How To Start Any Business (Part I)

How To Start Any Business (Part I)

Starting a business could be so worrisome because over the years I have heard lots of people say I have this idea, I have that idea and they keep on saying that over and over again year in year out. Asking them why have they not implemented any of these great ideas, they tell you things like,”I don’t know where to start from” , and so many other stuff. Starting a business is surprisingly simple; you just need to take the first step. The goal is to get off square one and get on to the fun stuff.

When you are thinking of starting a business don’t start form the big details start form the tiny details and move on in an ascending manner to the big issue, this way, you  are sure you have done everything needed so easily without leaving any stone untouched.

In this series I will be highlighting few simple ways by which you can get through the hurdles of starting any business faster than you think.

Personal evaluation

 “Know yourself, and work in a job that caters to your strengths. This knowledge will make you happier” – Sabrina Parsons

Begin by taking stock of yourself and your situation. Ask yourself questions like:

  1. Why do you want to start that business?
  2. Is it because of money?
  3. Is it for freedom from your parent’s control?
  4. Is it for the love of been creative?
  5. Or is it for some other reasons?
  6. What skills do you have?
  7. What industries do you know about?
  8. Would you want to provide a service or a product?

You should also consider how much capital do you have to risk? Will it be a full-time or a part-time venture?

This step is not supposed to dissuade you from starting your own business. Rather, it’s here to get you thinking and planning. In order to start a successful business, passion alone isn’t enough, you need to know yourself. What are your strengths? What are your weaknesses? What you’re your opportunities? What are your threats? And how will all these factors highlighted affect day-to-day operations?

Have an Idea

Having and idea is also as important as evaluating yourself. Having an idea is the most important step to starting up any business. Your idea might be a product you’ve always wanted to make, or a service you feel people need. It might even be something people don’t know they need yet, because it hasn’t been invented!

It can be helpful and fun to have people who are bright and creative to join you for a casual brainstorming session. Start with a simple question like: “What Shall We Build?” this is far different from creating a business plan, this is just to generate some ideas. Many of the ideas will be duds, and there will be quite a few ordinary ones, but a few will emerge that have real potential which you can explore.

Have a Business Plan

Having an idea is not just enough, that, as a matter of fact is just the starting line. Many people out there today wants to do business but cannot define what they actually want to do. Having a plan should be the very first thing you should consider whenever you are thinking of starting a business.

Your business plan should define your industry and markets, including the products you will sell. Outline how you will produce or obtain your products.

Analyze the industry

 “The more you know about your industry, the more advantage and protection you will have” – Tim Berry

Once you are done sincerely with the self-analysis and coming up with a sustainable idea and a good business plan, what you need to do next is to get a grasp of the industry you are planning to venture into, you need to evaluate your idea and make sure it fits into the industry of your choice. Ask yourself questions like; who will buy your product or service? Who would be your competitors? You also need to figure out at this stage how much money you will need to get started.

Your ‘personal evaluation’ was as much a reality check as a prompt to get you thinking. The same thing applies when it comes to researching your business and the industry you’d like to go into.

There are a number of ways you can do this including performing general Google searches, going out and speaking to people already working in that industry, reading books by people from the industry, researching key people, reading relevant news sites and industry magazines and taking a class or two (if this is possible).

Author

Joshua Olajide

Joshua Olajide

Olajide Joshua Oluwadamilare is a multimedia and ICT expert with many years of experience at various levels, passionate about development; skills acquisition and training. Always learning to unlearn and relearn. Joshua Oluwadamilare is an experienced Web Developer, Content Manager, Social Media and Multimedia expert. A writer/Blogger for as long as i have started schooling a good team leader and manager with a good interpersonal relationship skills. A certified project manager, a seasoned trainer with several years of practical experience. Currently the dean of TWIM Academy; a government approved, international award winning school of media and creative arts.

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