How to Start Your Business the Right Way.
Starting a business in Nigeria might very well be described as standing between the devil and the deep blue sea. Most young entrepreneurs started their businesses not because they have the intention to do so, but because they are faced with the choice of staying unemployed or looking for a mean of survival.
Young people most especially have come to realize that though business tends to fail, they have no choice but to stay positive, as they invest their meager resources in a business. In most cases, the reason why they are in business is not that they earn a living from the business, but because their passion for what they do keep driving them. It is high time young entrepreneur realize that their passion for a business is not good enough to sustain the business. There is a need to start a business right.
Some Steps To Take To Start Your Business Right
“What do you need to start a business? Three simple things: Know your Product better than anyone, knoe your customer, and have a burning desire to succeed” – Dave Thomas, Founder of Wandy’s.
- Come Up With a Workable Idea: ideas are numerous, before you come –up with an idea, some folks have come up with the idea before it came to you, however, a good idea is relative. An idea might be good but might fail because it was not workable or the resources to make it come to fruition is absence. This, in essence, means that an idea is not enough to make a business successful, it must be accompanied by a workable plan that would birth the idea into the realm of the real.
- Do Your Research: This is another aspect of starting a business that young entrepreneur take for granted. This stage of starting a business is out to ensure that young people understand the socio-economic reality of the business in question, the prospective customers of the services and product, and the put them in the know of the power and leverage of their competition. Feasibility study for your business is important because it prepares you’re for the challenges and opportunities ahead.
- Find a Source of Capital: Young entrepreneurs get their initial frustration in the area of funding for their businesses. They either fail to get the right investment or investors for their business or have themselves shackled to the weight the capital they get for their business. Commercial banks in Nigeria either discourage small business from taking loans or killing the businesses with their outrageous interest rate or their requirement for getting these loans. For this reason, it is advisable for a young business individual to start small, they can get their capital from friends, family members, and other relation.
- Build your customer Base: customers tend to be loyal when you are faithful in meeting their need at the little beginning of your business. They know how little you started up your business and how you have treated them special over the years. For your business to grow you need customers who can, not only trust your product and services, but also think that they have a stake in your business.
- Register Your business: in Nigeria, business registration might not be a big deal, however, it is important. Maybe, not at the beginning of the business, but certain as your business grows, you need to give your business identity. Investors will likely invest their money in a registered business then it will on a company that is not registered.
- Take Note of the pillars for a growing business: over time, I have realized that the pillars to building a strong business are the quality of services of products, product branding, and product distribution. When these three aspects are worked on there is the likelihood for customers to take your services and product serious.
- Be patient: some time it takes time to get your business standing, especially in Nigeria where 90 percent of business die in the first five years of their existence. Your young Businesses only survive when you and consistent in what you do. Let your eyes be on the goal.
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