How to Start a Small Business in Ghana
Are you planning on starting your own small business? Perhaps you have little or no knowledge at all about entrepreneurship.
This article will take you through all the steps you need to go through to become an entrepreneur and an enviable business owner.
Running a business or becoming an entrepreneur is very common in Ghana but not a very easy task. As an entrepreneur in Ghana, you should be able to take financial risks in hopes of gaining profits. Small businesses abound in the country.
There are Provision shops, mobile money business, cereal mix business, and the likes. No matter your choice of business, the steps you need to go through are all the same.
To start your own business, you need to plan, make important financial decisions, and complete several legal activities.
In a country where unemployment is a canker, entrepreneurship has become a priority. Everyone is setting up their businesses and so should you. Follow the step below to start your own small business.
Inquiries and Market Research
It is important to make inquiries before starting your business. What do people want? What is missing in this locality? What would bring me profit?
Are there other business counterparts who are doing this same business? How then do I make it more competitive?
Be sure to ask yourself these questions before choosing your business type.
Write out your business plan
Draw a business plan that would help you run, structure, and grow your new business. With this plan, you can be able to convince people to work for you.
Or should anyone want to invest in your business, your laid out plan is what will convince them to work with you or not.
Fund and invest in your business. Start with enough money to be able to run the business in the beginning. Then perhaps you can rollover the profits in the next few months.
If you do not have enough money at hand, raise some or borrow from trusted persons or loan outlets as long as you are sure to make enough profits at the end of the month/year to pay back. In Ghana, starting a small business does not require much capital.
You can start some businesses with as little as GHS 5,000 and others with nothing at all.
Situate your business at a strategic location, where people can find you and patronize your business. If your business is online, make sure to build enough social media presence, pay for advertising if you have to, so that your business can appear between people’s newsfeeds.
In Ghana, a business does better at roadsides, bus stops car junctions. Your location will affect your revenue and even your legal requirements and taxes. Your location will also determine how much rent you will pay at the end of every month or year.
Choosing the right name for your business is very important. The name or brand should resonate with the business type.
Names like Araba’s cereal mix, Afrifa Cement, petals by Dzidzor, identifies well with Ghanaians. Your consumers will find your business trustworthy should you use a Ghanaian name for your business and brand.
Make sure this name is not used by any other business and should capture your spirit and reflect your brand.
Choose your structure according to the kind of business you want to do. There are kiosks, metal containers, and concrete frame structures.
Whichever structure you choose will affect your registration requirement, your liability, and how much you pay for the task. Many small businesses prefer containers but concrete frame structures are the best. They last longer, they are spacious and safer.
Register your business
Once you are done taking these decisions and planning your business, register the business, and complete all legal paperwork.
Go through all the needed requirements and register your business under the chosen name. Apply for a license and permit and you are good to go.
The location and the types of business you are registering will determine how much tax you will pay at the end of the year.
If you are planning to set up your own small scale business here in Ghana, do not let anyone talk you out of it.
There are so many advantages that come with having your own business, making your own rules is one of them. You will be satisfied with your work because it is your own business.
You will know how to manage your profits to even expand your business in the future. Be sure to employ trusted and business-driven individuals to work for you.
Employees who are not punctual, thieves, and lazy individuals are bad news for your business.
Make sure you have enough passion for the business.