How To Kick-Start That Brewing Business Idea
11:17
I
think one of the easiest things to have ever is an idea. At some point or the
other we have all had “ideas” about something that we would like to pursue.
Having a great idea is one ball game, having a plan to set that great idea in
motion is another ball game entirely.
“I have a great idea for a
business. But I don’t have any money to start it up.” This phrase is
something many people say time and time again. While it is true that with a
team of investors, or an uncle with deep pockets starting a business might be
easier, not having money shouldn’t be an excuse. If you are
confident in the reality of that idea you have or in the product or service you
want to sell, then don’t allow the lack of capital to deter you from your
business goals. Moreover there is a saying that goes; don’t wait for the right
moment to start a business because it will never come, just start whenever. By
pivoting, grinding it out, getting creative, and differentiating yourself, you
can fast-track your way to a successful business.
The key to changing your future is
to turn inspiration into motivation and motivation into action. Gone are the
days where you need to build a brick and mortar company, travel the world for
new markets and take out a mortgage to simply start the foundation for your
future. Yes, all that stuff still exists but for the small entrepreneurs
without access to a venture capital fund or a billion dollar line of credit,
success can be had with a simple domain name and a good idea.
Every year, a lot of people take a
leap of faith to quit their nine to five jobs and start a business. While many
aspire to be entrepreneurs, few really understand what it takes, or know how to
start a business. There are a lot of requirements that must be fulfilled, and
steps that must be followed for you to successfully start and grow a business
in Nigeria or anywhere else in the world.
These steps will help you to plan,
manage, and prepare your business for success;
Step
1: Have The Right Idea
Your first and most important task
is to have the right business idea. Take your time to determine what you
really want to do, and if you would be able to put in the work needed to
achieve it. Ensure that the business would be solving a problem people
experience frequently, something necessary, and is something people are willing
to pay for.
Step
2: Write A Business Plan
The next thing would be to write a business plan. I have discovered that
ideas become more real when it is in black and white. It is easier to relate
with written words than with a thought in your head. Your business plan will
help you determine what key problem your business is going to solve, how it
adds value to your target customer, the business lifespan, how you intend to
generate revenues in the short term & subsequently profits on the long term,
how you intend to achieve market penetration & growth, how you will raise
start-up capital, and a lot more.
Step
3: Capital
Before you start out your
business, you must have a clearly defined means of how to financially run your
day to day operations, acquire merchandise, promote your brand, and a lot
more. If you are running a service company, then you need little or no
capital to start your business because your first service will get money for
you. For those running a product/sale business, capital can be gotten from
different sources. Many people are of the idea that getting a loan is the easy
and fast way out but they also do not realise that starting a business on a
loan foundation is bad for that business.
There are various ways to raise start-up capital for
your business; ranging from angel investors (friends or
family), to personal savings, to income/salary/pocket money and a lot more.
Step
4: Remove Negative Influences
This could be anyone that is a bad
influence to whatever idea you might be pursuing. Take note that there is a
difference between criticism and negative comment, so if there is anyone
constructively criticizing your business idea they surely have your best
interest at heart. It could be your friends from school, your family, church
members or even social media. Find a way to avoid conversation about your
passion with whoever is in life that enjoys being miserable (or simply does not
believe in your dream).
Step
5: Business Success usually means a Year or More
Celebrities are the root of how we view overnight success – After all,
if it just takes one song to become a celebrity how hard can success be? The
truth is almost every musician who is an “overnight” success has spent years
trying their hands on different things just to make more or even to blow. It
is not all that glitters that is gold. Be patient, and rest assured,
with the right idea and proper execution your road to success can be a lot
quicker than the generation before. Every day you see success around you. It
will take time, so it is important for patience to be one of your virtues. In
due time, everything will take shape.
Starting small doesn’t mean you’re thinking small
5 comments
Another great article. Just what I needed. Jotted down these 5 steps and will put them to practice. I look forward to some more motivation next week.
ReplyDeleteThank you very much. You can email me with your progress report and if you need professional advice on tax. I could link you up. And it's free. 😉
DeleteNice. Motivation to Action is major key to anything
ReplyDeleteHello Obinna,
DeleteYes! Spot on. Thank you for your feedback.
Nice one Rere.
ReplyDelete