How to grow your business part one, Start with a little

How do you start a business? You can start a business with your own money or a bank loan.
First, you need to check the environment you want to start your business including the items people in that community needs. Set a target for people you want to do business with and check the average sales you can make in a day.

In business, you cannot exceed your target profit first to the second year especially a country like Ghana, because the amount you will
inject to the business before starting needs more months to recover but the tax system in the country will collapse your business.

In this country, many people don't practice for the business they want to do but we just start it so far as we have the money at hand, in business we don't start with all the money at hand or all our capital to do business at the start especially on the business you are newly starting.

THINK YOU NEED TO DO

1) If your capital can only start a mini provision store, don't employ more than one people.
2) Try to do more things that cost money by yourself, eg. little things that you can carry don't hire anybody to carry it for you.
3) Don't spend more than your profit in a day, eg if you get a profit of Ghc 20 a day make sure you will not spend more than Ghc 10 out of that profit.
4) Pay yourself as a worker, don't put your hand in the sales money because it's yours.
5) Don't use the sales money to pay your outside debt. eg, the debt you owe somebody not relate to the business.
Lesson 1
Watch out for the next episode

We are going to learn how to use the loan you lend from your bank, things you need to do before you take a loan for your business, How to calculate the tax you pay to the government. How and when to expand your business etc.

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