How do you start a business
In starting up a business
depending on the country you are, there are some basic requirements from
government agencies, like registering the business with corporate affairs commission
if you are from Nigeria and the most important of all is the starting up
processes which does not involve capital alone but other prerequisite that is
most essential to your business success.
I will start from the basis and
list what you have to do in order to start and run a successful business.
You got to have an idea or business you
want to do in mind; this is the starting point for any business.
All things are created twice, first in our mind or imagination and then in
reality. You must have seen something you would love to do, a product you will
love to manufacture or distribute, a service you would love to render or a
skill you would love to market etc. You might have more than one option which
is very much okay, when you go through the business development process, one
might emerge as the ultimate for you.
You have to check if you have the traits of
an entrepreneur; this would have been my first point, but
because you are reading this post I have taken it that you have the drive and
passion to have your own business, but as I will let you know that passion is
not enough. There are traits that an entrepreneur should have for you to know
that this person can be successful at running his/her own business. I will like
to ask you as basic question which is; what is the reason you want to start
your own business?
-
Want
to be your own boss.
-
Have
a terrific idea
-
Want
to express your true self.
-
Lost
your job.
-
Looked
for job and no job
-
Personal
circumstances have changed.
-
Want
to work from home.
-
Want
flexible hours.
-
Looking
for a better balance between work and family.
-
You
ever wanted to run your own business
Whatever reason you might have
will not disqualify you to start up a business but you must know that there are
some traits you should have to be successful. Some are; Taking personal initiative, Learning from
mistakes and responding positively to all challenges, having great perseverance
etc.
3.
Run a market research: As a matter of fact, most
people that start their own business fail in less than five years of start off,
almost 70% of new businesses do not get to survive. Market research will
actually tell you that this business you are about to start is suitable for you,
the environment or demographic, political climate, social relevance etc. You have
to look for the people already running such business and see how they are
fairing, the size of the market, customers needs, what are the basic challenges
of the business and to run a SWOT(Strength, Weakness, Opportunities and
threats) analysis based on your findings. There are two basic methods of
conduction a market research which are’ Primary and secondary research. Primary
research is you going to the field with a designed questionnaire, recorder or
note to find out information from business owners and customers alike, while
secondary research can be done online and from books. Nigeria does not have
very good business data online.
Financial consideration: After you must have done
the points above, then you have to consider your financial strength and
weaknesses. Where are you going to get the money from?, will you have someone
to invest in the business as a joint venture partnership, will you take a loan
facility from bank, or do you have the money from savings to start your
business? These are all important questions you have to answer.
You need a business plan; I have seen countless
numbers of people in my business coaching profession who would want to start a
business and will say there is no need for a business plan. It is like someone
having money and knows he want to build a house and tell the engineer to build
a house for him and he should not worry about drawing a plan. The way it sounds
stupid to you now, that is the way it is when you think you do not need a
business plan to run a successful business. People run away from it because
they think it is a complex thing to do, yes some might be complex, like the
plan of a building, depending on what you want to build that determine the complexity
of the plan. To start a small business, you don’t need a complex plan but just
a simple one.
In conclusion,
there are many other things that need to be done but I cannot write all in one
article. But I have prepared a detailed handbook on how to start a business
from scratch and grow it to become successful. Exploring Self Employment
Opportunities- a Guild to business Development.
To download a preview of the copy of the book click. FREE PREVIEW
To order,
send a mail to info@maximumperformancecoach.com or sms
(+234 8062 998 606) and you will receive a reply.
The
handbook will take you practically through the entire step you need in order
to succeed, with lots of exercise. This is a compilation of my years of experience
working with entrepreneurs and business owners as a business coach.
To your success!
Felix Smith Aigbonohan
Business & Personal
Development coach
Xterics Resources® | Razor Edge
Coaching
