Readying Your Business Idea For The Den4th May, 2017
Kenyan living rooms and twitter feeds were awash with opinion and awe as they watched Season 1 of on KCB Lions Den.
Bids made on the show garnered varying opinions, and social media debate with viewers anxious about how the contestants would perform.
There was tension and anticipation with every arrival into the Den. Would it be the deal that made the next millionaire or would the contestant flounder in their golden moment on national TV?
And now that Season 2 is around the corner, you too can have an opportunity to put your best foot forward and place that upstart business on the scales before the gurus.
Anyone can apply to be a part of this globally acclaimed show, the steps to get into the den require diligence.
Entrepreneurs that are forthright and prepared to scale their business just need to follow the next steps to land in the Den. KCB Lions’ Den applications are now open.
STEP 1 – Getting Started.
Have you registered your business? You need to ensure that you have registered your unique business name or idea. You need to be able to explain in a simple and concise way what you do and what you hope to achieve by scaling your business. You ought to master the facts of the current state of your business and the goals you hope to accomplish.
STEP 2 – Guard your secrets jealously
Did you know that you can only patent an invention that is the first of its kind globally? However you can in fact copyright your own creative efforts. In the situation that you have developed a brand, you can trademark your brand identity to prohibit others from trading on your brand.
When it comes to your intellectual property you should seek legal advice and consult with the Kenya Industrial Property Institute (KIPI).
STEP 3 – Business Plan
Have your business plan ready. What is the gap you intend to fill or are filling and how effective are your goods or services solving a problem or changing customer experience differently and for the better.
STEP 4 – Market Analysis
It is important that you fully understand your industry. Do a study on how many players are competing in your space. What is it that they offer? What are the complaints made by customers in your industry? What gaps are left? What difference do you intend to make? Collect feedback from your customers and use it to build to your business.
STEP 5 – Getting your books in order
All worthy contestants come into the Den with a full grasp on their financials. If you want investors to buy shares in your business, then the financials, of all things, have to make sense. A grasp of financials also makes a good foundation for valuing your own business in order to avoid over-quoting or underquoting.
STEP 6 – Ownership structure
Do you wholly own your business? Is it an institution, a company, a partnership? You need to clear this up before stepping into the den so as to ensure that if the business is owned by more than one person, the ownership issue is stated upfront and the representative ensures to say from the onset.
Apply at www.bankika.co.ke or pick up an application form from any KCB branch countrywide.
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