STARTING A BUSINESS. Posted on September 02, 2020 16:49
STEP BY STEP GUIDE TO STARTING A SUCCESSFUL BUSINESS.
Starting a successful business takes a lot of effort, investment, patience and time.
If you fail to plan, you definitely plan to fail. Starting a successful business, you have to draw/sketch out a strategy which you would work with and follow each and every step.
In this article, I would give you a step by step guide to starting a successful business.
UNDERSTAND THE MARKETPLACE AND CUSTOMERS NEEDS AND WANTS.
In starting a successful business, you first need to know what your customer needs and the right market to sell. Understand the categories of people around you, do critical thinking/consideration if such people would patronize your market.
In starting a successful Business you don’t sell what you like to sell, sell what the market needs, you are not selling for your consumption but for the consumption of the public. In this case you do a proper research on what people buy more and also consider the affordability to the people you sell to. This helps in creating a business Idea.
DESIGN A CUSTOMER DRIVEN STRATEGY.
Draw out a Business plan- This is how your Business should work. How much finance do you need to start, so you won’t be spending too much or too little, the Number of staffs that would be working with you, your design, brand, packaging, location, price strategy, and sales promotion.
DECIDE ON THE LEGAL FORM OF THE BUSINESS.
CHOOSE A LOCATION
Choosing a location is one basic step to a successful business. Not all locations are good for all types of business. Some locations are not advisable for some certain kind on business. This boils down to the business you are into.
OBTAIN A BUSINESS PHONE FOR CONTACT.
With this number, customers should be able to get through to you or your customer care to either buy products or lay complaints. This is very essential.
CHOOSE A MAILING ADDRESS.
Customers should have access to your emails. In a case were the customer care Number is not reachable, they should be able to leave a mail in the company’s inbox.
OPEN A BUSINESS/COMPANY ACCOUNT AND ESTABLISH ACCOUNTING SYSTEM.
Do not make a mistake of using your personal account for your Business. Open a Business/company Account in your Business/Company name. As this helps in controlling how your money is spent, and also helps in managing finance and also tracking income.
OBTAIN LICENCES, PERMITS AND APPROVAL.
This is similar to registering your Business; get the government to put their stamp on it to avoid harassment or disturbance from the Business or Entrepreneur committee.
PRINT A BUSINESS CARD AND BROCHURES FOR ADVERTISEMENT.
This should contain all information of your Business/company. It is an easy way to advertise your market. It saves you the stress of talking a lot.
Make Brochures; place them in moving places, like hotels, restaurants, parks etc. This creates quick awareness to the public about your Business/company’s function.
RECRUITMENT/ SELECTION OF EMPLOYEES.
Ensure you employ people whose qualifications match your business type to avoid too many complaints from your customers. Educate them on the customer’s right and how to relate with customers.
DETERMINE THE SOURCES OF FUNDS/FINANCE.
Funds/Finance is the key of every business, with no capital you can't have your business standing, after sketching out every plan to starting your business, you should properly look into where your finance generates from to keep your business going.
Start up an investment with which you get 30% interest investing. The Cofred investment is highly recommendable.
_ Invest as low as NGN10,000.
_ Funds invested are 100% secured as running floating capital.
_ Earn 30% annual interest plus other benefits.
_Earn 10% monthly [VIP members only] limited seat.
_Daily income accrual.
_Highly liquid, 5 business days to process redemptions.
Failing to save up for a potential business causes several businesses to fail as it may not have a solid/steady finance to keep up with.
I hope this article was helpful and with this guide you’d be able to start a business and make huge progress.