How to start a business in Ghana

One of the reasons why some people fail in their businesses is because they rush into it without doing the needed background checks.

First of all, you need to have some knowledge on the type of business you are venturing into and how the market works.

You also need to decide on your business plan, structure, location and sort out all tax issues before beginning operations.

If you are looking to start a business in Ghana, here’s how to make it happen:

Market research

Conducting a market research helps you to identify your target customers and know who your competitors are.

A good market research should finish with you knowing about your business demand, market size, economic indicators, location and pricing.

Business plan

The foundation of your business is your business plan and it guides you on how to run or manage your business.

The business plan is simply a roadmap and is critical, especially when you want to get investors on board to support your business. It comprises of the business description, service or product, marketing and sales, logistics and financial projections.

Pick location

Now that you know the exact kind of business you are venturing into and all the logistics needed, finding a location for the business is the next step.

Make sure you consider taxes, zoning laws, and regulations your business in selecting a location. Your location should also be a place where it is easy to reach your target audience. 

Business structure 

It is important to have a business structure in order to have the right balance of legal protections and benefits.

The business structure determines the day-to-day running of the business and this is where you decide whether it’s a sole proprietorship, partnership, limited liability company (LLC) or a cooperation. Remember these things will come in handy when you want to register your business.

Business name

May people take this for granted, but choosing a business name is a very important process. Based on your market research, you need to craft a business name that will be appealing to your customers.

Also, there’s the legal aspect, where you need to make sure that you are not using a name already registered by another. So, try to register your business name with rights agencies to protect it from being stolen in the future.

Register the business

Your next move is to register your business to make it a distinct legal entity. This must be done at the Registrar General's Department office.

Get a Tax Identification Number 

It’s illegal to operate a business in Ghana without paying taxes. Therefore, it is very important that you get a Tax Identification Number from the Ghana Revenue Authority (GRA) and a social security number for your business.

Licences and permits 

The next step is to get the licences and permits for your business to operate. This, however, differs depending on what your business if about.

For instance, if you produce consumables, then you need to get licences and permits from the Food and Drugs Authority (FDA).