The paperwork you need before starting your own business

paperwork

New business owners tend to avoid a variety of paperwork, due to eagerness and excitement to launch their businesses. Before launching your business, there is some paperwork you will need to complete.

This is paramount for registering your business, obtaining the necessary license and to track the progress of the business operations.

Feasibility studies

First thing first, runs a visibility studies to know the viability of the business idea. In other words, visibility studies asses the practicability of an intended or proposed plan. This paperwork seek to answer the question “should I continue with the proposed plan or not”.

Business plan

Business plan paperwork is all about the business and contains statements about the background information of the business, the set goals and the workable steps to achieving it. This is to ensure you know what it takes to launch the business and the steps to growing the business.

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Licensing

You’ll have to file for licensing to both local and state government and other regulatory authorities. Certain business will require a license to practice and the product requires registration. This is to ensure that standard are met and effective monitoring will be put in place to checkmate the business operations in the future.

For instance, if your propose business is about packaging foodstuffs, you’ll need to meet the production and packaging standard to be given a license. Most package foodstuffs are normally fortified with vitamins and minerals.

Registration

You don’t just start a business without registering and insuring the business. It’s important to register a business name because your brand is built around it and it’s the name that people will use when describing the business.

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Registering a business name begins with a name search to ensure you don’t pick an already registered name. Once the name is available, you can go ahead and register it.

Insurance is really important too. Insuring the business is a guarantee to take care of the loses that may come due to accidents or fire outbreak.

Set time limits

Don’t start your business without finishing your paperwork. Set out a time frame for your paperwork to be completed. Register your business name, obtain necessary licensing and permit and insurance before launching your business.

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2 thoughts on “The paperwork you need before starting your own business

  1. Err, it should be ‘feasibility studies’, not visibility. Nice write! Most young Nigerians would encounter difficulties in sourcing data for their market research. When all other means of understanding your target market fails, I’ll suggest starting small and gauging the market’s response to your product(s) or service(s)

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