How to start a business, read the untold success guidelines on how to begin a business whether small or big and succeed in it.
Have you been wondering how to start a business? Did you begin a business but it failed? Find out the possible causes for the failure and room for improvement.
A business is a commercial or industrial establishment, a Peron’s occupation, work, trade or a professional activity.
Business are established for the sole purpose of making profit usually by offering a product or service although some businesses may be non-profit for social reasons.
Whatever the reason, your business should be feasible, you have to make adequate preparations and realize that it will require a lot hard work and efforts.
There a three (3) major types of business to venture.
The Service Business
As the name implies, it makes profit by offering services to those who need them e.g. Schools, Banks, Saloons, Repair shops etc.
This type of business involves procuring raw materials & processing them into finished goods people can purchase. It usually involves labour & overhead cost e.g. bakeries, mills etc.
In this type of business, products are bought at wholesale prices and resold usually at higher prices to make profit e.g. Supermarkets, distributors & resellers.
Before starting a business, it is necessary to understand the various types of business and what it will entail before you proceed to start. These guidelines will help you on how to start.
Come Up with an Idea
Definitely, before starting a business you must have thought of what you want to offer; whether a product or service, why you want to offer such, will it add value to others?
If there are other products or services like the one you want to offer, what will make yours unique and stand out from others & attract people to patronize you?
Who will be your potential clients or customers? Why do you choose them? Will they be able to afford your product or service? Passion is the key here.
If you don’t have passion for what you want to offer, it is advisable to go back to the drawing board & think again because passion is needed to overcome the challenges you will face.
Develop a Business Plan
After you have thought of an idea, you can then develop a plan. Your plan should give you a clear picture of your aims & objectives and how such objectives can be achieved.
Conduct Market Analysis
Find a location in which to start your business. Carry out research & know your potential clients. Collect information about your target market, find out their preferences.
If your business is sited in a place far from them, you might have to take transportation into consideration so your product can get to your clients.
Know your competitors & if your profit will stand a chance with theirs in the market already.
Availability of Raw Materials
Depending on the type of business you want to establish (if it is manufacturing), you have to arrange for how the raw materials will be procured and know if it will be readily available.
Consider your Finances
Have a budget, find out the cost of set up, do you have enough funds for it or will have to get a loan? Avoid overspending on things that are less important, get only the essentials first other things can come later.
Create a Business Name
This will give you identification and you’ll be known your business name shouldn’t be too complex, keep it simple.
Get the necessary licenses, your license is your authority to function.
Branding, Advertising and Marketing
Create a logo to give you identity, build your brand. Give juicy packages that will attract more people to your business.
Create a website for your business if possible to enable your potential customer far can reach you and make sure you keep it accessible and up-to-date.
Advertise your business where your target audience is. Social media is mostly used nowadays because that is where crowd can be found.
Create a Channel for Feedback
The success of any business depends on how the business is perceived by your consumers. Let them be able to make complains where noticed, this will give room for improvement.