Are you among those who have heard that starting a business venture in Zambia is hard? This is partially correct, but not entirely true. It is not as hard when you know the best ways of going around it. Having a huge sum of startup capital does not necessarily mean that you start the race and automatically win. The phrase going big or go home does not ignore proper starting of the business venture.
Many admirable businesses today have a history of starting from either a garage or just in the living room.
Starting small when you have a bigger picture in mind is not hard at all. Focus on your goal(s) is what will help you grow. Additionally, don’t forget your commitment virtue which will be handy.
So your first starting point is have an idea, have all the necessary information needed for your business and then sort out startup capital.
Registering and patenting your idea is the next and final step. From here you put all your resources together and you are good and ready to start the business.
However, we live in an environment where it isn’t so easy to go straight into a big business venture. Sometimes starting small in the informal sector is the way to go. For example selling vegetables or fruits by the road side or supplying dressed chickens could be the best thing for you. It allows you to raise capital and in turn expand and build your business.
Being in the informal sector has its own advantages as well as disadvantages. If you are looking at getting funding, formally registered businesses are considered over those trading in the informal sector.
However, growing your capital through the informal sector will also help you have first hand experience on how to successfully manage your venture. At the end of it, you will know how to manage your company when you have a huge amount of capital.
While conducting business as an informal entity, earn a good reputation. Your reputation plays a role in attracting more funding as well as clients who would want to do business with you.
When you see that the capital has grown you can fully move in as a formal entity.
How best do you think you can start business in Zambia with a small startup capital?