Between Someone doing business and making good money without a registered company and someone with a registered company doing business not making money, who is in business?
A lot of entrepreneurs confuse this as what makes them in business – registered company.
Your registered company is as useless as nothing if you are not making money.
I ask some entrepreneurs whats their plan, I hear responses like I want to register my company and bla bla bla…
Then I ask why they respond so people can trust or take one serious.
And to open a company account… Lol
My advice has always been if you are in business
1. You are good at what you do
2. You have a good reputation
3. You have people skills
4. Invest in marketing
People will always do business with you regardless of if you have a registered company or Not.
Because company registration doesn’t give you competence or reputation.
If you are trying to waste the money you have in company registration to feel that you are in business I will advise channeling that money on marketing.
Bootstrap first on your on personal reputation.
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There are so many registered dead companies because in the business world it is not a guarantee of business success.
You see companies like Trump inc., JP Morgan name of a person turned a registered standard organization because those people have worked a fantastic reputation for their name such that it turns to a company.
Not far fetch is Dangote.
Does it mean it is bad to a registered company?
NO. But you see someone who is hustling and by chance lay hand on 200k.
Then the first thing they do is company registration 70k, logo 20k, website 100k.
When the money is finished they begin to struggle.
Because company registration shouldn’t be your first bet unless you have lots of money.
Products validation and customer acquisition is the priority.
Before you register your company, be in business and already generating revenues with good customer-base that is 100% dependent on your personal reputation.
By the time you register your company, that integrity you have built with your clients will automatically rub off on your new company.
The focus is on making money not creating an illusion of having a company that makes no dime.
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So, before you make wrong decisions think elementarily what is of basic necessity in doing business –
And of you have made this mistake advise others not to and focus on:
1. Competence
2. Integrity
3. Delivery
4. Customers acquisition process/strategies
5. Intense customer bonding.
This is how to be in business and build a business from nothing to something. Thanks
Written by Charles Avis