Beginning a enterprise in Ghana may be thrilling, however there are some hidden truths many individuals don’t speak about.
Whereas everybody sees the success tales, the true struggles usually keep behind closed doorways.
Listed here are some necessary issues you must know earlier than you’re taking that huge step.
1. Getting your corporation registered takes time
From heartfelt tributes to electrifying performances, the twenty sixth TGMAs topped King Promise Artiste of the Yr, marking an evening that celebrated Ghana’s vibrant music trade in full.
This is the gripping story of the 100-year curse in soccer that seems to nonetheless be working…
)
)
)
Many individuals imagine registering a business is fast and simple. In actuality, the method can take days and even weeks, particularly if there are errors in your paperwork. You may additionally face sudden delays from the Registrar Basic’s Division. Ensure you have endurance and double-check your varieties.
READ ALSO: 5 easy ways students can make money on campus without stress
2. Capital is rarely sufficient
)
Regardless of how a lot cash you save, it usually gained’t be sufficient. Sudden prices will pop up; hire, licences, taxes, logistics, and extra. All the time have an emergency fund. For those who suppose GH₵10,000 will likely be sufficient, goal to avoid wasting no less than GH₵15,000.
3. ‘Connection’ issues
)
It’s unhappy however true who you understand can typically matter greater than what you understand. Whether or not it’s getting contracts, discovering suppliers, or getting permits, having the right connections can transfer issues sooner. Networking is vital, particularly in native markets.
4. Taxes and charges may be complicated
)
Most new entrepreneurs don’t perceive taxes. The Ghana Revenue Authority (GRA) can come knocking even earlier than you make your first sale. It’s smart to speak to an accountant early or take a brief course on enterprise taxes.
5. Prospects may be troublesome
)
Some individuals will delay funds or ask for infinite reductions. Ghanaian prospects like to cut price. Be well mannered, however agency, and at all times have clear phrases.
MUST READ: 5 money mistakes to avoid in your 20s – Advice from young Ghanaian entrepreneurs
Beginning a enterprise in Ghana isn’t inconceivable, but it surely’s harder than it seems. With endurance, honesty, and exhausting work, you possibly can nonetheless succeed, even when the trail is tough at first.
