- Posted by Team Superwoman
- On May 5, 2018
That you are starting a business does not mean that you will make profit from it.
And why start up one if you wont profit from it?
Are you aware that a high percentage of new businesses fail in their first three years of operation and the reason is because of poor planning and poor management.
There are basic things you must look out for while setting up a business that will thrive.
You have to access your ideas and determine whether people will be willing to pay money for your product or service.
The idea might be sweet to you but of no use to your target audience.
It might even have a beautiful name with wow packaging and might not be needed in 2018. Probably 5 years ago it was a need
You have to identify your target market and also develop creative ways of attracting them.
Its not always a problem that the product doesn’t have the required market, it might just be that you are not creative enough to attract them.
Have you taken into consideration the necessary skills, knowledge and experience to run a Business
You don’t just wake up and start up a business, you need to be experienced else you wont gain their trust.
Research is the game here. You need to research the level of competition to help determine your competitive advantage.
What makes you different from your competitor, its called Unique Selling Proposition
Do things Differently, don’t just join the trend, be distinct.
Understand the internal and external factors that can have a potential impact on your business.
It could be electricity, the peculiarity of your target audience, geographical location etc.
There are different things that surround your business that can limit it or boost its viability.
Determine your start up cost, running cost and pricing strategy
What will it cost you to start up the business and how will you get this fund.
After you have started the business, draw up a financial model on how to get steady income to keep your business moving.
How much will your target audience pay for your product or service.
7. STARTUP REQUIREMENTS AND PROCESS
You have to get all the papers of your business ready or you start the process.
Get an experienced lawyer.
Be ready to pay tax, don’t run away from it because you will be caught the day you least expected.
Get your tax papers also.
What equipment are important to actually start?
Example: A laptop, internet connection, sewing machine, baking pan, fabrics etc. It depends on the industry you are going into.
Get all that is required to start and actually START.
Go and explore, evolve and enjoy.
Have a blessed weekend!
If you have any question please feel free to drop it in the comment sessions below.
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