STARTING OUT YOUR BUSINESS

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

http://businessmotive.com/wp-content/uploads/2018/09/how-to-start-out-your-business.jpg
starting a new business

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.

 

IDENTIFYING BUSINESS OPPORTUNITIES.

To discover a successful business, you need to have a business idea and these ideas are born through discovering opportunities. It is kind of natural for some people to see opportunities but to some it’s not very easy but with the few methods of discovering opportunities that I have written below, you will find it a lot much easier after reading.

The following are the ways entrepreneur spots or discover business opportunities;

  1. INNOVATION: – Not all ideas are spotted some are created or born. Sometimes, people find it hard to think of a business idea because of our different in creativity potential, so if you fall in to this category, you just have to look around you and go in to a business you could love to do study its system critically, analysis there operation and come out with a better, cheaper and faster or even smaller product or services. I could love to have my food delivered in my office  rather than  riding along way and also wait before been serviced. Through innovation you will come out with a different product from existing ones.
  2. IDENTIFY PROBLEMS: – As long as people have problems, they will always search for answers which will be an opportunity for you.Everybody want to live a better live, stay comfortable, stay secure and also get quality product at affordable price. So this might be your chance the opportunity to solve the problem going on in your society, do the people lack water, poor transportation system, lack of medication center, bad food ,no internet access and so on. This might be your chance to solve a problem and also make some money.
  3. IDEA INVERSION: – This could be describe as a concept of turning the world upside down from the normal way or cultural . This involves trying to match things together for example running a food processing company and at the same time delivering the food and so on. Most of the best entrepreneurs think outside the box by looking at the world in a completely different angle, ideas are born and they are tried above all doubt whether it will fail or succeed.
  4. GUEST/CUSTOMERS FEEDBACK:-There are so many ways that business opportunity can show forth, one is by listing to peoples feedback concerning that which you are interested in. Get the regular feedback which will include the guest complains and appraises, find the best solution to it reshape it and come up with a better product and services, you will be on top of the market and this will make the dreams faster and less competitive than trying to compete with the same product and the same services; too bad for a new business.

 

In conclusion, there are no perfect ideas, Mark the founder of Facebook said something that I agree with he says” ideas are not fully formed they start unfolding once you start working on it”. So I will advise whatever idea that lightens your side, the right time to start working on it is right now.

 

I could love to hear from you if this information has been helpful, please drop a comment in the box below. Thank you.