How to start a small business is question most people ask everyday, but Little do they know that it is not all about starting a business either small or Big One without having to know the Root on how to Maximize a Passive Income on their business(s)- no matter how small is a an uphill task. Most times, the capital is there but “How to Start” is a problem.
I happen to be a Pharmacist, the greatest challenge i have ever faced while doing my internship is how to start a business. My friends will always tell me, “we do not want to be a salary earner, lets think of starting up a business”. But after the whole talks, we still find out that its not something one can just dive into.
Therefore, we sat down to think of what is needed to start a business and we came up with these tips.
Choose a business you will want
Choosing a business is as important as the business itself. The success of a business starts with the passion you have for your business, Its Uniqueness and the input you are ready to make. Do not be compelled to join a business out of peer pressure or because you want your friends to now see you as an entrepreneur or call you CEO.
When i was still in school, my friend once told me about profits in poultry. I never liked birds, but, i joined the business because of my dreams of huge profits to come. The implication was that i lost the farm and lost my capital because i was not able to take care of the birds.
Example, you cannot choose to go into Online Digital Marketing if you love internet Life style like me.
Discuss your idea with someone
So many people are scared to the bone about talking to people about their business ideas because they might steal it – this is wrong. There are people you can trust, right? If you can trust them with other things, why not your business idea?
Telling someone about your idea will make you determined not to fail especially someone you admire. In other words, it will make you more responsible with the plans you make knowing that someone is watching. Sharing an Idea will also bring in more criticisms and better perspectives.
Finally, it is important to know the right ear to tell. Its not everyone you can tell about your idea.
You can also read what Jennifer have to say about the First five people to share your business idea with.
Try to know about the business
Knowing about a business may sound easy but it is more complicated than just the sound. E.g., Have you ever wondered why most people in Nigeria will stand in queue at the mall just to buy Shoprite bread when there are different brands of bread everywhere in the street?- there must be something special about the bread. knowing a business is not just knowing how to make bread, but trying to learn new things that can keep you in the business.
Furthermore, it also entails knowing where to source your raw materials at cheaper rate, knowing the group of people to target as a customer, what will make them why to buy your goods and also external factors such as societal, religious, behavioral or economical factors that may affect your business.
Have a business plan
A business plan defines what your business is all about, the goals you are making, your objectives and plans to reach your goals. It is very important to make plans based on your available capital.
Therefore, it is important to make your business plans as simple as possible. Avoid setting big goals that may be difficult to achieve. work within your capacity and available resources.
The structure of your business is another tool you have to consider when making a plan. The truth is, No matter how small a business maybe, it should have board of directors – it may not be formal or you may not need them to sit around table with cups of coffee. These are people you can entrust with some aspects of the business and ask them questions about it.
Do not take too long to start
It is important to do a proper survey about your business, it is also good to do market analysis and write business plans – but don’t take too long. Walt Disney – Co-founder of The Walt Disney company said, “The way to get started is to quit talking and begin doing”. It is always good to start a business when the zeal is still alive. But be careful not to be emotional and start without proper investigation.
“Knowledge without action is meaningless”- Abu Bakr. Don’t wait to have the whole ideas in the world. It will never work until you start doing it. “A man would do nothing, if he waited until he could do it so well that no one would find fault with what he has done.” — Cardinal Newman . Allow yourself to make the mistakes and learn from it.
Invest only what you can afford to loose
It’s unwise to test the depth of a river with both legs, always try it with one leg. Being an entrepreneur is a risk on its own. Business is an institution that is governed by both external and internal factors, therefore, there is no guarantee to success. A beautiful business plan is not a guarantee that a business will survive, So is also, a huge capital.
Therefore, Start as small as you can and grow. The advantage is that you learn new tricks about the business and how to maximize profits before investing big. In addition, if the business fails, you can easily walk away with a smaller loss.
Greed is totally different from taking risks!!!
Focus on your goal
Most businesses fail when Entrepreneurs don’t know How to focus, it is the driving force of every business. It is easier to focus if you can give yourself tasks everyday to achieve before the end of the day and eliminate all forms of distractions that will stop you. I will advise you make a To-Do-List each day in order of their preference.
Business is always tough at the starting phase but the only thing that can keep you focused is to always remember why you started at first. Remind yourself everyday of your goals and never get discouraged. Let the endpoint of all your actions be towards the goals you have set for your business.
Give your business time
Business is not one of your Merlin stuff – Its not magical. It is something that grows. Business requires nurturing and patience. Don’t expect to bag millions in the first few months of your business.
Focus your attention more on building a business with worth rather than success. Albert Eisten once said, ” Try not to become a man of success ,rather become a man of value”. If you can be patient to create a business with value, success will come naturally.
