INTRODUCTION
To get your business or idea off the ground you need resources, human and financial resources. At the early stages the only human resource you may need is yourself and maybe a few other hands to help make sense of what you have set out to do.
You will also need finance to get the most important tools that would be necessary for executing or producing the first sets of product you want to introduce to the market.
It's Important to have the right people around you whom you can share views and work towards yielding the right results and making the most of the finance available.
WHERE YOU SHOULD BEGIN
Let’s go back to basics, to begin you need a plan and thorough preparation. You most certainly cannot wake up one morning and start because you feel like it.
You must be well prepared to also adapt to changing situations as the market can sometimes be unpredictable.
Next up is research, conducting in-depth market research should not be an option. Take a study of people that are doing a similar business, how the market responds to them, get feedback from customers and find out what can be done differently or better.
With all these information, you need a business plan. A business plan is the blueprint of how you business will be built.
You should brainstorm on a business name, a name that best sits with you and resonates with your idea. You don’t have to spend time on this, what is most important is you getting your idea out there and your business off the ground.
While you’re introducing your product or service to the market, a name will come and you’re likely to learn how to develop a better business plan.
WORK ON PRODUCT AND SERVICE DEVELOPMENT
You need to refine your idea. One of the many benefits of doing an extensive market research is that it helps you refine your idea.
You may have a great idea, but it’s possible that there’s someone else out there doing something similar, it may not be in your demographics, but it’s an opportunity for you to learn what you can do better or give you a different approach or even help develop your unique selling point.
Learn what it costs to produce a unit of your product, same goes for the service provider, you should know the basic cost of delivering this service. This is where the pricing of you product begins.
“Quality over profit”
Oftentimes, business owners want to get their profits or money back as soon as they begin to role in sales. This approach couldn’t be more wrong. Your primary focus should be investing in building the product or service. The more sales you make, the more likely you are to make profits. Profits are guaranteed when you have traffic, traffic is guaranteed when you produce quality.
Testing the market comes in phases, you first create a prototype of your product, send it to people close to you, friends and family, let them have a feel of this product in return give you honest feedback. This also works the same way for service providers.
This method is also a the a good way to market your startup.
When you get their feedback and reviews, you learn what makes your product or service good and maybe a few things you need to upgrade, remove and generally improve on.
Why are you doing this business?Perhaps for profit or to bring real change?
It’s important you outline your why, there are days that it is going to be rough and tough, one of the things that help keep you on track is the reason why you began in the first place
Here's a popular quote
“If you ever feel like quitting, think about why you started in the first place.”
Your “why” should be very strong. Powerful enough to keep you going.
YOU NEED PAYING CUSTOMERS
“Business prospers when friends and family pay for goods and services rendered”
Don’t run into debt or let your business go bankrupt because you want to be kind to people. Avoid doing credits as you try to grow your business. You can do discounts and offers but you should be well aware of your product and service cost price. Don’t sell below it.
It's a business, not a charity
CONSISTENCY IS WHAT PAYS ON THE LONG RUN
You don’t need encouragement or motivation to start a business, if you do, then it’s better you don’t start. The life of an entrepreneur is not linear, it’s filled with ups and downs. You need to be laser focused, disciplined, determined, persistent and consistent to make it to your first five years.
On certain days there may be no one around to motivate you, what do you do then, quit?
You have to keep showing up everyday.
CONCLUSION
Think, plan and work is a simple formula for your great ideas. Find people who have a similar mindset and share your idea with them.
Don’t be discouraged, it’s important you can keep that flame of enthusiasm burning.
The world is waiting for your ideas.
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Great piece of writing, you must have made your research before now. This post will bless a lot of business minded persons. Thank you so much for sharing.💯
Remember that the zealy marketing campaign is still ongoing. I noticed you aren't following up anymore on the leaderboard. Just wanted to let you know that you can still recover all the points that have been plays, you can still fight for the prizes. I encourage you to follow up
Resources is needed for any business
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