7 Things You Should Know Before Starting Your Business

In Enterprise, Small Business by tmcLeave a Comment

Starting a business, for some individuals, is in response to a desperate need to eke out a living. For others, it could be to mainly to amass wealth for personal and/or community development purposes.

Generally, businesses are built for the purpose of wealth creation for people, including residents of a local community, state, region, or country at large. Enduring business establishments are often built on solving problems and adding value to the community, whilst still being profitable for the founders and shareholders.

Before you start your own business, you need to be sure you are doing it for the right reasons and have what it takes, by asking yourself question and taking notes of these points:

1.  Ask, “do I enjoy what I am doing; am I good at it?” The answer to this question goes a long way in finding out what you can venture in that will last the test of time, because it will be fueled by passion.

2. You can start with little or no capital. Once you are certain of what you love to do and what you are good at, lack of capital can’t deter you from your goals. It is best to start up by offering up services and then you collect funds afterwards. Also, go about sourcing for funds in a creative and strategic manner. Get out of the conventional way of fund-raising. For example; you can get an accelerator i.e. incubators designed to provide funding.

3.  Talent is never enough! Develop and build on what you are good at. Learn all there is to know about the skill. Don’t settle with what you already know; go for more. There is always more to learn as this will help you stand out in your business.

4. Research. Do an accurate, intelligent research. Get your home-work done. Find out if the business idea can thrive in your present environment; get to know who your target customers are? The rich, the poor, or the middle class? Put yourself also in the shoes of your target customers; if you were them, would you buy your product/service?

5. Write a business plan. Organize all the relevant information about the business and put it in writing. Have a vision, an organizational plan, an operational plan, and a financial plan.

6. Get registered. Registering your business name is one act that can help you get more serious and committed. Ensure you register your business with the appropriate organisations and obtain the necessary license and permit required for your business.

7. Network. You will need to talk with many entrepreneurs, especially those in your line of business. Understand the commitment required and learn from their experiences (the experiences should be recent).

Having done all these, go all out, sell yourself and what you do. Develop courage and be prepared for anything and everything. Understand that nothing will work unless you work it out with passion, zeal and determination. Also. accept that failure is an opportunity to learn, improve and plan better.