People always have ideas flying in their heads but what matters most is getting to make their ideas a reality. Little wonder, there is a saying that the grave is the richest resource on earth as people who had great, life transforming ideas had them either aborted prematurely, tried, failed and never tried again or just did nothing about them.
Despite all the pitfalls and challenges involved, there's been lots of success stories about businesses that started small and are doing pretty well today.
TIP: The businesses that usually thrive well are those built around the basic human needs - food, shelter, clothing etc. Find a need, provide a solution and you will be in for serious mega returns.
So let's get your offline business started
1. Get A Viable Business Idea
Coming up with an idea is not an issue, the real question is, 'how viable/workable is that business idea?' You need to be very realistic and not sentimental or emotional about the facts on your business idea. Will the business thrive in your environment? Is the market already saturated with your competitors? How much of the business do you know?
These and many other questions are what you need to answer.
2. Do Your Research
You can't just start your business without knowing the involvements. You need to do your research to know how many customers will be willing to buy or subscribe to your service. Ask questions, go on the internet, read, observe and learn. Get to know your target market, your competitors and your customers.
3. Develop A Business Plan For The Business
Virtually every successful business today has a business plan. A business plan is your blue print or your map. Here you make everything clear.
The basics of you business plan should include;
The Executive summary (say what the business is all about in a few words)
Your vision (What you intend to achieve from the business)
Mission (How you intend to go about achieving your goals)
Your unique selling proposition etc
4. Get A Business Name And Register It
Different laws are applicable to different areas. Here in Nigeria, apart from the general CAC (Corporate Affairs Commission) registration, if you were to go into products that are medicinal in nature, you would need to have a NAFDAC number or if you were to go into telecommunications, you would need to have registered with the NCC.
Be sure to be on the right side of the law, don't get caught up in it...it's enough distraction to get your business to fail.
5.Raise Your Start Up Capital
Every business needs capital to get started but most entreprenuer usually face challenges in this area. Here are a few tips on how you can raise capital for your business.
Sell some of your assets
Develop a good savings habit
Partner with investors
Talk to your friends and relatives
Talk to some suppliers who can give you credit facilities etc.
6. Select A Good Location For Your Business
This factor should not be overlooked as it is critical to saving you over-head cost on advertising.
If your sales office is located in a place that is hidden or difficult to access, you would be losing your customer-market share to other smart competitors who have theirs strategically placed.
Watch all well brand names and see where they locate there business, it is usually on the road or at the beginning of a street.
7. Advertise Strongly
Business experts say that you need to invest at least 50% of your capital into advertising. What is the use of opening shop when you don't have customers to buy or subscribe to your service?
Especially at the pioneering stage, your business needs 'Aggressive Marketing'. In online businesses, it is a well known fact that traffic is the life source of every website.
TIP:
At business start-up, what you should be bothered about most is getting more customers to subscribe to your service and not how beautiful your office looks.
8. Fix Your Prices Right
The price of your product or service has got to be set right or you would loose your customer base. When fixing your pricing(especially if you already have competitors), the wise thing to do would be to make your prices cheaper than that of your competitors (give your customers a good reason to patronize your service. The truth is, you might not be making profit at first but you will after you have gotten a good part of the market share.
9. Keep Accurate Records
You must have accurate financial records about your income and expenditure, your client database, your overhead costs etc.
These records will help you project for the future and have a grasp of your business' cash flow pattern.
10. Start Now
If after planning and planning, you don't give your business idea a shot, that would just be another dream in a man's heart that never saw the light of day; a dream that never got to impact lives or change people's financial status.