The concept of starting and running a business has been for a long time, it sounds simple and straightforward, yet it’s easier said than done.
The most challenging part is starting. This is hinged on specific factors you need to consider before you start. If these factors are not adequately and carefully considered, the journey will prove to be difficult and frustrating. You can read here more A-practical-guide-to-start-that-small-business/
So here I will be sharing key things you need to consider in starting and running a business based on personal experience and on the journey I started some years ago.
Product or Service: You must have a product or service you are offering. Product or service is the bedrock of any business. Business is all about selling. It is either selling a product or service to people in exchange for money. Therefore, every business value is exchanged for value. You build products or services into a business.
So for you to build, you must have a sellable product or service that can be scaled to reach a large number of people. So ask your self what problem am I solving with this product or service?
There are other things involved in developing a product or service and things to consider that are beyond the scope of this article. You can read more here. Personal-branding-key-selling
The Team: This is very critical in building a business. You can’t build a business without a team. A team helps you sell products or services and also helps in building the system and processes of the company. These keep the company alive and growing. Your team tells a lot about your company and points to what your success would look like in the future. Bear in mind that you can’t do it alone and never assume you can. You can start it alone, but you cannot build and scale it alone. That’s why organizations hire people to occupy or help execute some tasks daily. So focus on hiring the right people and building a strong team.
“Your team is your most valuable asset in building your business”
Systems and Processes: when you have created the product or service, to build that product into a business, you must have systems and processes in place or build them as you proceed. Without systems and processes, what you have is just a product or service and not a business. As you grow, processes and systems must be in place. Your processes talk about how things are done when it is done, who should do it, and when it should be done. While your system talks about why things are done the way they are in your organization, why they should be done that way, It is about the network of the processes to each other. This actually helps and guides the team and any other person who will be joining the team. Also, note that systems and processes say what a company culture and attitude is.
Tools & Technology: In this age and time, you need the right tools and technology to scale your business. Technology is an enabler in any business. If you want to scale massively, technology and tools will help you achieve speed and ease. Without the right tools, your business will remain stunted, even if you have enough funding. Technology is the vehicle for growth and massive scale. So you decide where you want your business to be. They help you to reach where your team might not be able to get to.
When we started a few years ago as a Fintech, we realized that the team will not be able to get to some places. We started building our online presence and employed all the technical tools needed to do that. Today we have been able to reach more locations and service customers we have never met physically.
There are other things to consider in starting and running a business, but these four things I believe are the first things you need to consider, while the rest are a subset of what I have highlighted.
I didn’t mention about funding because funding wraps around almost everything I mentioned above. If you focus so much on financing, you won’t see yourself starting at all. I will always say, start with what you have, invest your time, energy, and resources. People will know what you do and will want to come and be part of it.
If you are building, don’t give up, keep pushing, and ensure you are heading in the right direction. But in all, don’t be afraid to fail its part of the learning and growth process.
To your Success.
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.