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21 Tips to Open Security Locks Mini Company in Nigeria

Security Locks Mini Company:New companies thrive on innovation. If you want to come up with a winning idea for a new company.

You’ll need to set yourself up for success by learning.

To conduct market analysis and identify a gap in consumers’ needs.

Then develop a compelling vision to fill that desire with a new and undeniable product.

See Step 1 to start learning how to start a new company.

Related: 32 Tips to Open Ironmongery Business in Nigeria

Security Locks Mini Company

Security Locks Mini Company https://www.crn.com

Security Locks Mini Company

1. Identify a new market.

A successful company is one that uses creativity and innovation to discover previously untapped markets for products and services, creating things that consumers didn’t even know they needed, then selling it to those consumers at a profit.

If your goal is to form a successful company, you need to start by finding a great need in a consumer base and planning a way to exploit it.

  • Do market analysis to identify potential consumer needs and desires.
  • If you’ve already got a great idea for an innovative product, think about who it is that will want to use and purchase your product or service. Be as specific as possible.
  • Consider important statistical factors in your potential consumer base that will help you plan your product and structure your company around its consumers:
    • Age of average customer
    • Socioeconomic status
    • Location (urban, rural)
    • Education
    • Spending habits

Security Locks Mini Company

2. Develop a compelling product, concept, or service for that market.

When you’ve identified a need, fill that need with a new concept for a product.

Think big. Innovation requires that you identify something that will change the way people think.

Apple wouldn’t be a successful company if they hadn’t identified a consumer base’s desire for elegant and simple music, phone, and computing technology.

  • Recent start-up success-story “Coin” had the idea of a simple card that consolidates all your credit cards, debit cards, gift cards, and other wallet-clogging plastic into one, easy-to-use card.
  • By identifying a consumer need (to de-clutter) and a simple, elegant product that filled that need, Coin generated a lot of buzz and attracted serious investors and customers.

Security Locks Mini Company

3. Create a working model of your product.

In order to attract serious investors, you’re going to have to prove that your innovation is possible.

Whether your company will be structured around the most delicious brownie mix ever marketed to Brooklynites, or a chain of coffee kiosks, you’ll have to develop a working model that actually works.

  • Hook up with engineers and other technological innovators if you can’t create a working model of your product yourself. Depending on what you’re trying to create, this may be a serious time and money investment. Consider crowd-sourcing for an initial product, if it should prove expensive.

Security Locks Mini Company

4. Create a long-term series of goals for your company.

What will you need for your company to be successful at the end of this month? The end of this year? Ten years down the road?

Give some serious thought to where you want your company to head and what you’ll need to take it there.

Flying by the seat of your pants is a good way to create a company that will fail.

Careful planning will help you to structure your company and accurately anticipate the challenges that await you.

Security Locks Mini Company

5.Put a name on it.

It’s important to come up with an appropriate and eye-catching name for your company to make it official. Brainstorm lots of possibilities and get feedback on a handful of your favorites.

A well-named company has a much better chance of sticking around long-term.

Your name also needs to be unique in your state.

If you plan on filing for incorporation.

And should be registered with the Business Bureau or Administration in your state.

A good company name should be:

  • Catchy
  • Simple
  • Fresh
  • Easy to brand

View also: 23 Tips to Open Building Plasterboards Mini Company in Nigeria

Security Locks Mini Company

6. Write up a business plan to define your goals and appeal to investors.

A business plan is an essential step in starting any company.

A well-written business plan forces you to articulate the corporate philosophy for your company.

The practical execution of your ideas in terms of marketing and funding.

And a detailed description of your product or service. Your business plan needs to include:

  • Your vision for the company
  • Market research and consumer analysis
  • A detailed description of your corporate structure, including leadership and staff
  • Your marketing plan
  • A specific breakdown of costs needed to get your company off the ground
  • A personal appeal to potential investors

Security Locks Mini Company

7.Obtain the proper state and federal permits to conduct business.

Depending on the nature of your products or services,.

You’ll have to file at the federal and state level to conduct business legally.

Research the requirements and talk to a representative at the business bureau to make sure you’ve filed appropriately and are within the bounds of the law.

Security Locks Mini Company

8.Form a Limited Liability Company (LLC) for maximum flexibility.

An LLC is a hybrid of the flexibility of a partnership-style organization.

With the liability features of a more complex corporation.

While a corporation is owned by shareholders, the members of an LLC are not taxed as a business entity.

But rather report the business of the company on their personal tax returns.

Making it a popular option for small companies getting off the ground.

To register as an LLC, you need to:

  • Register your name. The name must be unique and registered with the business bureau in your state.
  • File articles of organization in your state. This is a basic document available from and filed with the Secretary of State in some states, and the corporation commission in other states
  • Create an operating agreement. While not required in all states, an operating agreement exists to codify the financial organization of your company in terms of profits.
  • Obtain the necessary licenses and permits to hold business and/or manufacturing in your state.

