Starting a business in Ghana seems like a daunting task. But… Ghana as an emerging economy, established with a stable democracy, there are a wealth of entrepreneurial opportunities. When we look clearly, we realize a lot of problems that provide enormous potential in different sectors, especially for startups.
The government in recent years has been working to speed up the growth of the economy and it is their wish that more businesses are set up to help the growth process.
The future now depends on the youth who would rise with business ideas that can support the economy, themselves and help reduce the unemployment rate in the country.
At WordInspired, we wish this for above anything, this is why we have created these simple steps to help you become your own boss or at least start a side-hustle to support yourself and family.
How To Start A Business In Ghana in 6 Steps
1. Find A Problem And Offer A Solution
A successful business or startup basically depends on your ability to identify the problems that humanity faces in their daily lives. It is through this problem that you craft your business idea or a solution. The business idea may not be new but it can be unique.
The important thing to remember as you search for solutions to the problem is that a business involves the exchange of value between a buyer and a seller. Customers have money to spend, and what they spend it on is a solution to a need. They won’t just buy anything you sell.
So you are not just looking for a problem but a solution that provides value and can actually solve their needs. Identify the need you are trying to satisfy or the problem you are going to solve. What will your product do? What satisfaction are you offering your target market? And who are your target market and where are they?
2. What Is Your Revenue Model?
The reason you are starting the business is to provide a solution with a value that you can sell to your target market, well, unless you are looking at an NGO. Ask yourself how viable and profitable can your solution be. How can you serve your market? How would your product be delivered?
You have to answer these important questions and find a model that can help you make money through selling your solution. How do you intend to make money? The answers should help you to further refine your idea, understand your market and know how to price and position your product.
3. Know Your Market
After coming up with an idea and your preferred model, it is time to describe your competitors and target audience. Which gender are you targeting, where do they spend their time, what is their age group, who are you competing with in the same market.
Find out what your competitors are doing and what they are not doing.
Then decide or plan out what you need to do to get a share of the market or probably take the lion share. Knowing who you are selling your solution to and knowing who is selling the same solution gives you firm groups to run and control your business.
All these and more should give you an idea of what you are up against and how you make long and short term decisions concerning your business.
4. Write A Business Plan
A business plan sets the stage that differentiates those who win and those who don’t. We may have learnt that putting our ideas or plans on paper gives us the likelihood of attaining them than not writing them down. It is the same with your solution and this is where a business plan comes in.
A business plan is a written narrative that describes what your business intends to accomplish and how you intend to do that. Your business plan should be clear and should articulate all the important information on all the aspects of your business.
Your business plan should cover these topics;
a. The executive summary
b. The Industry, company and its product
c. Market research and analysis
d. The economics of the business
e. Marketing plan
f. Design and development plan
g. Manufacturing or operation plan
h. Management team
i. Overall schedule
j. Critical risk, problems and assumptions.
k. Financial plan
l. A proposed company offering
The caveat is, do not spend forever trying to perfect your idea on paper. Try to perfect it in execution instead.
5. Build A-Team
Team building is an important management technique for improving efficiency and performance. It involves a lot of skills, analysis and observation with the sole purpose of achieving the objectives of your business idea.
Team building is a continuous process which aims at the vision of the organization into realization. Due to the fact that you decide on whom to join your team, consider the need for team building. In most cases, you may not even need a team for your idea yet. If this is the case, don’t be in a hurry to get one, wait till you have identified the need for a team.
After you have identified the need to build a team, define the objectives and the required set of skills your idea or business requires to succeed. Consider team roles and determine a team-building strategy.
Establish and communicate team rules regarding meeting schedules, and decision making within the team. Make sure you also identify the strengths and weaknesses of individuals in the team. Monitor performance and be part of the team.
6. Register The Business
Business registration is a very important aspect of your startup journey. It is the first step of making your business visible and building trust among customers and investors.
The first step is getting a Tax Identification Number from a bank, any Ghana Revenue Authority branch or the Registrar General’s Department.
You then use the TIN to register your business with the Registrar General’s Department. Apply for a business operating permit from the Metropolitan/Municipal/District Assembly. After, book appointment with the nearest SSNIT office and take the required documents; certificate to commence a business, your company’s regulations, Tax Identification Number you used in registering the business, profile of directors and managers, copies of your valid ID and your Ghana Post (GPS).
At this stage, you are ready to start operating and experimenting with your idea. Develop systems, build company culture and continue refining your business idea. Be intentional about growing your business and don’t be afraid of failure or trying things out to see which one works.
As you work on and develop your idea, make time to develop yourself in knowledge and skills, know a little about everything, for this reason, you need to continue to stay with Wordinspired. Position yourself for every situation so that you can give the idea the chance it requires to survive.
And if you come across any difficulty, WordInspired is here to help you navigate through to safety.