Why, Business Resgistration?

Many people undermine,the importance of having their business registed, owning to ignorance and fear of cost on the other hand, little do they know that, the benefits far outweighs whatever fear or doubts they may be having. The truth is you can't proudly say, you own a business, or call yourself an entrepreneurs or a business man or woman when such business does not have legal backing or it is not registered. Without much ado, I will share a story with you to drive home my point. Sharon had just graduated from the University, while awaiting clarion call, she decided to learn fashion designing, which has been her passion all these years, she often daydream seeing herself doing sowing but since she couldn't combine academics with the hassle of learning fashion. She has waited for this time to come. She registered in a fashion school in the town she lives, she was learning steadily, four months into the training, clarion call finally came, she received her call -up letter, and went for the mandatory three weeks in camp. Fortunately for her, she was posted to a city, on getting to her place of primary assignment, the first thing she looked out was a fashion school where she could continue her training. Lucky Sharon got a place, she enjoyed what she was doing so, she quickly caught up with the nitty gritty of fashion designing. Fast forward to when she completed her youth service, she sowed a beautiful dress for her mum and sisters, and did same for her dad presenting it to them as a gift, Her parent were impressed and happy with this, as a way of compensation, they supported, this career path, she has chosen by getting all the things she needed for a start up, they got her a shop in a nice location and bought her sewing machines. She was sure to be a name to reckon with, when it comes to fashion in Nigeria, she was full of hopes and expectations, then, the thought registering her business came to her mind as she wasn't ignorant of its importance, since she did business administration in school, but she shoved the thought of, telling herself, she can always do that later, besides she does not want to disturb her parent for more money. She came up with the name, 'Sharon home of fashion'. She wanted to do something different from what everyone is doing, so asides, people bringing their various fabrics to sow, she goes out of her way, to buy, fabrics of various kinds and sow them, packaged them in a fancy bag with a label 'Sharon wear ' . Due to her unique designs and creativity, her wears are in high demands ,she is also known for using quality fabrics that stands the test of time. Three years, down the line, Sharon wears has become an household name as everyone loves her wear which comes for all age types. In another small town is a lady called Ronke, who only completed Jss3 , because she has decided early in life that, she was not good for the classroom, she lives with her aunty who is a fashion designer, she always stays close to her, whenever she sows,for her customers, her aunty never go broke because she always have customers bringing in clothes for one occasion or the other, she soon picked interest in this profession and made it known to her aunt, her mind seems made up, and her aunt didn't try to dissuade her, she learn at a fast paced, and three years down the line, suitors has started seeking for hand in marriage, she choose Shaibu,a graduate of Accountancy, and worked with an insurance firm in another State. Shaibu often comes to visit his parent in the town Ronke lives with her aunt, it was one of those visiting, he saw Ronke and picked interest in her, he inquired about her from her parents and was told she is a good girl, hardworking and respectful, he loves what he heard. Fast-forward, Ronke and Shaibu walked down the aisle and Ronke moved to the town, her husband works and lives. He is very supportive of his wife, he helped her to get a good location and bought her sewing machines. He encouraged her to register with Corporate Affairs Commission, even though, Ronke did not understand what that is but, she knows her husband wouldn't mislead her. So she accepted and carefully listen and adhere to everything her husband tells her. When she wanted to choose a name for her business, she decided it won't just be her name, to appreciate her husband's efforts, she coined her business name from the first three letters of their names. SHARON. The name came out well, and her husband welcomed the idea. The name was registered with the Corporate Affairs Commission, and she started business. Her husband helped her with more ideas and encouraged her to make clothes popularly known as 'readymade'. She does that and was labeling it 'Sharon wears' she has people who takes them to offices and schools and Market for sale. Her designs are not as unique and beautiful as Sharon neither is her fabrics of better quality. Sharon begin to notice, her sales were going down, she didn't take cognisant at first until she started getting complaints from people, that her fabrics washes at one wash, and how the zips gets worn-out, some even sworn not to buy her wears even again. Sharon has always cared about her reputation, and she gives her best shot in whatever she does, she hasn't reduced the quality of products or whatever the complain is, she was disturbed, but soon take the bull by the horn and swirl into action. She got the shock of her life, after months of being on the lookout, when she finally found out, there is another 'Sharon wears' own by one Ronke, she sees this as an infringement of her right, and quickly seek for redress in court, but sadly, Sharon has no legal standing in court, a registered business is one that legally exist and is recognized by law. Such business enjoy certain rights, benefits and privileges that an unregistered business cannot enjoy. she didn't own 'Sharon wears ', the court did not recognize Sharon as the owner, even though, she has started the business before Ronke started it, her pure motives and passion were not judged, the fact that she produces better wears or she is more educated than Ronke was not the criteria. She became a victim of her own mistakes. This is sad lesson of what could happen when a business is not registered, it is often tempting to postpone or think that business registration can wait or is not really important, the truth is you might start something very small, and it becomes big and popular in the future, but if you don't take care of some very important things like registering your business, all your efforts could end up being a waste and worse being taken over by someone else. On a final note, to avoid story that touches, consider registering your business today with Anointed consult, you will be guided and you will get your business registered within a short time. It's fast easy and less expensive.