START THAT DREAM BUSINESS NOW
Becoming your own boss is one of the best things that can happen to any individual, while it is great and in fact desirable that you should launch your own business, it is appropriate that you know that reaching the decision to get started is not easy. In other words, you could end up starting your own business in your mind, always putting it off until tomorrow, until when conditions are right, until you get all the capital you want and until everything is in place.
Dear reader, such time never exists. There is no right time to get started.
There is no such thing as the appropriate capital. You just have to decide to take off and DO IT! As Larry Winget said “Start today Not Tomorrow”. A good idea implemented today is better than a perfect idea implemented tomorrow.
Let me tell you my own story, so you can get an idea of what I’m talking about. When I finished NYSC, I had some money of which I could have used to start a business, but I didn’t, though I had a “premature” plan of a business I intended to do, I didn’t start it. All I did was to procrastinate. I kept telling myself “this one is not in place”, this one is not there”, “when it comes I will do this, I will do that”, that was how I kept procrastinating till I used up my money traveling from one state to another for interviews and making photocopies for jobs that never came.
I guess you may have had a similar experience. And you want to know what you really need to do to start up today.
You may have become frustrated, and as a result you kept your idea on a shelve, but somewhere in your mind you still want to do that project (business) but you do not know how to go about it.
Worry no more as I will be taking you through various steps you need to know and do in starting that business. This principle was the principles I used in starting my business, and many others have used this proven principle too. As I take you through these steps, have a great trip!
STEP 1: GET AN IDEA
Your first step is to find out what service you can render to others which they will feel so happy and satisfied with that they would play whatever price you ask for it. That product or service should, if possible, anchored on your skills, you interest and your experience.
For example, what I really knew how to do was writing articles about people’s protein needs. Therefore, you must start by first assessing your skills, interests and experience. What is missing in your town? Go ahead and think up one of such ideas.
STEP2: ASSESS YOUR NEEDS
How much money do you want to make? What type of work do you want to do? What type of lifestyle do you want? You must set these things as goals, i.e. something you are going to work towards. For example, if you want to make one million naira turnover (that is the total amount your business will bring in, not the profit) in a year, and start a business of selling groundnut by the road side at only one location, that goal will be hard to achieve.
STEP 3: CARRY OUT RESEARCH
Seek assistance from informed sources. Get all the necessary information on your subject area. Look for a mentor, attend seminars, read books, go for anything that will enlighten you more about what you want to do. Carry out exhaustive research and seek verified information.
STEP 4: PICK PART TIME OR FULL TIME
Do you have enough money to start the business full time? Can your business work part time or would it require your full time presence? This is important because it will help you in sourcing fund to run your business; most especially when it is a part time business.
STEP 5: DEFINE YOUR NICHE
Who will use your product or service? Where are they to be found? What is their income? Get to know who your customers will be, the more narrowly you define your niche the better.
STEP 6: NAME YOUR BUSINESS
Transform idea to a name that is easy to spell and pronounce, memorable and conveys information about what you do. Send the names chosen to friends, family and potential customers, choose four or five possibilities, do a trademark search to see if anyone else is using the name.
STEP 7: WRITE YOUR BUSINESS PLAN
Writing it reveals flaws in your ideas so you can fix them before starting. Get books that will guide you through. If you want fast track business plan please contact experts or your chosen mentor. We shall post a detailed step by step way of writing a business plan for beginners on this website in coming weeks. So watch out for it.
STEP 8: LEARN ABOUT BOOK-KEEPING
Even if you are not an accountant or a store officer, you need understand the basics. So learn more about book-keeping as it will show whether you are making progress or not. It is critical for a start up business owner to keep meticulous track of the profit and loss issues. You must record purchases, sales, calculate gross income and then profit before tax etc.
A common error for beginners is to assume that the gross earning is the same as profit! I shall do a full article on book keeping for start up businesses in subsequent posts.
