7 Simple Steps For Setting Up A Successful Business

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There are basic things one must know before setting up any business in the world- in Africa, America, Asia, Europe and Middle East. These are indispensable facts and truths that must be followed religiously or as Doctor’s prescriptions. Any neglect in any of them lead to failure or many never allows you to start up any biz. These simple steps are outlined as follows:

1. Identify The Needs. Every business provides solution to the needs of their customers. These solutions could be in provision of goods and services. Everyone under the Sun has one need or the other and is looking for solution. And as you identify the needs and provide the solution, you will be rewarded in cash most times, thus you are already in business.

2. Identify Your Passion. There many needs around us, but sometimes difficult to identify. To do this therefore, ask yourself these following questions, what do I love doing? What is your hobby? Singing, baking, serving, teaching, etc. whatever you love doing without stress or much supervision, or much planning is your hobby. There are people that want to enjoy for money, so give it to them and make some money.

3. Training. Training involves learning to know what you love to do more effectively and efficiently using the latest technologies and methods. Training brings out the best in you and sometimes identifies your passion and the needs around you. It is the acquisition of knowledge and wisdom is the right application of knowledge. So training makes you wise. How much training do you have? Get trained today to enjoy tomorrow, scarify your time and money today to earn more tomorrow. Get more training today in whatever field of your endeavor… or neglect it and regret tomorrow. Technologies are changing and improving daily- improve alongside through training. Are you computer literate? Do know that money than half of the world’s money is made via the internet/computer. Ignorant is terrible, get trained today.

4. Capital. This is one of the greatest factors that determine the setting up of any business. Most business could not take off due to lack of it, or could not expand and continue due to inadequacy, and sometimes its surplus leads to lack of proper planning and mismanagement. There are various ways to raise capital to start business listed below: i. Personal savings. ii. Savings and cooperative scheme. iii. Daily contribution and savings scheme (Isusu or Akawo). Iv. Family and friends contributions. V. Loans from banks. Vi. Partnership.

5. Location of the business. The type of biz you want to start will determine its location. The factors that determine its location is but not limited: Nearness to raw materials, Nearness market/customers. A farm biz will not be located at the center of the town but in the village where there are plenty farm land. While an internet/computer biz will be located in the center of the town with internet facilities.

6. Socialization. Every business grows as a result of the product/services and the customers. A business transaction is complete when it gets to the final consumer. Training makes you an expert while socialization links you to your potential customers. Make friends always, have a functional phone line (24/7), an active email account (free), connect to face book and twitter (free), let many know what you do, use bulk sms to advertise your products and services.

7. Honesty and Integrity. Skill and training takes you to the top while honesty and integrity keeps you at the top. One thing is to start a business; another thing is to keep that business. Deliver what you promised on time, never short change anybody. Bad news spreads faster than good news, so be careful and courteous with your customers. Maintain a high level of integrity and be sure to make it. See you at the TOP.

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