Starting a
business require much effort or skills to do, deal with or understand and even
be quite easy when there is capital. But starting a business successfully in
order to attract the targeted audience require 13 basic steps which am about to
share with you.
So today I will be sharing with you 13 basic things you
need to have at the back of your mind before starting your business
1. Identify your
business:
There is need for you to have an idea your intending
business. There is no point in trying to start a cyber café without when you
don’t kwon what PC is. You must have the knowledge of the business you are
about to venture into because if you lack knowledge about the business how do
you want to evaluate the business.
2. Understand your
target audience:
You need to ask yourself this important question, is
there a demand for the product or service you about to start? If you are able
to answer this question correctly then you are as good as setting space with
high demand of your product and service by your target audience.
3. Get to know
your base:
It is very important to set a base where you want to be
operating the business, is it Office? Home? Or Factory? T is very important that you choose your base
location very carefully, there is no point wasting money on an office when you
can initially work from home.
4. Define your
team:
You have to decide how you want to run your business, are
you going to run the business with the assistance from someone or you are going
to run it all alone. This bring a lot of synergy to the table, because to heads
are better than one, as people bounce ideas off each other.
5. Get to know
your selling point:
Let take for instance you are into the production of
disinfectant; you know that your selling point will definitely be Home,
Hospitals, Schools and Hotels. Therefore you need to determine the selling
point for your product and services.
6. Do your
calculation:
Starting a new business you need to make sure you
complete an extensive financial forecast of certain amount, over a certain
period of time or years. Your financial forecast must include things like:
company registration, company premises, cost of acquiring goods or raw
materials, cost of delivery of services, transportations, marketing, staff etc.
When you have the financially identified, you now have a
much better understanding of your propose product or services. You know whether
your propose business will work or not.
7. Get your
business registered:
You need to get a business name and register it. This is
important so as for you to be able to conduct your business legally and ensure
no one else trade with your company name. There are various types of company registration
depending on your business type and size that you need to put into consideration.
The body that registers company in Nigeria is CAC.
8. Get relevant
paper work:
Company registration is not all you need. Depending on
your business, there are necessary documents you need to acquire. For instant
if you are going into the production of Yogurt, there is need for you to get a
NAFDAC certificate and number.
9. Finance your
business:
How do you intend to finance your business? Will you take
loan from individual, Bank or Co-operative society? You need to have it at the
back of your mind that you have cash reserve for the funding of things until
the business is really up and running.
10. Get a team
together:
No man is an island; you will need people to assist you
in setting up and growing your business. A team doesn’t necessary means tons of
people. You could start off just you and your personal assistant or driver or
manager. Don’t believe you can do it all
alone; you will be worn out before you start. You need your brain to do things,
so get someone to help developing and actualizing your business goal. Learn to
delegate.
11. Consider the
competition around:
The are many people out there engaging in the same
business you are about starting, so there is need for you to consider the
competition around. You need to consider how much they are selling? What can
you do to make your product better than theirs and with better price?
12. Get a business
plan:
For your business to succeed you will need to have a
business plan because it helps you in the running of the business. And it is
what investors, banks and other interested parties will use when deciding
whether to invest on your business.
13. Get your
business out there:
The fact remains that you can’t do any business by
yourself for yourself, someone need to pay you. How do you let people know that
your business exists? To do you create a good image, good reputation and great
influence customer’s choice? You will need to define your brand, build and
protect your image, and reputation with effective and affordable communication
and productions. Use effective, highly targeted, focused promotion and
marketing campaign to get the result you are looking for. A fresh approach
results. Don’t waste money on massive marketing campaigns that cost and legs,
but have no definite target audience, you not Nigerian buries yet. Set timely
target for yourself and your staff to increase maximum input so as to generate
maximum income at the end of each production.
Written by men health center
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