If you aim to search for how to start a small business or a home business just for what to eat, avoid reading further.
This is because I aim to teach you how to start a small business and grow it to a point that it can outlive you.
There are basic principles of starting a biz, be it small or big, so, to succeed you must follow the principles that have been tested and approved over centuries.
Steps of Staring Small Business:
You must have the mindset of starting small while thinking big. What you become or what your business becomes is a direct reflection of your thoughts.
Therefore, I hope you should be thinking of starting biz that can grow to a point it can be transferred to the next generation.
In addition, you should specifically itemize the reason for starting. If you don’t know the “why” for starting, you will never know the “why” to continue when things become rough along the line.
Identify an opportunity
The mistake most people searching for how to start and run a business in Nigeria do is that they are looking for something new to invent.
But that is wrong.
Opportunities lie everywhere around you, it is all about finding a solution to a problem. Another way of identifying an opportunity is to look into your personal life and identifying the major problem you have finally solved.
Millions of people are out there searching for a solution on how to solve that same problem you have gotten a solution to. Package the solution and people will surely buy.
Securitize the opportunity
No matter how promising an opportunity appears, you need to diligently study its viability and durability.
There are two types of opportunities, which are long time opportunity and short time opportunity.
The duration of opportunity determines how fast you can cash out.
Long time opportunities:
Long-time opportunities are those opening that can be discovered and structured to a point that they can be transferred to the next generation.
In other words, they are evergreen businesses that can last over a long period if managed well.
Short Time Opportunities
These are opportunities that present themselves for a short period, which may be due to natural disasters or unwanted events.
These opportunities do not last long, rather you can cash in as long as the problem persists. Once the problem is solved the opportunity vanishes.
Also Read: How to Start Bread Making Business
There are 3 types of personal analysis you must put into consideration. There are
- Physical analysis
- Emotional analysis
- Financial analysis
This is a very crucial point to consider when you think of starting a small business in Nigeria. It entails analyzing your strength now and in the nearest future regarding the business.
Let me give you an instance, one of my clients approached me that he is interested in starting an engine oil business. And this business entails lifting heavy cartons, cans, and drums.
I then ask him, can you do this in the next 10 years? After a critical analysis, he said no. The reality is that you can train or recruit people that can do the hard job, but what if they are not there when you need them the most?
The truth is that starting and running a business, no matter how small it is takes a lot of energy and strength. Therefore, personal analysis is a factor that cannot be overemphasized.
This is in-depth research into your personality on how to handle disappointment from business partners and your expectations in general. Business goes with a lot of disappointment, therefore you must be prepared to handle them without affecting your health
There is much to this, but starting a small business in Nigeria entails knowing how to allocate your available finance to the basics.
The easiest way of conducting a feasibility study is by carrying survey among your potential customers. Ask people question such as, if they can patronize anyone of the kind of business you intend to go into
Warning: Don’t ever start a business without knowing the mind of your potential customers.
Why going through a long way while there is a shortcut. Getting a mentor means shortening your learning curve by over 80%. Please take note; there is a great difference between a business coach and a mentor.
A mentor is that person that has gone through the rough, thick, and thin road of that particular business you have identified.
So, your mentor must be a successful or well vast individual in the area of business you intend to establish.
This is the last stage when it comes to starting a small business that will grow fast. No matter how small you’re starting, you must have a business plan.
It is a comprehensive road map containing every step you need to start and grow your business. Before now, biz plans are voluminous and require a lot of work. But today, it has to be simple and straight to the point.
A business without a plan is dead on arrival.
How Not to Park Up
The rate of failure of startups is high and worrisome. Therefore, I’ll like to brief you on exactly what to do to avoid starting a business that will fail.
You should start your biz with two capitals. The first capital should be a startup capital, while the second capital should be the running capital.
The running capital means that you’ll never do any expenses from the business for at least 6 months. All revenue or sales generated within the first 6 months must be plunged back.
That is what is referred to as a biz development strategy.
Your startup is like a newborn baby, therefore you must give it time to grow.
For a one on one consultation on how to start any type of business call 07033680227