The aim of setting up a business or business organization is to make profits by producing goods and services. However many people do not understand how important it is and its impact on daily life.
No one can be self-sufficient in all aspects of social and economic life. As a result, individuals and nations have certain wants and needs that must be supplied or satisfied from other sources.
Many businesses fail because people entered into them without proper planning, lack of experience, nonchalant attitude towards customers while others entered into business because they see others making it without knowing their experience and knowledge of the business.
- 1 #1. IDEA GENERATION
- 2 #3. IDENTIFY OPPORTUNITIES
- 3 #4. BUSINESS PLAN
- 4 Get my awesome list of proven ways to promote your business online
- 5 #5. BUSINESS NAME
- 6 #6. CREATE A BUSINESS WEBSITE AND SOCIAL PLATFORMS
#1. IDEA GENERATION
Before taking off in any business endeavor, there must be an emergence of a thought of a particular venture that one feels will bring a positive and good impact on society. This idea springs up to the level of business planning.
What are your strength a d skills? What do you feel passionate about? What do you love to do?
Answering these questions can help you come up with an idea of what kind of business to venture into. For instance, if you’re a sneaker lover, you might have worn different brands/kinds of sneakers and you should know about those brands already. So if someone asks your opinion on the one they should buy, you should let them know the one that’s the best they should go for.
This kind of person wouldn’t go wrong when they decide to venture into selling sneakers. Their experience will help succeed in the business because you have the answers to all your potential customer’s questions.
#2. IDEA GENERATION AND EXPERIENCE
It’s not important you have experience with a product or service before you decide to venture into it. Sometimes you can just lookup for products with high-profit margins and choose to settle for it.
You don’t necessarily need to come up with a completely new business idea before your business is known or successful. If you eventually do, it’s also great. However, you can also engage in what others are doing but in a different way (by just spicing it up :).
For instance, if everyone around you is selling sneakers, you can spice it up by offering free home delivery within a particular location.
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#3. IDENTIFY OPPORTUNITIES
Figure out if there’s a market for your product or service. This lets you know if there’s an investment opportunity or not.
Having concluded on a business idea, next is market research. This research will help you find out if there are actually people who would be willing to buy what sells in your location. Many businesses fail today because they fail to do market research even with their killer business idea(s). WHY?
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Because they don’t target the right people or their business is in the wrong location. If you sell books/novels, your target audience should be the literates and not otherwise. You wouldn’t expect someone who can neither read nor write to patronize your business. This would be a very wrong strategy.
Market research let’s you know:
- Your ideal or Target audience
- How often they would patronize you
- How much they would be willing to pay for your product/services
- Your competitors
- What your competitors are already offering
At the end of the research, if a business idea is not profitable (enough to your satisfaction), what need is it? Scrap it and start again until you find a long-term profitable one.
#4. BUSINESS PLAN
A business plan is a plan of action that guides the setting up of a business within a certain timescale. It has to do with figuring out one’s goal and objectives and strategies for achieving them.
A business doesn’t have to be long before you can take it seriously, in fact, the best ones are short, precise, and realistic.
What should a business plan contain?
- Description of teh Business (including product/service you are offering>
- Aim and Objectives
- Market Research
- Competitor Analysis
- Logistics and Delivery
- Financial Analysis (Details of finance including the input and output of the Business
Importance of a business plan
The essence of a business is the anticipation and satisfaction of the needs of the client/customer at a cost they’re willing to pay. Therefore:
- A business plan uncovers ommissions and weaknesses in the planning process
- Helps allocate resources judiciously when there are limited resources to avoid wastage
- Helps think through the business objectives
Read the full article on How to Write A Perfect Business Plan
#5. BUSINESS NAME
Once you reach a decision to establish a business, a brand new name must be chosen. Considerations to put in place:
- Name should be distinctive (Check rules for naming a business in your country)
- Should be an easy name to remember
- Do not use an existing business name
- Name should not be negative or offensive
- Should be dynamic to advertising agencies
- Make research on what your potential clients think of the name
#6. CREATE A BUSINESS WEBSITE AND SOCIAL PLATFORMS
Every business that wants more lead need to establish its presence online these days. Build a website to make your potential customers know more about you when they want to know more about what you offer and how you’d probably do it.
Building websites have become easy in recent years but if you have no ideas, you can reach out to someone who would do that for a fee.