Starting a small scale business is a lot like falling in love. It grows on you. Sometimes you may not fancy the person that much, but as you get to know and interact with the person more, they grow on you, and before long, your heart starts to skip a beat.
You do not need a clash of cymbals, roll of drums, thunder and lightning flashes to get your business started. You may not even be thinking of starting a business in the first place. It often starts with your hobby or pet project. Something you have loads of fun doing on the side. You cannot wait to get back from work to jump on it. You are at work or school, but your mind keeps straying to it.
All it takes to move it to the next level is seriousness and commitment. Seriousness in improving your skills through practice and exposure, and commitment in finishing what you started. This may lead you to start a business or build your name into a brand. Somewhere along the line, it grows into a business. Maybe you are building a prototype of a machine that will change the way we do things, taking your cooking or sewing to the next level, compiling a volume of poems, writing a book, songs or film script, creating a masterpiece, composing a song, whatever it is that makes your heart race and soar. A business creates a platform for you to give the world what you’ve got.
At the beginning, you are just pottering around and having fun. You have no intention of going public or turning this into a business. You are just doing what you love. Somewhere down the line, as your product or service begins to make impact, it dawns on you, or you keep getting the comment “why don’t you turn this into a business”, the seed is sown in your mind, and the idea begins to grow.
This is the defining moment. The moment you decide to turn your hobby or pet project into a business. You begin to think of a business name, form of business (sole proprietorship, partnership, limited liability Company etc). This is a very important step and should not be rushed. You need to get legal advice on what type of business works best for what you want to do. Also the Corporate Affairs Commission in Nigeria deals only with lawyers, so you need one to guide you through the process, and process the application on your behalf. They will enlighten you on the object of the company, draft memorandum and articles of association, share capital among other things.