Starting a business can be quite daunting. The various steps one must go through and navigate to arrive at success can be quite tedious. From the conception of the idea to the fruition of the plan, planning to kickstart a business is never easy. Ghana is popularly known for its vibrant culture, rich history, and growing economy, it also offers a good environment for aspiring entrepreneurs to establish and grow successful businesses. However, without the right guidance and knowledge, it is easy for one to fail as soon as they try. In this comprehensive guide, we’ll walk you through the step-by-step process of starting a business in Ghana, and how something very special we offer at Kaoshi Network will help you navigate the financial aspects of your business.
- The Idea and Market Research
No business spun into reality in a day. Every business started in the mind of someone who identified a gap in the market and came up with a plan to plug that gap. Businesses exist because people want to become problem solvers. It is important to identify a lack in the system, something you can fix with a service. It could be small, medium, or large scale. The most important factor is that it is viable and has the potential to grow. When you have identified an opportunity, it is important to conduct market research.
Market research is vital for every business owner starting out because this is where you get to understand the preferences of your target market. You use this opportunity to evaluate market demand, competition, and the trends you can include in your business to make it successful. You get to see the blueprint of where others have failed and not make the mistake.
2. Work on the Business Plan
Every architect or builder will tell you that the plan of the house is the most important step in building because without it, there’s no guide. Just like a house can’t be built without a plan, a business can’t be properly structured without a viable, working business plan. A business plan is where you pen down your concepts, goals, target market, strategies, and financial projections. A well articulated business plan goes a long way in helping you structure your business properly which could in turn attract investors who are interested.
You can also put down your vision and must constantly come up to remind you of what you need to achieve.
3. Get a Name and Register It
When you’re done with the business plan, it’s time to come up with a name and register your business with the relevant authorities. Come up with a unique and appropriate name that properly speaks about your brand. Then go ahead and register it with the Registrar General’s Department (RGD) in Ghana. You can choose if you want to run a sole proprietorship or partnership. This can be done online on their website, or in their office. You’ll also want to obtain a Tax Identification Number (TIN) from the Ghana Revenue Authority. This helps medium and large-scale business especially because it is required for opening bank accounts and registering licences and permits.
It is important to identify the licences and permits required to operate your business legally in Ghana. The common permits include business operating permits, health permits, environmental permits etc. Obtain your permits and licences to prevent the authorities from shutting you down.
4. Site your business
As soon as you’re done getting your permits, you’re going to want to site your business. You should begin to ask yourself questions involving the location of your business. You could either buy or rent one. You’ll also want to go into online marketing and harnessing the digital space; get an official website where your goods are displayed, and people can purchase from. If you market on a social media platform such as Whatsapp or Instagram, create and build your business page and account. It is important to have a location whether online or offline for two major reasons. One, it shows you are a legitimate businessman/woman as scammers often tend to shy away from physical presence and two, you can easily attend to customers who have complaints or individuals who seek to make enquiries.
5. Setup your Financial Profiles.
Open a business bank account to separate your personal and business finances. Try exploring funding sources such as personal savings, loans, grants, investors, or crowdfunding to finance your business’s startup and operational costs. You will need to track your business financially and if you’re going to be receiving or making payments internationally, this is where Kaoshi Network comes in. At Kaoshi Network, we offer services that can cater to your financial needs for cross-border transactions. So, whether yours is a small online business receiving payment in foreign currency, your customers can pay you via our platform by just signing-up and taking the necessary steps. Medium sized businesses aren’t left out either; say you have a website; you can add our KaoshiPay widget as a payment method for your invaluable customers.
In this instance, your customers are offered the best remittance service to pay with; the payment is initiated and completed right there on your website. If they have an account with any of the displayed remittance services, they can log in to that service through the widget to complete the transaction. Now say they do not have one, through the widget again, they can create an account, set up their profile and make the payment to your bank account all in minutes. All these are possibilities when you sign-up and start receiving your payments through us.
6. Marketing Strategies and Market Dynamics
What is the use of starting a business if you don’t plan to market it? Invest in proper marketing strategies. This is where your business plan could help you a lot because you have all the information on what your competitors are doing and how to effectively market better. Do extensive research on how you can get your business out there the best way. Utilise a mix of online and offline marketing such as social media, billboards etc to raise awareness and generate interest.
Also, from time to time, it is important that you check for market trends and dynamics, and don’t get left behind. If your competitors start doing something that increases sales, find a way to incorporate it or even get better. This will ensure you stay ahead in a very competitive marketplace. Don’t forget to also use customer feedback as they tell you exactly how they feel about your product or service.
Starting a business in Ghana is an exciting journey that offers opportunities for entrepreneurship, innovation, and economic growth. We have given you a summary of the things you need to follow by being observant of your market. We have also shown you how Kaoshi Network is here to help you ease your payment options. Let’s build that business together!
