Locating your business where there are large population will not be a bad decision. You should not lose sight of competition, who sells or provides similar products or services and how to position your brand
By Nwokolo Charles Ike
Most Entrepreneurs desire to establish business with the purpose of providing goods or services having learnt from others or seen friends carrying on business successfully. However, having desires and passion for a particular business is not sufficient for business success without going through the different aspects involved in running business. The different processes involved are:
Setting goal of the business
The goal may be financial or growth. The financial goal may concern Revenue to be generated from the business and how much the Entrepreneur will earn to meet his or her basic needs. This may involves the hours of work to be put in daily or weekly and the numbers of customers to be acquire to meet sales goal.
Considering your Market
Create your market. This may be Online Market or the use of physical stores or Shop. If you are using mortal store, you need to consider your location. Locating your business where there are large population will not be a bad decision. You should not lose sight of competition, who sells or provides similar products or services and how to position your brand.
Estimating your operational Costs
You should estimate the cost of Plant and Equipment like Generator or Solar Power, Computer, Furniture and Fittings etc. You should consider the manpower and the estimated Salaries, and make provisions for at least Six (6) Months Salaries to serve as buffer until the business begins to earn or generate Revenue. This will ensure stability and save the young business from disruptions and thus boost staff morale.
Creating a Business Plan
Create a detailed business plans incorporating your business or financial goals, marketing and operational planning. Develop the strategies necessary to achieving the set goals. The plans will serves not only as working document but to keep one focus on the derivable and helps in monitoring progress.
Organizing your expenses
Organise your Expenses and properly document them to have clear picture of how you spend. Separate your business expenses from personal by paying and living within your Salary and Allowance. Learn and practice budgeting and budgetary control systems to enthrone financial discipline.
Operating within the Law
Know the Laws and how they affect your business and comply with all relevant regulations to avoid losing money or facing unnecessary sanctions.
Seeking Advice from Professionals
No one is all knowing. Learn to build network of Professionals, Business Associates, and Mentors and seek advice and guidance when necessary.
•Nwokolo Charles is a Consultant. He helps individuals and Entrepreneurs to plan and set financial goals that fit their needs. He can be reached at cinwokolo@gmail.com, 08030599774.
