How to start out a business has being a major problem for majority in the world, if the start is bad or faulty I want you to know that sooner or later it will affect the business negatively. So the following guidelines will be
of help for you to start your business and to achieve your dreams if you are yet to discover your multimillionaire business idea, you can check my previous post on how to discover a business idea http://businessmotive.com/2018/07/26/identifying-business-opportunities/ so here we go:
- MAKE ENQUIRERS:- After discovering a business opportunity, it is important for you to tell someone about it someone you look up to like a mentor or a business minded person, get some feed backs, try to see if they really see that opportunity that you see and if they do, then you are good to go. Sometimes, this might not be necessary but depending on your kind of business but it is always advisable to have a mentor or an adviser before starting out your business.
- PERSONAL RESEARCH:-carrying out a research work before jumping into anything is the first guarantee for success. I remember starting up a bag making business, without knowing anything about the costing, sells price or even time of production, the starting was good but after a while, I discovered that it takes more time than the money value, and the sells price is too small compare to all the stress, at last I became frustrated and the business crashed. You need to carry out a research work to find out the following :
- What you need to set up before starting out?
- Who are your customers?
- What are the resources you need to start up?
- Carry out a Market survey
- What are the risks?
- What will be your market niche?
- BUSINESS PLAN:- Have you ever notice some grocery store or any local business store around your vicinity that hasn’t change or develop for the past few years why, it is because they lack planning. For you to start a business, you most structure out a plan which will contain your vision, objectives, strategies and financing. Business plan will let you know what step to take and when to take it.
- FINANCING:-A lot of people have a great business idea but lack the ability to fund it because they think the first thing they need before setting up a business is the financial resources but it’s a No. The first asset you need are human beings (people) then the funding will come.Depending on your choice of business, you can set out to get investors, raise fund through families and friends or get a bank loan.
- GET STARTED:-Finally you need to get started. procrastination is a killer of success, for you to be successful in business, you need to start work on that great business idea of yours don’t wait until you get a huge fund .It is better and saver to start small especially in a new business concept that has never been done this will help you to reshape and also restructure to suit the target market.