Due to the state of the economy in Nigeria and how difficult it is for people to get a job after graduating from the university unless you know someone in high authority and even after getting the job, the stress of having to work a nine to five job with little pay at the end of the month many people tend to dive into starting a business both full time and part time without ever considering some factors before they start.
There are lots of business that are been setup every day and those businesses never get up to a year before it is closed down. Not that the business was a bad one but most people never got to seat down and acquire knowledge on how to start a business and this is what this articles is meant to teach start-ups.
Venturing into starting a business is not an easy thing to do as businesses requires lots of capitals, efforts, late nights, hard work before it can break even and most people fail in business because they are not willing to put in the hard work. There is apparently no business that starts making profit in the first year, it is widely said by most entrepreneurs that it takes a start-up business 3 years before they can start making profit.
Believe me starting your own business is a wonderful idea. Nobody can ever be wealthy working a nine to five job but with your own business, depending on the amount of time you are willing yo put into it you can scale it up to a million if not a billion Naira/Dollar business.
For you to start you own business, here is what you need to put in place
We all are created differently, there are certain things Mr A can do that Mr B cant. So first of all get to know your strength and weaknesses, what you are passionate about. When you do this, it will help you know the kind of business you should consider going into
Get An Awesome Idea
Not every business you see out there is right for you to jump into, this would involve you seating down and brainstorming what business you can do. One thing to consider while thinking of a business idea is to make sure that whatever business you would be doing must be able to solve other people’s problem. If you have a skill like sewing, hair making, hat and bead making etc. you can think of starting a business around that area of specialty.
I would have love to list out different business ideas but its best you find that out for yourself so you don’t end up moving with the crowd.
Whatever business you want to go into, there are things and information’s you need to know to succeed in that business. Read more about the business attend seminars, get acquainted with the latest technology you need in the business, study your competitors and figure out ways you can deliver your service faster and better than others.
Check Your Finances
To start a business require huge capital so you have to first decide if the money in your hand is enough to start the business and also sustain you in running the business, yourself and family before you start making profit or if you need to take a loan or get a partner. Many people make the mistake of quitting their job and starting a business without considering if the cash at hand is able to keep them going. So evaluate your finances and make plans for any business you wish to start.
Write A Business Plan
A business plan is necessary for any business as it helps you identify the what your business stands for, the problems it will solve, how you intend to generate profit from the business, how you are going to market your business, how many staffs you would need to employ etc. This will allow you have a clear goal of your business and help you minimize spending unnecessarily.
Find A Location
Every business needs a place where people can locate them when the need arises. Getting a location for your business requires you choose a place that is close to the people that needs your goods and services, people should be able to access you at all times without having to go through stress etc.
For example, if you are starting a dry cleaning business, it is advisable that your business should be located in the urban area and in places where you have top companies and organisations. This will enable your targeted audience come to you.
Register With The Various Government Agencies
When it comes to registering your business with the various government agencies, it is advisable you get a lawyer while doing so. There are certain documents you will need to tender while registering your company which include “an article of incorporation”. You can also register as a business if you don’t want to go through all this with Cooperate Affairs Commission.
You should also register with both Federal and State Tax Agencies where you will be given a Tax identification number.
There are other ways in which you can use to raise funds for your business if you do not have the capital to start the business. You can raise funds by sharing your ideas with friends and family and telling them to partner with you, you can request for a business grant, get a loan from a bank, and solicit for funds online through crowd funding.
Open A Business Account
Opening a business account is very necessary as it helps you save your business profit so you don’t spend it anyhow if it’s in your personal account.
Employ More Hands
No matter the kind of business you starting be it small or big, you will need people to help you in the business. When it comes to hiring people please put away sentiments, hire people you can fire when the need be. I personally don’t advise hiring family members when it comes to business. Make sure that the people you will hire are up to the task and not does that are lazy.
Launch Your Business
That that you have gotten everything in place, the next thing to do is let your potential customers know that you are open for business. Make people aware of the service you render and how it can help them solve their day to day challenges. With this you will start getting customers and make sure you deliver quality service to your customers at all times.
Promote Your Business
This will allow you reach more customers and there are so many ways to do so. You can use TV, Radio, Newspaper, Magazines and my favourite Social Media.
The biggest mistake any business will make most especially start-ups is not have a social media presence. Everyone is online these days and not everyone online is there to have fun, there are people online that are not close to you but are looking for your services and you can only get in touch with them when you go social.
With this, you will e able to start a business and grow it to any level you desire.