Security Locks Mini Company

9. Consider forming a business partnership to run a tighter ship.

A partnership is shared by one or more individuals who divide profits, responsibilities, and other elements of the company among the parties equally, or on a limited basis depending on the company’s structure. To register a business partnership, you’ll need to register your name, acquire the appropriate permits for holding business, depending on your company, and file your company with the IRS. The tax formula for partnerships is somewhat more complicated than that of an LLC.

  • The partnership must furnish an Annual Return of Income, as well as both employment taxes and excise axes by filling out IRS form 1095. The individual partners must additionally pay individual income tax, as well as self-employment tax and excise tax.

Security Locks Mini Company

10. Consider incorporation.

To file as a corporation, you’ll need to file the proper articles of incorporation in your state, generally with the Secretary of State’s office. Depending on the state, you may also have to identify your shareholders and issue the accompanying stock certificates to make the corporation legal and file with the IRS, receive a tax ID number and the accompanying permit.

  • Corporations use IRS form 1120 to file revenue, while shareholders will file income tax as regular employees.

See also: 31 Tips to Start Building Plasterboards Business in Nigeria

Security Locks Mini Company

11.Open up to the public by using a cooperative business model.

In a co-op model, the company is owned and shared by the workers and the customers, making the decisions and the operation of the business a fluid exchange of ideas between company and consumer. Often, co-ops also operate via consensus. To form a co-op:

  • File for incorporation
  • Draft your company’s bylaws, or operating rules
  • Draft membership applications
  • Elect Directors from the initial membership group

Security Locks Mini Company

12. Estimate your start-up costs.

This should be done as part of the business plan, as a way of figuring out exactly what you’ll need to request from investors and acquire via other means. It’s an essential part of getting your company started, and helps to give possible shareholders or venture capitalists a hard number to consider.

  • Try to distinguish between essential and optional costs. The cost of the start-up should only include essential costs, the bare minimum to get things started. While it’d be great to have money built-in to the start-up for the Fruit Loops bar you’ve always wanted to have at work, it’s probably not a great idea to build that into the initial plan.

Security Locks Mini Company

13.Complete a cash-flow analysis.

Before anyone will consider putting up money to invest in your business, they’re going to want to know when they’ll start seeing some return on that investment. You can determine this by performing a cash-flow analysis, the result of which will be a reasonable expectation of the time it will take for your company to become profitable and begin paying back the investment.

  • A good cash-flow analysis should accompany your business plan when you meet with investors.

Security Locks Mini Company

14. Apply for equity or debt financing.

To get a business loan, you’ll need to provide both evidence of good credit as well as experience in a management role, and also decide whether or not you’re going to seek equity or debt financing options, or some combination over several sources.

  • Debt Financing refers to a traditional business loan. To repay this kind of loan, you’ll repay the money you’ve been lent over an agreed-upon period of time. These are offered by banks and the small business authority, who grants SBA loans under the right circumstances.
  • Equity Loans are paid off with shares of the company to be formed. This is generally collected from business associates, friends, and other individuals, and is traditionally favored by small businesses and start-ups. In exchange for a piece of the business and a stake in its future, individuals will put up cash.

Security Locks Mini Company

15.Generate as much buzz as possible.

People will be more willing to invest in your company if there’s a difficult-to-define “buzz” around it. You want your company to poise itself as being impossible to fail. You want your ideas to seem so strong, your leadership so secure, that there’s no way it could possibly lose money. Partly, this will come from establishing an innovative and exciting idea that it will be difficult to deny, as well as dipping your toe into the vast pool of advertising.

  • Revolights, a garage-start-up that made awesome-looking rotary bicycle lights, managed to crowd-source almost five times their essential funds based on a simple Kickstarter video that went viral. Because the lights looked so cool, it was easy for individuals to convince themselves to pony up some money in exchange for the product’s availability.

See also: 17 Tips to Open Boat/Ship Mini Company in Nigeria

Security Locks Mini Company

16.Embrace new media and advertising.

While it’s important to announce your company in the traditional business trades and make the regular contacts, it’s essential to embrace new media and structure your company in the 21st century. Building a buzz around social media and other online venues could be the difference between a hot new unveiling and a flat-out failure.

Security Locks Mini Company

17. Make your company a trendy place to work.

As you recruit and hire new employees, dropping your new company on the world, you want to cultivate a reputation as an innovative and trendy place to be associated with. Companies like Google and Facebook, aside from being incredibly successful and innovative service-providers, have also established a reputation as places that celebrate progressive office culture. If you want to attract the best and the brightest in young workers, forego the dismal office park and the traditional culture in the wake of flextime, worker-friendly aesthetics and features, and an open policy of making your employees happy.

