Hello friend(s), I hope the year has been good to you in one way or the other. I'm sure no matter what position you find yourself now, there must be a reason to be thankful and still have anticipations for just some more exploits. In all of your anticipations, do have a deeper longing for God's love expressed through Jesus for you.
In continuing the piece I started some time ago on Starting and growing a business, I will just jump straight into the next points. You should refer to the first part in order to have an overveiw
of the topic.
What you need to start a business: most times people start businesses for different reasons and without adequate information or idea of such a business. It becomes important to state the following points as the things needed to start a business. If these things are in place I believe you are on a right path for that business to start and/or grow properly. They include:
- Decision on conviction: you should make a decision that it is the business you want to do because you are convinced that it is the business for you. A lot of us don't get to decide about the business, we just find ourselves doing a business because someone mentioned it. Others haven't really thought deeply about this business to be convinced enough to stay with it when the business is yet to break even. When there is no conviction and personal decision(s) made, it will eventually lead to frustrations. Choose the business because you are convinced that is what you want to do.
- skill and Knowledge of the business: you must have adequate knowledge and basic skill required for the business you want to venture into. You should understand the industry practise, customers' behaviour, risks, pricing, operations, market chain etc. You must be willing to keep learning too so that you don't become obsolete.
- Vision (what do you see before you start): make sure you cast a vision at the start and be True to yourself. In casting your vision you should put into consideration your SWOT- Strenghts, Weakness, Opportunities and, Threats. Also consider your responsibilities to people and organisations i.e. how it will affect them and which one will surfer when you start pursuing your
vision for the business.
- Passion: you must love the business you want to do. You love thinking, talking, practising this business. It shouldn't be a business you can't stand the activities it entails. You should love getting "dirty" and embarrassed about doing your business.
- commitment from People: you need commitment from people you can trust that will be interested in what you are doing. People who will support you in different ways through the beginning phase of the business. Support could be in different ways- advice, encouragement, believe in your business, objective talks, funds, and prayers. Look out for this people, they are usually God sent. As much as possible be accountable to them.
- Market: people must want what you are offering (find them). The vast popullation we have in this part of the world (Nigeria) gives every business a potential market. However, the people who need your business may not be within a location which implies that you should do a survey and find them wherever they are so that you can reach them.
- Basic book keeping method: every business owner must understand a basic method of keeping money inflow and outflow. If you have no idea about this, make sure you learn and understand how to keep your books. Remember one of the points from the first part was that Money is important to measure how your business is doing. You should also check it regularly to compare and see the level of progress or regress which will help make right decisions to improve the business.
- A PLAN: you should have a plan for your business. A two to five years plan is okay for a start. it gives direction and helps measure where you are and what you are going into from the start. A simple plan (no matter how unprofessional) will open your eyes to things you will naturally over look. It will also help you to start thinking about having solutions for possible obstacles you will encounter once you kick off. Keep your plan close to your heart.
- Registration: start thinking of registering your business from the beginning. Make your business a legal entity that can be related with corperately. It is necessary for growth.
- some or all Capital: Capital is considered to be the biggest challenge people have when starting a business. While a school of thought says that Capital is the least of your worries to start a business, I would quickly point out that any investor would request to see your financial commitment to the business. Do your best to have some of the capital. You can begin by saving something monthly
Once you have all these things in perspective, you can be sure that you are not far from starting a business. It is also important to stay in business and not just start. It is said that every business has a seven years to live. That means the life expectancy of a new Business is just seven years. Many businesses die before seven years and many other still die after that. The idea is that is your business survives for seven years then it can last for so long. I want to state that it is not just about the years but what you bring into the business that will make it last.
On that basis, to stay in business, you need the following(not limited to these):
- staying power (Thick skin): anybody who just startedd or is building a business will be faced with different kinds of obstacle and needs a lot of courage and staying power to stay in business.
- People: you need to surround yourself with people who will support and cheer you on in business. This could be friends and families who can also offer free or reduced cost services till you find your feet. They will also not shy away from giving you constructive criticism that will wake you up when you are being lethargic.
- Structure: you should begin building structure as your business begins to make progress. These structure should help you build a business that can function without you ie not solely relying on you. A structure that will function on its own.
- Physical presence (Marketing): production is not complete until it gets to its end user. In order to achieve this you will have to make your physical presence evident to people who need your product or service. You should identify your target market and go after them in every way possible.
- celebrate/share your mile stones: it is important that you celebrate or share significant mile stone and achievement with people you are responsible to. This will keep you encouraged and motivated. It will also help your supporters keep believing in you and your dreams.
On a final note, it is important to say that there is the GOD Factor to every start, growth and end of a business. He created all things, set principles in motion and orchestrates every move. No power or wealth is achieved without Him. He holds all the aces and has the last move. He set people at different positions for a particular purpose and plan. It makes a lot of sense to recognise Him in all your moves and plans.
Do have a great start to that business and a deep root growth as a follow up. Always remember, it all takes a process.
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NB- Depending on schedule, timing and, other factors, I will be available to speak about this and more at any group session or seminar.
Contact:
Email: ayoadeoye2010@gmail.com
