Whether you live in a developed or developing country, if you look around you, there are several large corporations in different industries. It is very easy to desire to own one of such corporations.
If you are in business, you will probably be fantasizing or working hard on how to turn your small business into one of these businesses with intimidating skyscrapers. The task of running a small business is quite enormous, but not as complicated as running a large corporation. To build a big business is harder.
However, hold on! You don’t have to develop cold feet. All you need is to learn the process and the necessary procedures required to setting your small business on that pedestal to becoming a large corporation.
If you don’t have an already existing small business, all you need to do, first and foremost, is to have an idea that you want to turn into a business. Note this: there is no business idea that is not lucrative; you have to be right person behind it. So, whatever idea you are coming up with, it has the potential to become a small business and then grow into a big company. The choice is yours.
To turn your small business into a big company, there are some basic things you must put in place from the very start. Make sure it is properly registered with the right governing body in your country. You are not yet in business until your business is registered as a corporate entity in your country. Also, make sure you accustom yourself with all the government policies (especially taxes) that govern the running of businesses in your country.
Once you are in the good book of the government, then you need to focus on building your business. You need to start building the brand, the value you are offering, and the team you want to work with. Once you have these checked and business has commenced, you need to make sure the financials of the business are intact and very transparent. To get this done, start with an accountant and as the business grows; get an external auditor from a reputable auditing firm.
Here is the most important part of the process to building a big business; you need partners and investors to expand. You will have to learn to sell equity shares (part of the ownership of the business) so you can raise money to expand the business. This is quite a herculean task, but once the business is profitable over time and your books are intact, investors and partners won’t hesitate.
Once you get partners or investors on board, then you can start building your small business into a big one following your business plan. It may require that you expand to other States in your country or other countries; it depends on your business plan and big vision. At some point, you may need to take the business public through IPO. That is when the general public are giving the opportunity to own part of your business. Once your business is on the Stock Exchange platform of your country, you will be able to raise very huge sum of money to create that big corporation that you have in your mind.