Before you endeavour into any business venture, it’s advised that you run a background check, understand the rudiments of the business and know the cost of starting such business.
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As a matter of fact, it’s ill-advised to go into a business you have little or no knowledge about. It’s advised to be an apprentice or intern for successful businesses, before setting up yours.
Fight Excuses
Excuses are killers of courage and productivity, which are the most important traits needed for business. The reason why people rarely venture into businesses is as a result of their excuses. Let your ‘why’ be greater than your excuses otherwise you’ll barely make any headway. Excuses are the reason why people only dream without acting. If you don’t kill excuses it’ll kill your execution.
Go Into A Business That You Love
Never go into a business niche because it’s trendy, because of the promise of profit, or because your friends are in the business. Any business you’ve no passion about will in the long run make you tired, bored, and even seen as a burden, which leads to a rapid decline of the business. In a business where passion is lacking, untimely death is inevitable.
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Earn While You Build
Starting a small business needs funding all through until it can stand on its own. Your small business will often require you to pump in funds from time to time, therefore, it’s advisable to stick with your salaried job where you can get funds to keep your small business running.
Go Into Business With The Aim Of Solving A Problem
Your business must be out to solve a problem otherwise there will be no return and subsequently, a decline. All the greatest businesses began because they found a need and decided to fill up the need. For example, if you’re in a city and there’s no product, let’s say yams, and people have to drive kilometres to get yams, you can certainly go into yam business.
Put Your Product Before The Right Audience
Do your business analysis adequately and ask questions concerning your business and its potential customers. Run demography of your business customers. These demographics include,
Age: Is your business service for people of all ages, elderly, mid-ages, and young adults or children?
Gender: Is your business for males or females?
Status: Is your business for parents, students, businesspeople, nursing mothers, and so on?
Make these groups your most important contact, build a relationship with them, and get them to your contact and mailing list.
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