Chris and I have been talking about a business idea since late last year. We would talk for hours, meet at coffee shops to discuss business and even attend seminars to reinforce our ideas. Yet, we had not executed any plan. This year, I suggested that we visit Mustapha, a good friend and the CEO of Bahamas, a popular fast food restaurant in Birnin-Kebbi. Chris agreed instantly so we headed out to visit Musty at Bahamas.
Upon our arrival, we saw Musty in an apron, wrapping some chicken fillings for a customer. When he was done, he ushered Chris and I into his office for a quick discussion. I introduced them and without any hesitation, explained our overdue business plan. Here are some of the insights he gave us:
Conduct Basic Research
One of the first things you must do when you have a working business idea, is to conduct basic research to see if your idea is feasible. The easiest way to achieve this is by finding a prototype that works and see how you can tweak that prototype to suit your idea. In conducting basic research, you must factor in your target market and how you want to attract them.
Choose a Company Name
A company name is the very root of starting your business. Pick a company name and don’t wait for too long to decide on the perfect name. You can always change your business name later if you are not satisfied. You must also get started on the process of registering your company’s trademark. The approval process may be lengthy, but ensure that your company’s file is pending on the system.
Get Licenses and Permits
It’s very important to get the required licences and permits before you launch your business. The Federal Republic of Nigeria, like any other country, has its laws and regulations governing every business activity. Fill and submit all the necessary forms and ensure that you have the legal consent of the authorities to begin business operations.
Open a Corporate Bank Account
A business account is necessary for all business-related transactions – withdrawals, transfers and deposits. It will keep your accounting records simple and organized, as you have separated your business transactions from your personal banking activities. Open a corporate account using your secured business name and all stakeholders of your business will surely take you seriously.
While chatting, a female voice yelled from the background. ‘Musty! Musty!!’ It was his manager from the other branch. So Chris and I set to leave. It was fun chatting with Musty. We bought some wraps of Shawarma, and headed home fully motivated to implement the recommendations the following day!