31 Tips to Open Poly- Production Company

Poly- Production 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 Steps to start learning how to Open Poly- Production Company in Nigeria.

Read also: 22 Tips to Open Campus Pop-Up Restaurant after Covid19 in Nigeria

Poly- Production Company

1. Get the principal activity

The principal activity at inception was the manufacturing and printing of various types of polyethylene film.

Subsequently, the company expanded into other types of plastic processing and currently produces several specialty films as well as Blow Molded containers for the Pharmaceutical and Cosmetic sectors; Pet bottles for Beverage/Alcohol/Edible Oil; Jerry cans/drums for the Chemical and Oil industries and Polypropylene packing straps.

Read on: 27 Tips to Start Business Selling Men’s Cotton Kurta in Nigeria

2. Evaluate your talents.

Keep in mind, there is a huge difference between talents and things you enjoy.

Just because you enjoy something does not mean you can turn it into a business.

Think about your skills, or the hobbies that you do better than anyone else.

Your business can also be based off of a professional skill you’ve developed or been educated in.

• Make sure that this is also something you enjoy doing.
• You’re going to be spending a lot of time setting up and running this business so you have to be able to tolerate doing it.

3. 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.

See also: How to Get a Business Loan without Collateral in Nigeria.

Poly- Production Company

4. Do market analysis

Doing market analysis is 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.

5. Understand the needs of your market.

Listen to what people say and what they need in the area.

If something they mention is an interest of yours and you are good at it, you should definitely try it.

This applies locally just as well as it does online. Every good business idea fulfills a need in the market.

6. Consider important statistical factors

Considering 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

See also: 24 Tips to Grow Farmers Digital Information Center in Nigeria

7. Consider the space required for your business.

If you’re planning on doing any sort of manufacturing, product storage, or shipping, you will likely need more than a desk to work on.

Think about how much space you have in your home for these activities.

Will you be displacing other family members with your business activities?

Consider your space requirements and your home’s ability to meet those requirements before moving forward.

8. 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.

9. Get the recent start-up success-story

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.

Poly- Production Company

10. 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.

11. Select a name for your business that reflects what you do.

Finding the right name for your business is one of the most important variables to your success.

Consider avoiding an obscure and unique name for your new business that does not clearly describe your business and give customers a clue about the services and products provided.

First-time customers should be able to piece together a well-informed idea of what your business does based on its name.

• Check with competitors to make sure you’re not violating legal trademarks or choosing a name that is too similar to competitors in your region.
• Consider the length and spelling of the name for your business. A longer name might be difficult for many to remember. Using uncommon words might make quickly finding your info on Yahoo and Google impossible for some customers.
• Buy a domain name for your business as soon as possible. A domain is the web address and extension for your future website which includes .com, .net or .org. Domain names are often sold with web hosting services. Availability for your business name is not guaranteed but can be found through domain registrar services.
• Consider filing for legal trademarks and copyrights to protect yourself from others stealing the name you’ve decided on for your business.
• Consider polling your friends on the best name for your business once you’ve narrowed the options down to a few ideas.

Read on: 17 Inverter Installation Start- Business Tips in Nigeria

12. 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.

13. 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

Poly- Production Company

14. 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

15. 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.

You can find the requirements for your particular state by clicking here.

Poly- Production Company

16. 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.

Read on: 28 Tips to Start Mobile Home Appliances Maintenance in Nigeria

17. 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.

Poly- Production Company

18. 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.

19. 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

Poly- Production Company

20. 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.

21. 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.

Read on: 22 Tips to Open Campus Pop-Up Restaurant after Covid19 in Nigeria

Poly- Production Company

22. 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.

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.

Poly- Production Company

23. 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.

Poly- Production Company

24. 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.

25. Financing startups

You can use loans from banks, lines of credit, your personal savings, and money from investors. You could find a partner for your small business who is willing to invest in it. One partner can bring the expertise and knowledge and the other partner can bring the money.

 26. Find investors

You could approach friends or family members about investing and show them a well-thought-out business plan so they know you’re serious. If you want to attract investors you don’t know, networking with potential investors in person and sharing your vision with them is your best bet. You’ll want to have a business plan or a pitch deck (a presentation about your business model) ready to show potential investors.

27. Take your company public.

28. Set up a dedicated phone line and internet service.