Before investing in any business, see if you have developed the traits that will enable you withstand the storm. As a young man, I have always learnt that; it is suicide to start a fight with an opponent whose fight blow, will kill you, when you have not successfully determine how you can fight such an opponent without getting hit.
Despite everyone has traits of an entrepreneur, not everyone will survive as an entrepreneur. An entrepreneur finds and runs a business. He assumes all the risks and rewards of the business. He innovates, sources new ideas, goods, services and successful business procedures.
Starting a business is tasking; you have to face stuffs like; cold prospects, low or no returns on investment, rejection from potential clients, losses and lots more as you struggle to rise. While starting is difficult, finishing successfully is much more. Starters who prove to be successful in taking on the risk of starting their own business get rewarded with profits, fame and continued growth opportunities while those who failed suffer losses and become less prevalent in the market.
For this reason, you must do thorough research on your business idea before taking the plunge. Trust me, you don’t want to face failure, hence you must develop a successful game plan that you are passionate about and that positively correlates with your experience.
Test The waters:
Before you test the waters, I must highlight that the safety of your business should be your highest priority. Once you have developed a game plan and filed the necessary papers. You have to experiment on your game plan, to know the probability of success. Determine through experimental sample If people will want your product/service, what you returns on investment will look like and if the returns can sustain and guarantee better opportunities for growth.
Create a business plan.
A business plan is a written document that outlines what you intend to do, how much money you need, who you want to work with, and how you plan to get those things done. A business plan is not only helpful to investors, but it’s also useful for yourself. You may be able to use your business plan to secure loans, grants, and other types of financing. In addition, having a business plan helps you stay organized and focused throughout the entire process of starting a business. Also read: How To Write A Successful Business Plan?
Get legal help.
You should never start a business without first getting legal advice. There are many different laws that apply to running a business, including state, federal, and local laws. If you don’t know where to begin, you can always contact a lawyer to help guide you through the process.
If you have a business idea that requires a lot of manpower, then you should consider hiring employees before you even open your doors. Hiring employees gives you access to a wide range of skills and expertise, and they can help you run your business smoothly. Also read: How To Hire The Right Person?
Before you launch your business, you should research your competition. Find out everything you can about them, including their strengths and weaknesses. Once you understand your competition, you can determine whether or not you can beat them at their game.
Build a website.
Your website is the face of your company, so make sure it represents your brand well. Your website should be informative and attractive, and it should give potential customers a clear picture of what your business does and how it works.
Setting goals is the best way to keep yourself motivated while working towards your business. Make sure that you set realistic goals that you can achieve over time.
Networking is a great way to find people who share similar interests with yours. When you network, you can learn about new opportunities and meet people who can help you succeed. Also read: Finding New Business Opportunities through ‘Datrepreneurship’
Separate Your Business Account from Personal Account:
One of the easiest way to destroy your business is to commingle personal and business funds. Get a business account using your business name and solely use that account for the business affairs. You should also develop a simple bookkeeping indicating your revenue and expense column.
Ensure that you satisfy all legal rights that will enable you operate without interference in your target market. As this will save you from the huge sundry expenses that legal penalties will cause you to face.
Once the above have been critically thought of and research gathers from different persons, You should also consider the following;
How to Produce or get the product at the right quality and specification, while focusing on brand equity. But before this is considered there should be a Market for the product, that is for Whom to Produce,the target market.
Then finally you determine how to get the Product or Service to the target market. Once you have the set idea, start small to test the Waters and grow your business. But never temper with the product or service quality has this would make the customers dissatisfied which is not good for any business.
Be true and sincere and you would grow at a steady rate.
Consider these four elements that are very key and vital;
#1. Marketing with Integrity.
Legal (honouring and sustaining the law of the land).
(The principle of accountability in all ramification would sustain your business).
#3. Human resource.
(treat employees with love, respect and kindness while maintaining professionalism; Be free, fair and firm, as the employees are the Internal customers and can determine at length the successful relationship with the external customer).
#4. Let the law protect your business by following the necessary procedure.
Never, Never underestimate the legal requirements, it will save you the troubles of the future, if you file the necessary papers today.
Just be imaginative and creative and go to work, there are tons of ideas that would flood your mind as you seek to improve and meet the needs of others sincerely.
Last Updated: 6 September, 2022