Major things to know before starting a business


As a business man/woman that you are about to be in Nigeria, you need to have in mind important things before starting a business. The top business people you see today didn’t just start like that. If you think you can just start any business like that without having important  business strategies  in mind, your enemy will just  end up like that. Above all what I have mentioned below, it’s important you consult God too. You need to be on the right path which I have layed down for you below :

1.) LET YOUR BUSINESS SOLVE A PROBLEM: 

Make sure you have a good business idea that will solve a problem (very important). People do pay for solutions of whatever problem they are facing. Incase you don’t understand what I mean by solving a problem, examples are: Providing solutions for hunger in a society, you could open up a Restaurant in a busy and crowded place where people are always working.  Assuming there is no one selling food there and you startup a Restaurant there, sincerely speaking, you will make big funds out of it. Another example includes: Solving health problems like setting up a Drugstore where people can get drugs from. You must be a qualified Pharmacist to do this. Make research about the problems in your society and startup a business that will solve it. 

2.) FIND THE RIGHT LOCATION FOR YOUR BUSINESS : Doing business in a wrong location will not yield profits. It’s important you know this before starting up your business.You must target the right people. Example, if you want to sell textbooks, the right place to startup that business without regret is in a place very close to a school or at the school gate. You can’t go and start selling secondary school text books in front of your church as it looks odd so put this in mind.

3.) SET GOALS AND PICTURE THE FUTURE OF YOUR BUSSINESS :  This refers to planning of your business in mind. How do you want your business to be in the next one year or more? How expanded do you want it to be? Setting goals for yourself is very important as it helps you to quickly achieve success. Let’s assume you are into Rice business only, you sell in bags. Set goals for your business, in the next six months you want to also include Beans, Garri. In the next one year, you want to start importing and exporting. These are examples though.

4.) NO FRIENDSHIP/FAMILIARITY IN BUSINESS : If you don’t want to je gbese  ( have no money left)  as the Yorubas will say, don’t  sell things for free. Although, if it’s from your heart, you can do things for free, nobody is telling you not to help. But have it in mind that it’s not the right of your friends or family members  to buy things from you without paying. So feel free to charge your friends the way you charge your clients. All customers should be equal before you.

5.) LET IT BE PAY BEFORE SERVICE : Nigerian clients are fond of this. I know that as I’m telling you this, you will still do Service before payment. Have it in mind before starting your business especially the small scale type that it’s a bad business strategy and if at all you must do this, ensure that the business has reached a positive level.

Do you think there are other major things to know before starting a business which I didn't include? Please drop your contributions/ideas in the comment box below,whatever you think should be added to this article. I will update this post. Thanks for reading. Good Luck to you all, wishing you a happy New year with Sufficient Funds!

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