How to start a business from Zero?
1. Research your market.
Knowing what the competition knows won’t cut it. Go deep. Dive in to your market and study it like an expert.
Search Google for keywords that are related to your industry. Don’t get discouraged if the market seems flooded. You can use this to your advantage. It means that it is working for those people and you can make it work for you. There is money there.
2. Set a tangible financial goal.
I set new goals every six months and always stretch my initial mark. Work backwards and figure out what you need to do each day to get to where you want to be. Set a goal that is a stretch for you and look at the steps you need to take every day to accomplish that goal.
3. When you create a website, make the content shareable.
It’s great to reference some the leaders in your space, but when you are developing your own brand, it’s important to create unique content on a single hub. A site that your readers and viewers can reference back to, for more of your incredible content.
4. Build a list.
Email is best form of currency online and building an email list is one of the most important tools in building a business. As you develop your shareable site, begin building a list of emails of the people that visit your site. Then continue to provide them with value. This will translate into buyers for the future launch of your product or service.
Adding in an opt-in form on your website and having a place to store your emails are the first two steps to building your email list. Free resources like HelloBar.com and AppSumo.com allow you to collect email information on your website. To store email addresses, I recommend the program Aweber, which even offers a free 30-day trial.
5. Launch a product or service you can sell.
If you have a financial goal that you’ve set out for the next six months, then you have to sell something. Take the time to figure out the biggest challenges your audience is facing and build your relationship with them. Then create something that solves their problem. I know this is easier said than done, but it’s critical. Your leads come from your list, you convert them to customers, follow up and build a relationship.
6. Start NOW and improve as you go.
A lot of people waste time thinking about making things perfect before they launch their business. The logo, the website, the copy -- everything. This is a waste of time. Sell your product before you make it by offering a pre-order. Focus on getting sales and attracting leads. Successful companies launch all the time and they aren’t perfect.
Think of Facebook and all the changes and improvements it has made. Start with a small product and always be improving. Launch online you can sell over and over and not have to trade time for dollars.
The most important thing is to enjoy the process and know that you don’t have to make it perfect. Start today. If not now, when?
How to Start a Small or Medium-sized Business in Ghana?
Small and Medium-sized Enterprises (SMEs) are an important part of Ghanaian economy. In fact, they make up 99% of the nation’s companies, employ 70% of the total workforce and contribute 50% of the GDP.
In recent times, these enterprises have shot into the limelight because of Ghanaian collective focus on economic restructuring and raising productivity, leading to many SMEs facing challenges in manpower, land and energy.
But, as every cloud has a silver lining, the hard times for Ghanaian SMEs give a not-too-often-available opportunity to aspiring entrepreneurs to take the plunge and start their own businesses.
The advantage is that while established SMEs, which have traditionally relied heavily on foreign manpower and are thus struggling as the government has tightened the workforce inflow, the newly incorporated business entities can start afresh.
They can put in place highly efficient processes operating at full productivity in their initial set-up, eliminating or at least minimizing their need for foreign manpower. They can also benefit from the many schemes that the Ghanaian Government has introduced especially targeting the SME sector.
Below is a guide on what all you need to know before setting up an SME in Ghana , and what you need to know once you have decided how to set-up one.
Considerations before Starting a Small and Medium-sized Business
- Demarcate a budget and prepare a blue-print.
Ideally, a three-year business plan with available capital and potential costs (covering the rents, salaries, inventory management, merchandising, marketing, advertising and a buffer for any unforeseen expenses) must be in place before starting the business.
- Use all your creativity to gather finances
Firstly, put some of your money in the business. When investors see your confidence, they will be more willing to put their money behind you. Remember no one will back you unless you do it first!
While bank loans may be tough to get, opt for venture capitalists or use platforms such as crowd-funding. These are ideal for small businesses, especially those with some societal undertone or a paradigm-shifting idea.
- Prepare to use online marketing strategy
As it’s an internet age and Ghana is a highly connected society, register your domain address on the web and use search engine optimization so as to maximize the traction on your website. It will give you potential business.
When the website is up and running, use all the available social media to maximise your reach. Don’t underestimate the power of word-of-mouth marketing strategy.
- Physical location does matter
While online has its advantages, it still can’t replace the real thing. So, if you are opting for a retail business (or any other type with potential walk-in customers), it’s all about location, location, location. The idea is to identify your buyers and target audience, which will help in locating the best site for your enterprise.
- Put a qualified support team in place
This is important as an attorney, accountant, incorporation specialist, or financial advisor will likely see potential challenges to the business before you do. They also advise you on the several statutory compliance requirements, permits and licenses required to do business in Ghana.
We will update with How to register a company in Ghana.
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