Starting a business on your own can be tricky especially if you are already employed in an organisation, but it’s not a difficult thing to do. However some things need to be looked at before you venture or go full out to start that business. Also a lot of people start businesses because they see people doing it. In starting a business you must have a plan on what you want to sell or do. I always advise people that planning on being a contractor is not a business or strategy, except your dad is the governor of one of the states or a senator. You understand what I mean!.
Some people are always looking for one contract to execute from one place to the other without having a proper plan of what they want to do or offer. I know some of you will relate to this. In business you must have a product, service or solution you want to sell. So before you call yourself a business person or entrepreneur, think of product, solution or service you will offer to your target market.
In my next article I will emphasis on how to develop a product, solution or service. In this write up we will be focusing on check list before venturing into that business.
- Don’t leave Your Present Job yet: This is for those who are currently working in a paid employment. Don’t just jump out without having a plan; your current employment should be your lifeline in starting that business. A lot of people have been ruined for lack of proper planning and strategy. It is important you start something before you leave. But in taking that decision you must be confident and don’t be afraid.
- Write Down Those Business Ideas: Work on those ideas you want to start as a business. Ensure you write them down and identify what you really want to do. Many people start multiple businesses without being focused, but when you write them down you know which to start, when to start, how to start and how much you need to start.
- Identify & Analyze Your Market and Challenges: You must be able to identify your target customers, analyze them and also list out the possible challenges you are likely to face. Don’t wave anything off, be deliberate about it; if possible do a small survey using your immediate network or friends on your social media platforms. It’s important to know how your potential customers will react to what you will sell or the service you intend to offer. It is heart breaking to launch a product or service and no immediate network or family member buys into it. So research your market.
- Evaluate Your Capital Needs: Know how much you will need to start that business. Don’t start and then begin to look for funding or thinking how much you will need. Knowing before you start will help you be strategic and also know how to raise the funds. It will ensure you don’t spend arbitrarily.
- Think Crowdfunding If You Don’t Have Funds: These days crowdfunding is becoming popular and one of the easiest ways to raise funds. Learn about crowdfunding and how to benefit from it. Even in Nigeria, crowdfunding is becoming a more acceptable way to raise funds for that business if you don’t have the required capital. To learn more about crowdfunding you can check out my video course on “understanding crowdfunding” see link https://www.skillshare.com/r/user/lawobi when you sign up you will get 2-months free subscription.
- Network with People: Network with people, share your ideas and ask for feedback. Don’t assume people will know about your project without you telling them. It’s important you speak and ask for opinions. Always remember that people make business thrive, they buy product and services.
- Carry Out Trial: Ensure you do a test run of what you want to do, I mean try out in a small data sample of your product, services and solution, don’t unveil to everyone yet, select people who will give you honest feedback or even give it out free.
- Collect Feedback: Feedback is key and will help you strategize on how to become better or unveil better solutions. You must not ignore people’s feedback even when it is negative. Take it as a customer’s feedback whom you need their money badly and must do everything to satisfy their need.
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Lawrence is a Cards, Payments, Project Management and Sales Expert with over 16years in the Financial Sector. He is passionate about Excellence, Leadership and Innovation, currently chasing interest in digital Payment solutions, blockchain technology, financial Inclusion & tech startups.
Author of the book, Discover, Develop, Deploy
Lawrence has founded several businesses including a Licensed Fintech in Nigeria. He loves writing and sharing knowledge with his audience.
You can reach him on any of his social media handles for enquiries and collaborations.