How To Build Your Business From Scratch

[Admin]

I have often advocated in my previous threads that every
Nigerian should at least own a business. This is the
fastest way to alleviate poverty. In as much as the
government keeps sharing bags of rice and other
stipends, people will continue to suffer because their
immediate desire is being met but their long term need
is left unattended to.
In this article, I want to highlight the basic steps you
can take so as to start your own business. These steps
are applicable to both online and offline businesses.
1. Generate an idea:
This looks like the easiest part, but it is not. This is
where many businesses crashed even before they took
off. As opposed to what many people think, an idea is
not just what comes to your mind randomly and you
feel is noble for a business. An idea is a need that you
recognize which has the potential to fetch you money
while you need it. The idea you have will be stronger if
it comes from having been in a position/place to see or
experience for yourself what you need or what others
need. Once you can feel that need (and not just think
it) it will create in you the passion for the business.
2. Acquire necessary information:
Now that you have come up with a brilliant idea, it is
time to gather facts. I talked with someone last month
who started a business which he was already pumping
money into but had no idea how the business runs.
That’s pathetic. At this point, you need to acquire
information so as to understand the dynamics of the
business, the population of the market, the competitors
etc. Once again, don’t assume; instead, do research.
Carry out market surveys, visit those already in the
business to see things for yourself and get acquainted to
the “how” of the business.
3. Time to brainstorm:
Now you have your idea and you have the basic
information about the line of business that you want
to delve into. It is now time to think. It will surprise
you that very few people think. Most people just act
solely on instincts. That is not good for business.
Brainstorm on what you can do better, how you can
cut down on production cost, how you can seize your
own share of the market, what you can do to give you
an edge over your competitors etc.
4. Create a simple business plan:
The business plan will serve as your guide. Yes, you
know everything already and it is in your head but
still, write it down. Research has shown that whatever
you write down on a piece of paper actually burns deep
into your mind which in turn makes you naturally
conscious of it. Write down the basics of the business
plan such as your vision, your mission, objectives,
strategy, SWOT (strengths, weaknesses, opportunities
and threats) etc. Once you do this, you will have a
clear cut direction of where you are headed. remember
the 6p formula that says "proper prior planning
prevents poor performance"
5. Do Reviews from time to time:
Set aside time to periodically assess your business. This
goes beyond the daily or weekly inquiry into the profits
of your business. When you do a review, you take a
holistic look at your business to find out what is not
working and what you can do to improve it. Often,
you will find out strategies that are obsolete and
ineffective. Also, you may notice a strategy giving you
unusual hits. Whatever the case may be, ensure you
prune the business regularly so it will yield more
growth for your business. Zoom into methods that
work and let go of those that are not working.
6. Learn to identify opportunities:
There are plenty opportunities that you can take
advantage of to boost your business. It may be in the
form of publicity for your business or even loans or
grants. Learn to look out for them. In fact, those with
businesses are more likely to be picked than those
without one if an opportunity shows up. Don’t
assume that such opportunities are not for you. Take
the leap wherever and whenever you can. If you do, it
will give accelerated growth to your business.
7. Get a mentor/Model:
This is highly important in virtually every field of
human endeavor. The tragedy of the youths of today is
to think strength is a substitute for experience. A
mentor is someone that models the success that you
desire. For this purpose, such a person will be very
valuable to provide you with tips and insights that he/
she has gleaned over the years through experience. In
this way, you will achieve success with greater precision
and have little room for failure.
Never assume that owning a business is difficult. The
hardest part is to start. Once you start, you have
conquered the fear and procrastination that many are
still battling with. Nevertheless, with enough
information, planning and action, you can grow your
business over time.