Look for a problem first
When you start brainstorming business ideas, look for a problem first. Come up with an in-demand idea. What issue can you solve with your new business? What do people need right now? What is no one else offering?
Find your target market
Now that you have an idea, who is your customer? Choosing a focused target audience means you can appeal to their unique needs and you can easily identify them in marketing channels. Niche markets have less competition too.
Make a business plan
In your plan include a summary of your business and analyse the industry you’re in. Plan how you are going to run, advertise, and finance your new venture.
Pick a business name
This is the fun part! Spend some time thinking of a name that represents you and clearly communicates what you’re offering. Rhyming, alliteration, or unique–sounding names stick! Just make sure yours isn’t taken already.
Register your business name
Formally register your new business name with the Investment Promotion Authority (IPA). You can visit their office in Port Moresby or their website ipa.gov.pg. After you’ve registered you will receive a Certificate of Incorporation.
Register your web domain
Domain registrations in PNG are through https://www.unitech.ac.pg/dns
Get a Tax Identification Number (TIN)
Operating a business means contributing to tax. You can apply for a TIN at Revenue House in Port Moresby to receive a Certificate of Compliance (COC). For more information please visit the PNG SME Directory’s website: https://pngsme.org/tin/
Finance your business
Now you’re completely registered, you may need financial assistance to kickstart your business. Kina offers an SME loan to help when you’re just starting out. It’s important to have the right financial solution and a quick–off–the–mark, responsive approach that will help your business grow.
Time to tell the world about your new business. A website and social media page are key when you’re just starting out.
LinkedIn, Facebook, Instagram and Facebook Messenger are popular platforms in PNG. We hope sales start flying out the door!
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