ALL YOU NEED WHEN STARTING YOUR OWN SMALL SCALE BUSINESS

ALL YOU NEED

VISION

Get a clear picture of what you intend to accomplish in the end and a road-map to achieving it. When your vision is very clear to you, it helps you to move confidently towards manifesting your dream.

IDEAS

A lot of ideas will run through your mind as you meditate and make research concerning your dream and vision. As soon as the right ideas come, guide them jealously until they take firm root in you. Your idea will lead you to what to do and how to go about it.

PLAN

This involves mapping out the necessary steps to take towards translating your idea to reality. It brings order to the process of achieving your dream. At this stage, the likely problems to be confronted with the opportunities to explore, the positive edge of the business above others and weak points of the business will all be revealed. The effective handling of these components should be clearly catered for in the plan. It is not out of place to have one or two back-up plans to take care of unforeseen future problems.

FOCUS

Success does not come on a platter of gold. Circumstances will arise to quench the fire and zeal in you. But you have to be focused and resolute in your belief concerning your vision. Being focused also involves eliminating any other attractive pursuit.

PASSION

This involves giving your dream all your heart. This will propel you into dissipating your mental, physical, emotional and spiritual strength into achieving that dream you believe in.

HARDWORK

If your dream must come to reality, you must be prepared to work hard. Have you heard that life does not give you what you deserve; it gives you what you demand of it. Don’t relent in hard-work.

DEVELOP YOURSELF

Learn new things about your area of interest and specification every day and apply it to your business.

BEING AN ENTREPRENEUR

An entrepreneur involves owning and managing through the initiative and managing of the risk with the goal of making profit. You must be an innovator, a good private risk taker, who sees profitable opportunities, develop and set up plans in order to achieve his desired objectives and goals. Desire to be your own boss and you are an entrepreneur.

BEFORE TAKING OFF

Most new business collapse because of inadequate, improper planning and preparation. To achieve your desired objective in business, you need every relevant information on the new business idea and make plans according to the information you gathered.

Here are some layouts;

1.  Please, you must have a summary of your business idea in cleared, easy to read, easy to understand outline manner.

2. Ensure that the precise description of your business solve a particular problem in your environment and at large.

3. Make marketing plans on your products or services will be sold to identify and targeted customer profitably. This includes the details of the product or services to sell, the price to charge, the location of the business, distribution and the method of distribution and how to promote the product and services.

4.     Know the kind of business you are embarking on be it a sole proprietorship, partnership, limited liability, cooperatives and the like.

5. Consider and detailed the staff needed, their experiences, remunerations, etc.

6. Now the legal documentation and requirement for the business.

7.     Here are some legal requirements;

8. Legal responsibilities: some of it includes the payment of taxes, license and permit and contract Memorandum of Understanding (MOU) between the parties involve.

9. Insurance policy: Most time it is important to get insurance cover for your business. Find out more here

10. Social responsibilities: every business has both internal and external responsibilities which include ensuring that the operation of business does not disturb or harmful to the well being of their owner(s), employees, customers, government, community and the society.

11. Do and know the overall cost of production of goods and services for it will assist you in fixing the sales prices for your products and services.

12. Estimate your future financial planning for cash flow. This means how you expected cash to go in and out of the business within the time period covered by the plan.

13. Know your initial capital and the source of getting it.

SOURCES MAY INCLUDE;

Owners equity: that is the contribution(s) form your private or personal purse. The beauty of it is that it does not put pressure on you on how to repay.

Loans: borrowing and lending of the initial capital to take off, which probably comes with interest depending on the source. A good feasibility study can convince the lender(s) about the viability of the business proposal and grant you the loan which sometime they might demand collaterals.

Grants: sometimes the government and non-government organizations give out money as grants or allowance to support small scale business enterprises.