  • In general, the difference between thinking in terms of a successful business and a successful company is that a company requires much obsession over issues of HR and office policy, in addition to the traditional business concerns of product development and innovation.

Security Locks Mini Company

18.What locks do I have?

Most homes are secured by one or more of the following types of lock, whether that be on entrance doors (your front door), windows, back doors or patio doors.

Security Locks Mini Company

19. Get the mortice deadlock

Five-lever mortice deadlock

The five-lever mortice deadlock is a standard fitting that secures doors (but not uPVC, aluminium or composite doors). It locks inside and out, and often has:

  • Anti-pick features
  • Hardened steel plates
  • Nightlatch

Read also: 17 Tips to Open Wood/Timber Mini Company in Nigeria

How it works

  • The locking mechanism is embedded (or ‘morticed’) into a slot in the door and the strike plate is fitted to the door frame
  • A key is always needed to operate the lock (usually this will be a ‘Chubb’ key)
  • The face plate of the locking mechanism will usually state how many levers the lock has
  • A BS3621 lock will always be stamped with the British Standard 3621 Kitemark (normally on the face plate of the locking mechanism), like the kitemark pictured

Rim automatic deadlatch with key locking handles

A Rim automatic deadlatch with key-locking handle is a door latch, that’s locked and unlocked with a key from either side.

How it works

  • The cylinder within the lock connects to the keyhole on the outside of the door
  • It’s mounted on the inside of the door
  • It’s often used as an additional security measure rather than the main lock
  • You may not get the most competitive home insurance quote if it’s the main lock, as it’s not the safest solution.

Multi-point locking system

A multi-point locking system has a minimum of three locking points that all lock simultaneously by the turn of a key.

How it works

  • These are most common on patio or French doors – typically uPVC doors – and less common for main entrance points
  • Some properties may use such a lock on the principle point of entry, though, and insurers will assess risk accordingly

Patio and French doors

Your patio or French doors will usually be fitted with either a multi-point locking system, a top or bottom lock, or a central rail key operated lock.

How it works

  • A multi-point locking system is fitted inside the doors at the top and bottom of the frame
  • A central rail key-operated locking system is a locking system that’s fitted to the central (vertical) rail where the doors overlap
  • A top and bottom lock has the most basic level of security of these three, and is usually used as an additional measure in conjunction with a multi-point locking system or a central rail key-operated lock

If your French doors are wooden a lock should always be fitted at 90 degrees to the grain of the wood, reducing the likelihood of splitting if the wood is subjected to pressure.

Accessible windows and key-operated locks

All your windows should be protected by key-operated locks to ensure your home insurance is water tight.

Key-operated locks on windows are normally located on the handle used to open the window, although this will depend on the style, age and type of window fitted.

Accessible windows are on the ground floor or basement level, or within easy reach of the ground and capable of being opened (such as a first-floor window above a flat-roofed, single-storey extension). This also applies to skylights and rooflights.

Additional security measures

Nightlatches are mounted onto a door and are usually used as an extra security measure as opposed to a sole lock.

These can be used as an additional lock from the inside and could, as an additional security measure, reduce the cost of your home insurance.

However, the cost of installing additional security measures may not always bring down the cost of your premium. Even if they do, the saving may not cover the cost of the outlay.

Security Locks Mini Company

20.Why do you need locks?

Remember that insurers are only likely to pay out in the event of a claim if the lock is used.

If your home is burgled through an open window or door then your claim could be rejected, regardless of the type of lock you’ve installed.

“If you tell your insurer that you have a burglar alarm or that you have locks on your windows, then they will expect you to use them,” says GoCompare’s insurance editor, Amanda Bathory.

“If your alarm isn’t maintained or you don’t lock your windows, then your insurer may refuse to pay out if you need to make a claim.

“The most expensive insurance policy you can buy is one that isn’t valid, so make sure you’re honest and as accurate when you get quotes.

“Good home security can reduce the chance that you will have to make a claim in the first place, saving you money and hassle in the long run.”

If you do decide to change your security measures, make sure you let your insurer know and keep your policy up-to-date.

21. Get the types of locks

  • Bicycle lock
  • Cam lock
  • Chamber lock
  • Child safety lock
  • Chubb detector lock
  • Combination lock
  • Cylinder lock
  • Dead bolt
  • Electric strike
  • Electronic lock
  • Lever tumbler lock
  • Lock screen
  • Luggage lock
  • Magnetic keyed lock
  • Magnetic lock
  • Mortise lock
  • Padlock
  • Police lock
  • Protector lock
  • Rim lock
  • Time lock

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