How To Become The CEO Of Your Own Company In Nigeria
To become a CEO of your own company, all you need to do is set up your own business. In your own business, you can be the CEO for life. It’s vital to note that owning your own business does not mean you must be the CEO. This is because being the CEO of your own company requires some set of skills.
If you lack these skills, it’s advised that you appoint another CEO than sit tight and run your own business down. Some of these skills include good business plan, the drive and passion to succeed, good leadership skills, the required startup funds and the rest.
Always know whether to become the CEO of your own company or entrust it into the hands of more qualified professionals. However, in this article, I will be giving out these tips to help sharpen your traits in preparation to become a CEO. So, stay glued to your screen as you read through.
Tips On How To Become A CEO Of Your Own Company In Nigeria
The first thing to do when you want to establish your own business and become the CEO of your own company is to write a business plan. The business plan should contain details such as; the proposed name of the business, the goals and objectives of the business, the products and services to be offered, the management plan, the market analysis, the required startup and operation costs, the marketing strategy, and the rest.
There are a couple of advantages that come with writing a business plan. A business plan gives you more insight into your target market and the competition and helps you understand your chances of success. It helps you know the right steps to take to set up your business successfully and run it effectively after launching it.
It also helps you predict the likely challenges that come with starting and running your business, so you can be prepared for them. Finally, it contains vital information about your business, which will come in handy if you need to secure startup funding from third-parties such as lenders and investors.
Though a business plan is no guarantee of the success of your business, not writing it is one step closer to failure, however.
Get the required funds
This point is where most business ideas crumble. The fund is the bridge between ideas and real businesses. You cannot transform that beautiful idea in your head into a big business without funding. In business, capital can be from within or without. Funds/capital is from within when the businessman funds his ideas himself.
When the businessman gets funds from outsiders, then we can say the funds in the business is from without. So, if you lack the capacity to provide all the needed funds for your business, you can look outside for potential investors ready to patronize your ideas.
When getting funds from outsiders for your business, always make your close relatives as your first port of call before proceeding to organizations that offer grants and loans. This is because you can always secure funds from your close relatives at little or no cost as compared to the heavy cost associated with corporate organizations. Nevertheless, always be professional with every receipt you get even if it is from closest friends. Endeavor to identify the kind of receipt, whether it’s a gift, a loan, or an equity fund.
There are wealthy members of the society who are always looking out for viable investment opportunities to invest in. You can approach these angel investors to be part of your dreams. It can help raise funds too. You can also approach venture capital firms to fund your business, but this comes with the implication that they will request to have a vested equity interest in the business.
Register your company name
Give your business an identity by choosing a name for it. It is necessary if you will become the CEO of your own company. You should choose an appealing name that is unique, easy to pronounce and remember, and reflective of what your business is about.
You can even give the business your personal name as this can help make it more unique because the chances are slim that someone will bear the same name with you.
After choosing a name for your business, you need to do a name check with the agency responsible for registration of new businesses in your country so as to ensure that some other businesses are not using it already.
If the name is in use already, then you have to choose another. But if it’s available, then all you have to do is make the required payments and take the necessary steps to register it.
Complete all paperwork
A business organization is always well regulated by the government. So, to start a business you will need to obtain all the required licenses and permits, regardless of your location. You need these certifications to avoid running into problems in your business. It is necessary if you will become the CEO of your own company.
If you need more information on how to take this step correctly and completely, then visit the appropriate local agency to find out more, or contact a seasoned attorney or business consultant.
Never forget to obtain your tax certification by completing all the necessary tax payments as required by law in your country. Also get an insurance policy for your business and yourself to guard against unexpected legal actions and disaster.
Find a good location
The success of your business is greatly determined by the location. An ideal location is should be easily accessible with lots of parking space around it. A good location is necessary if you will become the CEO of your own company.
If yours is a manufacturing business, then the availability of water, power supply, raw materials, and so on are things you should factor in when choosing a location for your business. The proximity of your location to your target customers is another important factor.
In a business, you must hire people to work with you and for you. You can’t do it alone. So, you need to hire competent individuals with the qualifications, skills, and experience required to help your business succeed.
The ultimate goal of every business is to break even. To break even, people need to patronize your business. You must create awareness for the people to know the business exists. You can make use of multiple advertising media to reach out to the people and in the process find out which ones will work best for your business.