How to start a business in Ghana (Part Two)

Start a business in Ghana. We are determined to help the youth and other investors in any way that we can to establish their financial independence by giving them enough publicity and online exposure. It is as a result of this that we are giving tips and ideas to our readers to encourage them to step up and let us help them through.

In our previous post, we learnt about the first three steps to starting a business in Ghana. In this part, we are going to learn about the rest of the steps to start a business in Ghana.

Step four: Seek business training and assistance

The best way to prepare yourself and your business for long-term success are to get business training and assistance. Gaining an in-depth knowledge about the type of business venture you are about to embark on is very crucial for your future. They will help you acquire different skills and strategies to running a business.

Take advantage of free training and counseling services either from the internet, free conferences and workshops or all. Entreat yourself to take advantage of every training program that may cross your path. Learn about everything that you can from entrepreneurship skills to public relations, customer service, negotiation skills, branding, advertising and much more.

Step five: Finance your business

We cannot dispute that all businesses need to be funded one way or the other, no matter how small it is. As a startup company, it is advisable that you seek for government backed loans, venture capital or research grants to get you started. Such financial supports come with reasonable interest rates and terms of payment.
One way to get such funding in Ghana is through the Youth Enterprise Support (YES) initiative which was recently introduced to the youth by the government to provide financial and expert advisory support for their businesses. Visit http://www.yes.gov.gh/howto to learn more about the initiative or apply.

Step six: Determine the legal structure of your business and register your company

There are a number of legal structures to choose from, to name a few; they include the Sole proprietorship, limited liability company, Partnership and a Corporation.

Determine which of them suits best for your business and then register it as such, but before that, make sure you understand all the legal structures and their pros and cons so you can be able to make the right and best choice for your business.

In our next publishing, we will have an in-depth look at how to register your business in Ghana. Stay connected.