Funke you’ve been doing business for a while now but you don’t have a proper structure for your business.
You don’t know what you’re missing if you have not structured your business.
If you understand structure you can run a baking business without being a baker.
If you know how to properly organise your business in a way and manner that the business functions with or without you, you can run an interior decor business without being an interior decorator.
So let’s see how you can structure your small business for growth.
🍅 Choose a Legal Structure:
The first step in structuring your small business is to choose a Legal structure.
The most common options are sole proprietorship, partnership, limited liability company (LLC), and corporation.
Each of them has their advantages and disadvantages, so it’s important you choose the one that best suits your needs.
🍅 Register Your Business:
Once you have chosen your legal structure, you will need to register your business with CAC.
And they are some Fintech StartsUp that can help you with this business registration without too much paperwork.
Do your research, and use the one of your choice.
🍅 Obtain Necessary Licences & Permit:
Depending on your industry, you may need some licences to operate your business legally.
Like for Nellies Nigeria, I needed to ensure I get nafdac approval before operating at full scale.
Negligence of this, you might go in for it ooo.
🍅 Develop A Business Plan:
A business plan as we both know is a roadmap that outlines your goals, strategies, and financial projections.
It’s very important to have a solid plan in place to guide your business and secure funding if needed.
My business plan helped me secure TEF funding in 2017. Don’t joke with it oo, because you may need it as you grow.
🍅 Set Up Your Finances:
Setting up your finances involves opening a business bank account and setting up some accounting software to track your expenses and income.
If you neglect this part, you’ll be putting your business at risk.
Because financial management is needed for massive business growth.
🍅 Get A Team:
In getting a team, there are pros and cons, but if you can manage them well you will enjoy the benefit of having a team.
This will help you with efficient delegation. Moreoso, ensure you give offer letters.
This describes their job role, job descriptions, and terms of agreement between Funke & Sons and the employee.
Hope you get it.
🍅 Build A Brand & Marketing Strategy:
Developing a strong brand and marketing strategy is essential to attracting and retaining customers for your business.
You what this entails, if it’s not in place it could curb your business growth.
I hope this helped you.
With Love ❤️
Nelly Agbogu
Niajabrandchick
