The major dream of most Entrepreneurs is to someday have their
own business. Having your own business is sweet because you can
afford to do things when you want it without your boss looking over
your shoulder. But as cool as it sounds, starting a profitable
business is a very demanding task that only a few businesses
survive.
According to Collins Dictionary , Business is work relating to the
production, buying, and selling of goods or services. There are no
limits to who can become a business owner or an entrepreneur. You
do not need a huge sum of money in your bank account or a degree
to become run your own business.
However, what you need is a good business idea, a concrete
execution plan and passion to wake up every morning and keep
grinding. In this post, I will be sharing the key steps and processes of
what you need to start a profitable business in Nigeria.
1. Evaluate yourself.
Since you have made up your mind to start a business, you need to
carefully evaluate yourself by asking these questions to yourself.
· Do I have the skills needed to run this business?
· Do I have what it takes to lead or manage a team?
· Do I have what it takes to raise capital for the business?
· Do I have the passion and motivation to make this a success?
So, be very sincere with your answers and if the majority of your
answers to the above questions are “YES”, then you are ready to start
your own business.
2. Find a business idea.
When it comes to starting a business, not all business ideas are
worth starting at all. The best business ideas are unique, practical,
needed by the market and easy to scale. In the search for a business
idea, start by looking at what problems exist in your environment and
try to provide a solution to such a problem and monetize it.
And if your business idea is completely new, think of what your
business can offer and focus on how to create something better and
cheaper. You may need to ask questions from people, make your
own research and as well seek for advice from entrepreneurs.
3. Conduct market research.
Before starting a business, be sure you have a good understanding
of such business. Try conducting a market research by asking your
potential customers few questions about the problem you will like to
solve for them.
Also research on existing direct and indirect competitions that
currently exist in the market. Try to know about their products and
services and how you think your business can stand out amongst
them.
4. Feedback.
It is one thing to conduct a market research when you want to start a
business, it’s another thing to properly utilize the feedbacks gotten
from your research. The whole essence of this is to help you know
more about the business you want to start and helps to form a
strong foundation for the business.
You wouldn’t want to start a business today and it starts crumbling
tomorrow or instead of watching your business grow, it starts to fall.
That’s why you need to learn how to start a business.
5. Create a business plan.
According to Wikipedia, A business plan is a formal statement of
business goals, reasons they are attainable, and plans for reaching
them. It may also contain background information about the
organization or team attempting to reach those goals.
For every business, whether big or small needs a plan for that
business. In starting a business, a business plan helps you to stay
focused and organized. Remember organizational skill is one of the
skills of a successful entrepreneur. Therefore, in writing your
business plan, you check out some business plan samples online to
serve as a guide.
6. Get business funding.
Starting a business does not only requires your skills and effort but
also your money. Every business requires a startup capital which will
be used in funding the day-to-day operations of the business.
In case you do not have the required capital required to start the
business, there are different ways (bank loans, grants, equity
investments etc.) to source for funding for a new business . Most
businesses die due to lack of funding hence make sure you’ve
enough capital that will cater for the financial down times.
7. Business Registration.
Registration of business is very paramount for everyone that wants
to start a business. You should register your business with the
government of your country or with the body responsible for
business registration in your country.
For example, if you are a Nigerian business you can register your
business with Cooperate Affairs Commission (CAC) at the federal
level and then with Chamber of Commerce at the state level.
Registering your business with the required bodies gives validity and
authenticity to your business.
8. Build Your Team.
If you are planning to be the only one running your business, then
you may not need to start building a team. But if you are definitely
going to employ people, you need to build a strong team.
You are building a strong team for your business because these
people are meant to contribute to the growth of your business but if
the team is not well built, they can as well help to bring down your
business. So do it build to grow and succeed?
9. Grow Your Business.
Growth is vital to the survival of a business. Any business that is not
growing will surely die no matter how long it takes. Make sure you do
everything possible to ensure the constant growth of your business.
The number one metric to measure the growth of a business is a
steady positive cash-flow. The more cash-flow a business generates
the more ability it has to grow and expand the business. Hence,
ensure that you have the right tools to help you keep track of your
cash-flow from day one of the business.
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