information for decision making

Business & Entrepreneurship

How To Establish A New Business Successfully

Business refers to activities carried out to maximize profit. Virtually, everybody wants to be in business, but you must know the business of doing business, that is to to say, you must know what to do for you to be in business.

Before you establish a new business, they are some things needed to be put in place to function efficiently and effectively.
Here are things you need.

  • Vision
  • Business Idea
  • Business Plan
  • Availability/Cost Of Raw Materials
  • Nearness To Raw Material
  • Right Location
  • Market Research
  • Finance
  • Registration With Cooperates Business
  • Online Visibility


Before you establish a new business, you must be driven by vision not poverty. For you to be known in the business industry, it takes time and effort. The vision keeps you moving, it also keeps you on track no matter the challenges or difficulties faced. Have Vision. Click here to see how Thomas Edison becomes the American greatest inventor.

Business Idea

Before you think of starting a business, you must have business idea. Business idea is summary of how you intend to carry out your new business and how you want to implement them effectively.

Business Plan

Without a business idea, there is no business plan. Business plan is the explanation and documentation of your business idea, that means you are putting down your idea in writing. Business plan will be useless without business idea.

Availability/Cost Of Raw Material

After having your business plan, you need to make findings if the raw materials are available and if they are accessible, sometimes raw materials can be available but not accessible, all these must be put in place.

Even if those raw materials are available, knowing the cost is important. You have to know the cost of buying and transforming the raw materials into finished goods.


Your Location determines your Allocation. Location is a great determinant of business success. You must ensure your business is located in the right location where you have your prospective clients or buyers. 

Market Research

Many people are into the type of your business. For you too succeed, you have to check out the weaknesses of people that are into the type of your business, then your turn these weaknesses to opportunity so as to thrive in the market.


After putting the necessary things stated above in place, you need finance. We all knows that without finance, there is no business. You must get a legit, reliable sources of income. This income can come through savings, friends and family, loan and the likes; if you are taking a loan, measure your net-worth and check if they are refundable within the stipulated time

Registration With Corporates Bodies

People want to do business with companies they trust. Registering your business is a great advantage as it increases customer degree of confidence in your business. 

Online Visibility

If you are in business and you are not online, you are still behind. Majority of your customers are online, millions of people search for one or two things on the internet everyday.

Creating social media account such as Facebook, Twitter, Instagram and the likes is very important including a website for your business will make your business known, generate leads that will generate more profit.



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Damilola Ogunmakin
Damilola Ogunmakin is an information entrepreneur, digital marketer and a blogger. He identifies and evaluate information needs, provide information directly to information and organizational consumer.He is currently an accountant at Kings Hotel & Suites.He specializes on Blogging, Website Development, Digital Marketing, and Graphics Design.