 |
| Opening A Small Business |
Let me show you everything you need to know about opening a small business. Opening a small business requires interest, determination, motivation and knowledge, passion, etc. Opening a small business opportunity in Nigeria could be a rewarding, but challenging.
Open Small For Growing Big: Oak becoming big starts little acorns. So growing big starts small. If you want to succeed in any business of your choice, you must start small. There are some other businesses you can not afford to start small. If you want to execute your dream or launch your idea successfully and no matter how much you have, you must start as small as you can.
5 Benefits of Opening A Small Business In Nigeria
1. Low Start-Up Cost: To save you the high cost of starting a business is to open small. If you start small business, you can save a lot of capital investment.
2. Mistaken Smallness: Your mistakes will be small if you open small in business. And your challenges in business are not huge if you start out in smallness.
I was warned by my Aunt in our church to open with just 200 copies in case that people did not buy it. It cost me N10, 000 for printing copies. But what she said came true. I lost profit because people complained about poor color, big words, and small book like handbook.
3. Staff Recruiting: Opening a new small business idea help you start out with two or three people, train them and assess their performance on the job rather than opening big business that cause you to hire wrong people in your organizations because quality staff might be hard to come.
4. Leadership Skills: If you want to develop your leadership skills, start small in your employment because when your staff makes mistakes, you are able to handle just two or three people skillfully.
5. Success: When you open or start small business, you are able to handle success as it grows bigger. If you try to succeed too fast, it may eventually hurt your business.
How to Open A Small Business In Nigeria
Key 1: Identifying Your Passion: The first of all you can start and run a new small business is to identify your passion and develop it. If you want to open and run a profitable small business, you must have strong passion for in your choice. Choose your passion and turn it into profit.
Key 2: Identifying Your Business Opportunity (idea): It is not enough that you open your small business ideas. You must identify your business opportunity or idea before you can start out in. There are many different types of small business opportunities you can identify and turn one or any of them into profitable opportunity.
Key 3: Experience: Did you experience it before? What kind of business did you have experiences before? Do you get trained in this? How many times did you get trained? If you want to compete with competitors in your opening market, you must have deep experiences.
Key 4: Market Research: If you get experiences from somebody else, then do your market research first. If you open small in your market, it does not mean anybody will buy it. You must research your potential market. Don’t jump to start without doing market research.
Key 5: Business Plan or Feasible Report: Know how much money you will need for opening small in the market and decide where it could come from. If you want to make investor fund your small business ideas, then write your business plan and display it to them.
It saddens me that some Nigerian novices often asked me how much or what capital they want to start business. How can you ask me how much it cost you to start a business since you do not write a business plan?
If you have no idea how much it cost you to start a business, you should work by writing business plan with a test and see how much it cost or requires you to start and run a business.
Key 6: Business Location: Look for the location where you can open for the new product or service in your small business. Location can make or mar your marketing business. Top branded competitors know the importance of location.
Key 7: Small Business Accounting: For starting and running a small business, you need to open an account with any local bank of your choice or where you often use in deposit or withdrawal.
Even if you have account with a bank on your personal use or domestics, you need to separate account or need another accounting for business so that your customers can pay into that accounting for products or you can use for business expenses, spending, salary, etc.
Setting up your accounting may help you understand the financial aspect of running a small business better. Some small business accounting institutions may help you open an open accounting with your own business brand.
Key 8: Branded Positioning For Growth Attraction: For as a small business owner, you should brand your product or service to attract big customers and consumers. Decide what type of brand you should position for business growth to attract good customers who need your product or service. Design your brand that attracts people into buying your product or service fast daily.
Key 9: Brand Registration For Business: Running a new small business may require the usual paperwork and regulation. I think Corporation Affairs Commission (CAC) may be responsible for it. If you want to manufacture product or sell specific products in your small opening market, you need to be licensed for permits in your state. Even if you want to be a sales representative, you need license.
Key 10: Small Business Insurance: You may need insurance company for your business because registering with a proper small business insurance company for small business will help you protect your company in the event of disaster or litigation. Don’t put your new start-up at risk unless you get new business insurance registration.
Key 11: Small Business Financing: Open your own small business by financing it. Be ready to fund your small business. Finance whatever you have. Capital is important because you need it to finance your small business.
You can obtain small business loans from a bank to fund your business. A bank will not allow you to obtain small business loans from them unless you display them a good business plan. Small business financing is the most important for every entrepreneur. Small business fund is what you fund some start-up costs and overhead less than greater business.
Key 12: Small Business Marketing: Be ready to market your business by introducing your new product or service. For small business marketing, you do not need to spend much money on advertising. You just introduce people about your new product or service through communication skills.
You can take your small business idea and market it to the popular international market. Small business marketing is what is called communication skills. If you do not know how to communicate skillfully, you can not sell well. You must master communication skills. For improving in your small business marketing skills, you must learn how to become a salesperson through tutelage, business school or street.
And network marketing help you reach your audience. Before using network marketing for opening your small business, you must have branding website on your product or service so that people online can see it. Go and embrace the network for advertising your small business.
Conclusion:
It is important that you know everything about keys I share with you on opening a small business above there. Once you know about it, you can make money by running a small business successfully.
One of the important things you need to know is small business management. Without it, you can not grow bigger from small business you opened. Small business management means time management and cash flow management. You must master it. Time and cash-flow are relevant for your success in business management.
