Before starting a Business:Things to consider

before starting a business

Before starting a business in Nigeria there are things to consider to determine whether you are ready for such business or not.

Youths unemployment is one of the major social-economic problem confronting Nigeria presently. On yearly basis hundreds of thousand graduates enters the labour market after their NYSC programme – all seeking paid employment, that is nowhere to be found.

The youth who are the most active populace of any nation is now left all alone to wander on the streets with no jobs.

This menace has led many job seekers to get frustrated, some even engage in uncultured activities like; stealing, bunkering, kidnapping and many others.

The incidence of no job has led so many interest groups: motivational speakers, parents, and even the government expected to give jobs, encouraging the youths that entrepreneurship is the way out.

Sure! entrepreneurship is key element in solving the problem of unemployment in Nigeria.

However, the challenge of entrepreneurship is enormous such that it requires preparation and training, technical knowledge, conducive environment for the business to thrive.

I often wonder how our dear governments encourage students to go into entrepreneur without preparing them to cope with the challenges they will meet in the course of the business.

I think NYSC should have been the best platform to prepare graduates for entrepreneurship development. What can two weeks of learning do to the graduates? nothing! Why not make camp three months to ensure the graduates are actually grounded properly.

Thousands of businesses are folding on yearly because of numerous factors to include:

  • lack of entrepreneur mindset,
  • no business plan,
  • no decent start-up capital,
  • harsh business environment and many others. This is why so many business has failed, and youth unemployment remain on a high side.

Hey! before starting a business, you should consider some timely factors. The truth is, starting a business is not as easy as it seems most times, even though there is a good number of business you can start with small capital.

Factors to consider before starting a business

  Can you Withstand the Heat of Business

It is important to note that business is very challenging and time demanding. There are lots of ups and down  in business:-

  • Problems of finance,
  • Customer satisfaction,
  • Business environmental factors and many others.
  • Problem of market demand- sourcing customer
  • Technical know how. So before you jump into self-employment, make sure you’re very comfortable being uncomfortable.

How consistent you are: Ask yourself these questions before starting a business

  • Are you the type that varies like variables?
  • How often do you  get frustrated and give up over an issue?
  • Maybe you like adventure trying new thing every now and then, then business ownership may not be for you.
  • Being an entrepreneur requires unwavering spirit to achieve your business goals. Challenges will surely come in every business but only the tough people win the race.

According to Robert Shuller, “Tough time never last, but tough people do”

Have you carried out a feasibility study? Or you are just lazy to research on the business you are nursing.  Don’t be fooled any business you venture into without first engaging in feasibility study will fail.

  • Not planning is planning to fail.
  • Determine how lucrative the business will be, the likely challenges to be met in the course of the business,
  • Ascertain your potential market, your supply and demand.
  • Prepare your business plan. Please, never start any business without drafting your business plan. Oh! you said is a waste of time. Prepare it for the best

The Source of your business finance: Now you have hatched the idea, you will need finance to execute it successfully. Through your business plan ask yourself this questions:

  • What is my source of finance -savings, borrowing from friends and family, borrowing from banks..
  • The finance I have will it be enough to finance the business?
  • My business idea can it be accepted by my borrowers if your source is through borrowing. Of-course no business that may not need finance later on.
  • Do I have any asset to serve as collateral in the needs of borrowing?

Consider your team and leadership style: Do you have a team or partners – people who believes in your ideas and are ready to partner with you. You should understand that;

  • No business succeed without team work.
  • Your leadership style matters. You have to be able to delegate tasks and to direct others.
  • You must be able to break ideas from big ideas into small easy steps for implementation.

Anthony Robinson says, “Don’t do for yourself, what others can do for you”

What is your marketing plan?
Yes, you can have great products, ideas and creating lots of value. But you can’t make anything out of your great products until people are aware of it. Start by determining your

  • Target audience – who and who needs your product.
  • What is the best way to reach out to this individuals.
  • Do you reach them through the words of mouth through friends and family.
  • Do you plan advertising in social media, tv, magazine all depends on your budget.
  • You need to be ready to dedicate effort and money to the task of marketing your company.
  • You must do something to see customers, don’t just sit down there and believe in miracle.

Business is not quick cash Venture: I learned something from google, Google team emphasizes creating value for your customers as key to online presence. So before starting a business:

  • Ask yourself am going into business to solve real problem or just for sake of money?
  • Do you people actually get what they are looking for in my products or service?
  • What is so unique about my product not common in other places. Something must differentiate you from others.
  • For instance, we offer students and researchers free help on their research work. That is a unique thing about the service not common in the internet.
  • Profit shouldn’t be the only reason you are in business. You are in business to solve problems and to serve others. The truth is, if you can meet people’s needs, you will have access to their money.

If you have more tips drop it in the comment box, or you need guideline on preparing business plan, let me help you today. Please do share with your friends.

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