How To Start Up Your Own Business And Sustain It

How To Start Up Your Own Business And Sustain It

Business Strategy And Planning 

Having your own business is very good. It gives you time and space to live the life you desire. Having your own business, you can afford to do anything you want without answering to anyone but yourself. But as simple as it may sound it is very tough. It's not as easy as it seems. That is why many businesses do not survive or struggle to stay afloat.

You do not need a huge capital to start or a huge account balance or a first degree. Only what you need is a good business idea, a good execution plan and the passion to keep moving, keep grinding.

9 Steps to start a business and sustain it

1. Firstly, do a self evaluation.

Since you have decided to do business, you need to ask yourself some questions like

A. Do I have the needed skill for the business?

B. Do I have what it takes to raise the capital/funds I need to run the business and how do I raise funds to start up the business?

C. Do I have passion for this business I have chosen?

D. What is my ultimate WHY? My reason for starting this business?

E. Can I manage a team?

Be very sincere with your answers. If the majority of your answer is Yes then you are good to go.

2. Find a business idea

When it comes to starting a business, not all business ideas are worth it. 

Start your search by looking at what problems exist in your environment. Think of what people are struggling with. Here, you may need to ask questions from people or carry out a research

3. Try doing market 

research in your area. 

Check out existing businesses and see what they are lacking and try to bridge that

4. Get feedback and utilize it. 

Research is a waste if there is no intention to utilize the feedback.

The whole essence of research is to help you know more about the business you want to start and to help you form a very strong foundation for the proposed business.

5. Create your business plan.

A business plan is a formal statement of your business goals, reasons and plans of attaining them. It may also contain the background information of your business/company either registered or not registered.

For every business either big or small, a business plan is key because it helps you to 

stay focused and organized.

6. Get funding.

 

Starting a business does not just require skills and effort, it needs money.

Every business requires a start up capital.

There are many ways to get capital - bank loans, grants, equity investments etc many businesses crumble because of lack of funding.

And this is the life blood of every business MONEY

7. Register your business

Registration of your business is very paramount for everyone who wants to remain in business and grow. You should at least register your business name with CAC

It gives your business validation and authenticity. A lot of times we wonder why people are not buying from us especially if you are selling online. Buyers want to know that they are dealing with a credible business. If your business is not registered with CAC i will  likely not buy anything from you if you are online. Also if your registration number is not boldly wtitten on your biz page I will not. You can search these things  online to find out if the business is credible or not. Keep in mind that your customers want to make sure they are dealing with the right people.

8. Build a team

If you are planning to be the only one running your biz then you may not need a team. But if your business is not that type then you need to build a strong team. Those people you bring in are meant to contribute to your organizations growth

But if you go pick anyhow people they can bring your business down. So be careful the people you bring in on your team. I used to employ any one I see before but experience has taught me never to do that. They are the evil you don't want to see.

9. Grow your business 

Business growth is very vital to the survival of any business. Any business that is not growing will surely run to the ground. It's the fact! Make sure you do everything possible to make your business grow constantly. Your business is like a newborn child and needs nutrition to grow. Feed yourself by improving on your skills, your services, your shop ambience, your environment, your appearance, your attitude, your beliefs, your general knowledge and see how your business flourish and people will keep asking you how you did it.

You can also find more helpful business articles here. Tired of doing it alone and need help? visit www.ugochiogundare.com

The number one metric to measure the growth of a business is a steady positive cash flow.

The more the cash flow a biz generates the more ability it has to grow and expand.

Make sure you have the right tools to help you keep track of your cash flow from day one of your starting.

This is where a lot of us have issues except some people who are accountants or already have this knowledge. What I did was to have separate accounts. It will be silly and embarrassing if you print your company statement and you begin to see things like payment for foodstuffs, wigs etc. It's strange on a corporate account but not on a personal savings account.

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