Have you ever thoght of opening your own business ? And its looks and sound unachievable. Here is a bit of advice for you. Some thoughts might weigh you down coupled with the advices given to you but though, there are so many tips for starting a new business out there that choosing which ones to follow can get confusing, however, note that there is no gain without risk.
I assure you that there is no perfect formula for starting a small business. But you have to learn to follow the best business advice and most especially reason it out before use.
Below are Few Tips for Starting a small Business
Tips for starting a small business
Note: No Sucessfull Business is made in a Day and there is nothing like a Born Businessman/woman. It require a graduall process where you make mistake, rise from it and learn to be better.
” if you are making mistakes, then youare making new things, trying new things, learning, living, pushing yourself, changing yourself, changingyour world. You’re doing things you’ve never done before, and more importantly, you’re doing something”. Neil Gaiman
1. Address excuses
Though you have an idea of your business plan, there is still fear of how to work it out. Well for a start lets find a way to concer every excuses that may arise.
I Need to Do Some Research: Yes, its good to know where you are going but are you sure you are not just procastinating? How many years will it take you to know what you know? Don’t be bothered by this, experience i know is the best teacher out there. so start your now and enrol yourself to the beat school of thought.
Money Issue: Okay, well said, Money is a major key in every starting. But you will never have enough money. i mean Never. So why not do with the little you have and start something, even if its takes dividing your apartment into two. If you don’t have enough capital to launch your business the way you plan, change your plan. Yes, there are better chances of doing better but you have to start somehow.You can’t always control what you have, but you can control what you do with what you have.
The right connections: Really, which other connection do you need than the one you have ? Your Facebook, Twitter, instagram, LinkedIn and other social media connection are they well utilized. Maybe you don’t Know the effect of this platforms, you can meet the least of your expected person, is it the president, governor, CBN Chairman? oh seriously, you dont think that is possible, why not try using it wisely instead of chatting, tweeting someone you often see or more a “Friend” who doesn’t even remember your name. Use your time and connection wisely and you will be suprise of the outcome.
Excuses only slow you down from reaching your goals. If you really want to start a business, you need to address the reasons you think you can’t start a business and get rid of them. Find a solution to the issue rather than let it hold you back.
2. Be a solution
Rather than starting your idea with what to sell, think about what it will solve. It’s a lot easier to gain a solid customer base when your business is fixing a problem. Your startup should fill a hole in a certain market or niche.
Dont just join the Queue create the Queue. There are many businesses out there which does not even know why they start the business in the first place, they are blinded by competition and have lost their way following trends.
Albert Einstein says “We can not solve our problems with the same level of thinking that created them” . If we are so eager to start making it big, alot of values will be lost. A child does not grow into a man the day he/she was born it takes stages so is the life of business. its a gradual process which requires effort and commitment.
Be a registra as well as an Accountant. The first thing that comes to you mind is I don’t have any accounting skills. But these are not enough justification for neglecting record keeping.
It is a fact that profit is a future result of past actions, which invariably means that today’s actions builds up to tomorrow’s profits. As a result, if profit is to be determined properly, records must be consulted, human memory alone is insufficient. The major aim of a business is to make profit but what if the business fails to achieve this,what if loss is being made instead of profit. It is through records that this can be determined especially the magnitude (monetary value) of the loss, by Keeping notes from all the resources you come across how to develop a new detailed profitable plan. Record keeping help to show that you are committed to your business.
4. Create Business Budget
Small business budgets are empowering. They give you the knowledge and insight to eliminate wasteful spending and get to profitability faster. Before you can make money you have to figure out how to spend it. Drafting a budget is a key way to help you turn your dreams for business success into reality. Creating budget will help you track cash on hand, business expenses, and now much revenue you need to keep your business growing or at least afloat.A well-planned small business budget will
When setting a business budget, you need good numbers. Don’t guess at what’s coming in and what’s going out. You could be making assumptions that just aren’t true. Take the time to look into your accounts and dig out the real figures. It might sound like hard work but it’s worth it.
5. Balance passion with wisdom
One of the most important ingredients in a successful business idea is passion. Passion will consistently drive you to improve your process so your business grows. However, passion alone cannot run a business, you have to be careful not to allow passion take over all your decisions. Passion will move you forward, but knowledge will point you in the right direction.
Dont be a know-it-all Reach out to professionals that can help you with certain areas of business, such as financial advisors and lawyers.
Though the idea of been an employer, an enterprenur, or better still th BOSS is appealing, there is more to starting business than just giving orders. Ask your self if you are truelly ready to start, if yes the then take a bold step.