Hello wonderful steemians welcome to my corner once again. I will be taking us on a topic; “GETTING STARTED'
Currently in Nigeria it takes between three to five years to get a job, and ironically it takes around the same period of time to grow a business as well.
But not every small business is positioned for success. In fact, only about two-thirds of businesses will survive the first two years, and about half survive five years.
Therefore in other to start and run a successful business there are some basic steps to follow.
Step 1: Do Your Research
This involves the process of researching and developing your idea. And in most cases your business is run through a validation process to see if it has the potential to succeed before you go further.
For a small business to be successful, it must solve a problem, fulfill a need or offer something the market wants.
There are a number of ways you can identify this need, including research, focus groups, and even trial and error. As you explore the market, some of the questions you should answer include:
Is there a need for your anticipated products/services?
Who needs it?
Are there other companies offering similar products/services now?
What is the competition like?
How will your business fit into the market?
These questions will better position you for what’s ahead of you and
If you can provide answers to these questions appropriately, then you can go ahead with starting your business.
Step 2: Make a plan:
You need a plan in order to make your business idea a reality. A business plan is a blueprint that will guide your business from the start-up phase through establishment and eventually business growth, and it is a must-have for all new businesses.
Usually a plan comes in the form of a business plan or a business model canvas.
Though making a comprehensive business plan is expensive and time consuming, but I will advise you make a rough sketch of how you intend to start and run your business and it is better if you can seek advise from an experienced person or a professional in settings this up
Or you can make use of the internet
Step 3: Plan Your Finances
Finance is one of the key things required to start up a business but still it is not the most important. A good financial plan is one of the ingredients of a successful business as it can make or break the business.
Most people in our world today believe that starting requires a huge capital therefore they wait all there life to get all the capital needed to fund there business.
Truth is, Starting a small business doesn't have to require a lot of money, but it will involve some initial investment as well as the ability to cover ongoing expenses before you are turning a profit. It is always advisable to Put together a spreadsheet/plan that estimates the one-time startup costs for your business (cost of raw materials, cost of production of good or rendering services, transportation etc.). But in all of these it is better to start small and think big, that way you can attract investor or more funds and grow your business to greater heights.
there are a number of ways you can fund your small business, including:
Financing
Small business loans
Small business grants
Angel investors
Crowdfunding
Looking at starting a business from another perspective; there’s something I’ve noticed in most people when they are starting a business
And this is the Fear of starting
Truly it’s is sometimes difficult to start up, but the truth is that you just have to start anyway
Most people always wait for the right time to start but the bitter truth is that it’s better to start small, think and plan big
Only that way you can achieve the vision you have for starting the bizness
There is reason why it is advised to always start small, especially when you’re just starting a business
This is because, mistakes are inevitable in every new business and it has been proven they the effect of a mistake is usually small and can easily be contained when it occurs on a small scale
Taking myself as an example, many a times I’ve made mistakes in business and in all of this mistakes my fingers have been burnt but I’m still up and running as it is now . And I always learn my lessons from all of these. So today when most people see me it looks like it has always been rosy
Lastly I will drop some keys to starting a business
Do your research before starting
Get a mentor (someone who’s experienced in business)
Start small
Start now and lastly,
Be consistent. Cos consistency is very important in business
Many thanks for all of your time.... will will have to stop here today. Till some other time