Post by Trade Coach on Dec 11, 2021 19:57:04 GMT 1
One Critical Factor You Will Need To Know To Succeed In Your New Business
With the situation of the country today, many Nigerians know that there are no white collar jobs anymore. Even big companies have not been recruiting for some time now. The situation is very worrisome; indeed the government is more worried than the citizens because it is the responsibility of the government to take care of its citizens.
The truth is that no matter what the government does, it cannot provide jobs for the multitude graduating from our universities and other tertiary institutions annually. The only solution left for anybody wishing to be gainfully employed in the country today is to be self-employed.
What are those things you need to start a business? There are many websites and dozens of publications that contain tasks you should perform to successfully start a business. But what you will get here are critical practical things you need to do to successfully start a business of your own.
The reason for this is that you don’t succeed in business by just completing a list given to you by anybody, new business success is not like that; it is far deeper than that.
Let me tell you something, a business idea may seem so fantastic to you when you first hear of it, even your friends and colleagues may tell you that the business idea you are mulling is wonderful but when you start implementation you discover that it is a failure.
Then, what will make or break your business? What determines if your business will be a success? Success in business follows systems that have been tested and tried over the years. Follow them and success will not be too far from you.
I can tell you something that you need to know when starting a new business, lack of fund is one critical factor you will face, unless you are sure that you have investors or family members with deep pockets.
It is easy to spend the funds you earmarked for the business within a short space of time. It is possible that you will forget some important issues like licences during the planning stage only for it to surface at the time you are about to start operations, and you have to pay for it. This will greatly affect funds available for you to start operations.
How do you attract investors to your small and new business?
When your business is big, a lot of people will know you and will want to identify with you; but when yours is a small and new business, it will be a little difficult to get people to identify with by way of lending you money.
People like to be identified with success, they do not feel comfortable with startups, unless you are able to market your business very well to them and they believe in you. If you make your presentation believable, they will probably invest in your business.
One important issue you need to understand about taking loans for your business is that if you are just starting out on a business you knew nothing about previously is very risky. The probability of success is very low, it is easy to miss it and fail completely, when you fail as a new business owner, how do you pay back the loan? It will become an albatross hanging on your neck.
The best way to raise money for a new business or what is known as startup is to save your own money, ask from family and friends who are ready to participate as shareholders who will not ask for their money from you when the business fails. You should be extremely careful taking a loan from any organization or anybody who will immediately come for your neck when the new business fails.
Never make the mistake of borrowing money for your new business from Microfinance companies, or those loan sharks all over the internet. Though there is no mystery with their loans, but the interest is usually too high and their funds are not meant for new businesses rather they are for already established existing ones.
We will be bringing more of this coming in the subsequent articles.
With the situation of the country today, many Nigerians know that there are no white collar jobs anymore. Even big companies have not been recruiting for some time now. The situation is very worrisome; indeed the government is more worried than the citizens because it is the responsibility of the government to take care of its citizens.
The truth is that no matter what the government does, it cannot provide jobs for the multitude graduating from our universities and other tertiary institutions annually. The only solution left for anybody wishing to be gainfully employed in the country today is to be self-employed.
What are those things you need to start a business? There are many websites and dozens of publications that contain tasks you should perform to successfully start a business. But what you will get here are critical practical things you need to do to successfully start a business of your own.
The reason for this is that you don’t succeed in business by just completing a list given to you by anybody, new business success is not like that; it is far deeper than that.
Let me tell you something, a business idea may seem so fantastic to you when you first hear of it, even your friends and colleagues may tell you that the business idea you are mulling is wonderful but when you start implementation you discover that it is a failure.
Then, what will make or break your business? What determines if your business will be a success? Success in business follows systems that have been tested and tried over the years. Follow them and success will not be too far from you.
I can tell you something that you need to know when starting a new business, lack of fund is one critical factor you will face, unless you are sure that you have investors or family members with deep pockets.
It is easy to spend the funds you earmarked for the business within a short space of time. It is possible that you will forget some important issues like licences during the planning stage only for it to surface at the time you are about to start operations, and you have to pay for it. This will greatly affect funds available for you to start operations.
How do you attract investors to your small and new business?
When your business is big, a lot of people will know you and will want to identify with you; but when yours is a small and new business, it will be a little difficult to get people to identify with by way of lending you money.
People like to be identified with success, they do not feel comfortable with startups, unless you are able to market your business very well to them and they believe in you. If you make your presentation believable, they will probably invest in your business.
One important issue you need to understand about taking loans for your business is that if you are just starting out on a business you knew nothing about previously is very risky. The probability of success is very low, it is easy to miss it and fail completely, when you fail as a new business owner, how do you pay back the loan? It will become an albatross hanging on your neck.
The best way to raise money for a new business or what is known as startup is to save your own money, ask from family and friends who are ready to participate as shareholders who will not ask for their money from you when the business fails. You should be extremely careful taking a loan from any organization or anybody who will immediately come for your neck when the new business fails.
Never make the mistake of borrowing money for your new business from Microfinance companies, or those loan sharks all over the internet. Though there is no mystery with their loans, but the interest is usually too high and their funds are not meant for new businesses rather they are for already established existing ones.
We will be bringing more of this coming in the subsequent articles.
