BUSINESS START UP

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Posted on 11, September 2014 08:40:35 in the category START-UP
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LastModified: 11, September 2014 09:50:46

BUSINESS START UP


Starting your own business and being your own boss can be incredibly satisfying and fulfilling.

  The idea. 

For every good idea you have, there are hundreds of people out there who have the exact same idea.

A prudent approach is to research your idea from top to bottom looking to see if your idea already exists. If it does, it’s certainly not the end of the world. Simply ask yourself if you can find a unique angle or a different, better approach to the idea.

Investigate the economics of the idea. Is there a good business case or model? Are other people that are pursuing the same concept making money?

Finally, you will want to know if the idea is legally protected.  Is there a patent issued or pending?

  The plan.

Create a business plan. Many people skip right pass this step and end up backtracking. Creating your business plan at the beginning will help guide your vision and direction as you continue along you entrepreneurial journey.  Think of your business plan as your blue print…you wouldn’t just start building a house without a plan would you?

  The business entity.

Deciding how to legally structure your business can become very tricky. They each have their pros and cons and it’s best to talk to your lawyer or CPA to decide which is right for you.

  Customer appreciation.

Who is your target market?  Before you can even begin creating a marketing strategy, you will need to define your target market. Your target market is the specific group of people that your company has created products and services for.

   www.yourcompany.com.

Creating your website is one of the most important things you can do for your business. Whether you are creating a brick and mortar store or an online business, the website is your virtual storefront, your online salesperson and the first interaction a potential customer might have with your company. You want it to be an accurate representation of you and your products or services. Using Google Apps, you can also create email addresses for you and your team that end in your domain name.

   Your Debut.

What is your go to market strategy? How will you get the word out and create buzz? Start with the basics and build from there. Understanding the basics of marketing is essential in getting your name out and gaining clientele. If people don’t know your products exist, their benefit or where to get them, how will they ever buy?

   Financing.

How will you fund this business of yours? How will you get paid, and do you know how to maximize your tax benefits? Finances and accounting can be one of the most tedious and intimidating aspects of running your business, but it doesn’t have to be. Knowledge is power so start reading up on how others have done it and research the tools that are available to help you!

   Are you a know it all?

The number one piece of advice we hear from successful entrepreneurs is that they wish they had known that they didn’t need to know everything before they got started. Starting a business is a fluid activity. Unexpected things are bound to come up, so do yourself the favor of checking things out before you jump in but be prepared to deviate as needed and go with the flow.

  Where is the nearest emergency exit?

An exit strategy is very important and will help drive all of your goals and aspirations. If your business becomes a huge success (of course it will!), do you plan to sell it to make a large profit? You need to operate your business from day one with the mindset that you could potentially sell it later. That means documenting everything, keeping good records, getting signed contracts whenever possible and keeping up good relationships with clients and vendors.

 

Comments
Grace Inyang    02, October 2014 15:38:24

thanks for the piece of advice Muyiwa, but i need more, cos i plan on saving and stocking the money somewhere i cant acess it (like an investment) but i dont know how to invest or even where to invest in. Muyiwa please help.

Togbe emmanuel Y    10, November 2014 21:26:11

i have actually started a business. meanwhile more directions advertisement strategies remain my challenge pls assist

onyekachi kenneth    21, November 2014 12:30:07

pls muyiwa,am about to start a business but i dont know how to go about it.pls help me out more on your tips thanks.

TOBI DAYO    28, January 2015 23:13:03
Atoyebi Tobi Dayo is my name,am a creative young man of  age 25.After my high school I decided to pursue a skilled acquisition development career in the area of my passion,so I studied Automotive Mechatronics from Automotive mechatronics institute after graduation in 2012 I applied as an apprentice with Automaze Nationwide located on 10-14 Morrison crescent Ikeja (a subsidary of Automedics Africa) to gain field experience and to know how to manage an ultra modern automobile repair workshop,where I also work as an Automobile Technician.I resigned on February 2014 to sharpen my skill and arrange my tools so I can be well inform to  establish an ultra modern complete  automobile repair workshop where I will not only repair cars but also do training,workshop and seminars,sell parts and car care products and inform educate the motoring public on how to get value for money on their cars ......but sir finance to get at least a plot of land in a strategic area of Lagos has been a major challenge so I came up with an idea of TEAM(Together Everyone Achieve More)  below are ideas I came up with

1,Do your organization have a plot of land in a strategic area of Lagos,please lease it for me and in 6months time I will pay for 2 years with an agreed interest,OR if your organization can partner with me to establish the workshop,the profit will be shared at an agreed percentage,sir for the benefit of doubt an ready to give the documents of my personal 2 plots of land with structures on them located at Ilepa bus\stop area   of  Ogun state Nigeria.
SECONDLY;
There are 2 plots of land (side by side)at Ipaja Road Agege close to N.Y.S.C (National Youth Service Corp) camp which goes for 15million(negotiable)buy the 2 plots in your organization name and sir in at most 5 years time I will pay the money with an agreed interest.Sir with your experience as an  entrepreneur you  have nothing to loose if I can't meet up as agreed in the agreement after our specified time frame then election will have been over and the price of properties will have appreciate again SO YOU  really have nothing to loose,OR buy the lands with your organization name and lets partner together to establish an automobile repair workshop and the profit will be shared at an agreed percentage,sir with my technical and entrepreneur experience,information,exposure and the blueprints I have in place
and with God help am highly sure that the dream is worth investing in.Sir I believe  "No is also an answer"I will like to get feedback and questions  from you.An author once wrote"if you are not in the know,you cannot be in the flow so please if you have any questions or comment please sir give me a chance to inspire you from my experience in the auto repair industry so you can be in the flow to harness the opportunities that is yet to be tapped in the industry.

Looking forward to hear from you sir.THANKS A MILLION TIME looking forward to seeing you at the  seminar on sunday.More strenght to you sir you have really being a source of blessing and inspiration to generations,thanks a million times I will really be glad to get your feedback,advice and suggestions.Thank you for creating an opportunity called C.S.I  you really don't know how many life you have saved including mine.I have nothing to say or give you to quantify your impact in my life but from the debt of my heart I say GOD bless you sir...

olayinka babatunde    23, March 2016 10:17:13

Thanks very mush for the piece of advice, am very sure that , with this advice so many people have lean so mush from you, God bless you MUYIWA AFOLABI. I need more from you.

 

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