand target customers
Get a lean business plan
2. What are the most successful businesses?
3. What are the fastest-growing small businesses?
Gaming and VR
4. What business can a woman do from home?
Sell DIY items
Sell organics and plants
5. What business can I start with 1K
6. What are the highest paying work from home jobs
7. What business can I start with $30/3000 shillings?
Getting all these tips checked will help you in starting your own company.
If you have any doubts or worries about starting a company, start checking off the major tips from your list.
Having a plan is necessary when starting any business from scratch. It will help you not to get overwhelmed and give you a clear perspective as you go about your company’s activities.