Kuulpeep, we really want your campus business to thrive. If you’re also thinking of starting a campus business, we want to urge you to carry on.
Do not stop, we have a couple of pointers from Social Media Week Accra for you on how to formalize your campus business the put it on the path of growth.
First, develop a business plan. A business plan helps you to plan how you want to market your product.
Once you want to run a business, you need to know about tax regime that applies to your industry.
The grants available in your industry
Non-governmental agencies and international development partners have a number of grants (free money) they give to start ups. Make the conscious effort to check out grants that are available to the industry you are operating in.
Refine your business plan always…
A business plan is a living breathing document. Business plans must be amended based on changing dynamics. A business plan is not static.
Develop a growth strategy. We know you don’t want your start up to be operating from your campus room or your bedroom forever. So think and plan about a growth strategy. The strategy must maintain quality of your products and improve operations.
Meet with team members to discuss cash flow
You need to form a team. If you didn’t start the business with a team, you definitely need to form a team to help you scale up your business. If you form the team don’t hide your money from them. Discuss your cash flow so that they can help you close loopholes and explore other revenue streams.
Find out tax regimes that applies to you
Ones there is tax there are also tax reliefs for you. Talk to officials at the Ghana Revenue Authority on how you can take advantage of the tax breaks in the system.