We’ve all been there.

That moment you think up a great idea, share it with friends and family, and get the ecstatic “Oh my god, that’s a great idea. You should start that up”.

A joyous confirmation of your ingenuity, you begin to dream big (of how you’ll be the next Elon Musk) and then you sit back to make that dream a goal.

All of a sudden, the panic kicks in. Where do I start? What are the things I need? Am I sure this is even viable?

Fortunately, we’ve got you covered with our 5.0 checklist to turn that dream into a successful enterprise.

  1. Draft your Business plan

Having a business plan is incremental in your startup journey as it not only helps you attract investors, but defines the objectives, business activities, and goals of your budding business. A good business plan should include an executive summary, products and services, marketing strategy and analysis, financial planning, and a budget.

P.S The business plan is every entrepreneur’s roadmap to success.

2. Have a Pitch deck

Most often than not, investors have neither the time nor patience to browse through every aspect of your business plan. The countermeasure? A pitch deck. A pitch deck is a 15–20 slide Powerpoint Presentation that highlights your company’s products, technology, and team to prospective investors so that they can get right to the important bits.

3. Secure appropriate funding

This is where the financial section of your business plan becomes functional. Having a sales forecast, cash-flow statement, and balance sheet helps put in perspective the required capital you need for your business. By outlining all these variables, you give yourself a clear roadmap to what type of investors or funding strategies best suits your business. For instance, business incubators are a great funding source for young startups that require mentorship and/or office space.

4. Determine your brand strategy

You have organized your idea, pitched investors, and bagged some capital to start your business. The next step? Brand strategy. Having a brand strategy provides your startup with long-term development plans. Your brand strategy defines the personality, vision, and mission of your company. Additionally, it helps you visualize the needs of your customers and carve a niche for your business against competitors

5. Register your business

Finally, you have all your drawing board pieces and are ready to make them boardroom worthy. You now have all the pieces to start a successful business; it’s time to incorporate your business.

There you have it. Your very own checklist to get those startup juices churning.

Startups can be daunting and stressful, so it’s usually a relief to get quality help. At IBC Africa, we are eager to take some of the heat off your back and fast-track some of these processes for you, whether it is drafting your business plan or helping you realize the perfect brand strategy for your business.

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