Don’t fold your hands – Work
Nothing grows on its own, something must nourish it. Hard-work is the vitamins and minerals of a business. Don’t sleep and expect a business to grow on its own, there must be inputs from you.
The most important work you can input in your business is publicity and advertisement. Create a social media for your business, have an online presence and tell people what you do. There is a platform where you you can learn about digital marketing by Google and building an online customers
You can also pay for advertisements if you have the money or rather print T-shirts or face caps with your business name, print flyers and share to your neighbors and also talk to everyone you can talk to about your business.
Learn from others in same niche of business
There are so many lessons you can learn from a competitor if you are humble and observant enough. Competitors are not true enemies always as we presume.
Most times we see people in the same niche of business with us as terrible people, but the truth is that these are people that can decide the faith of our business. Try at every point in time to know what your competitor is doing. Pick the attributes they have that is bringing them success and learn from their failures.
Make sure you are Liquid
Liquidity in an ordinary language means, having cash or what can be converted to cash easily. A business has latent period for growth. During this period when profits has not started coming, your business may require financial inputs from you. if eventually, you have all your earnings in a business, the business may find it difficult to survive. Profitability grows a business but Liquidity sustains it.
I always advice people to start a business as an alternative while still on your job. The advantage is that your job will sustain you and your business while waiting for it to grow. Secondly, if your business fails, you will have something to fall back to.
Meanwhile, you can Ping us Once you have any Issues on your Business or More Guide you can Buy from Our Bookstore.
Either way, let me know by leaving a comment below!
Read More: You can find more here https://www.poptalkz.com/.
Note: You have more to gain on you asking more questions on Start a Small Business and more other work and study abroad like USA, Australia, UK and other developed countries are all on guidelines Here.
Hope this was helpful? Yes or No
Smart Career Decisions Made Simple
This article will guide you through the process of simplifying smart career decisions, ensuring that each step is both manageable and impactful.
Understanding Your Goals
Before embarking on a career journey, take the time to understand your goals. Reflect on your personal and professional aspirations, considering both short-term and long-term objectives. This self-awareness lays the foundation for making informed decisions that align with your vision for the future.
A. Identifying Personal and Professional Aspirations
Understanding your personal and professional aspirations is the foundational step in crafting a meaningful and fulfilling career. Personal aspirations encompass your individual desires, values, and lifestyle preferences. They might include achieving work-life balance, making a positive impact on society, or pursuing creative endeavors.
On the other hand, professional aspirations focus on your career goals, the level of success you aim to achieve, and the impact you want to make in your chosen field. These could involve climbing the corporate ladder, becoming an industry expert, or even starting your own business.
To identify your aspirations, take time for self-reflection. Ask yourself what brings you joy, what values are important to you, and where you see yourself in the long run. By aligning your personal and professional aspirations, you lay the groundwork for a career that is not only successful but also personally fulfilling.
B. Evaluating Long-Term Career Objectives
Evaluating long-term career objectives is a strategic process that involves setting ambitious yet achievable goals for your professional journey. Long-term objectives provide a roadmap, guiding your career decisions and actions over an extended period.
Start by envisioning where you see yourself in five, ten, or even twenty years. Consider the skills you want to acquire, the positions you aim to hold, and the impact you wish to make in your industry. It’s essential to be both realistic and ambitious in defining these objectives, ensuring they stretch your capabilities while remaining achievable with dedication and effort.
Regularly reassess and adjust your long-term career objectives as your professional landscape evolves. This flexibility allows you to adapt to changing circumstances while staying focused on your overarching goals.
In today’s digital age, numerous self-assessment tools can aid in understanding your strengths, weaknesses, interests, and values. Leveraging these tools provides valuable insights that enhance your decision-making process. Embrace self-assessment as a tool for self-discovery and clarity.
A. Exploring the Use of Career Assessment Tools
Career assessment tools are invaluable resources for individuals navigating their professional paths. These tools come in various forms, including personality assessments, skills tests, and interest inventories. They provide objective insights into your strengths, weaknesses, preferences, and aptitudes.
By exploring these tools, you gain a comprehensive understanding of yourself, which forms the basis for informed career decisions. For instance, a personality assessment can reveal whether you thrive in collaborative or independent work environments, guiding your choice of professions. Skills tests can identify areas for improvement and development, directing your efforts towards acquiring valuable competencies.
Incorporate career assessment tools into your journey, treating them as allies in your quest for self-discovery and professional growth. Their insights will illuminate potential career paths that align with your unique attributes.
B. How Self-Assessment Enhances Decision-Making
Self-assessment is a powerful tool that enhances decision-making by bringing clarity and insight into your strengths, weaknesses, values, and goals. When faced with career decisions, self-assessment enables you to make choices that align with your authentic self.
Through self-assessment, you gain a deep understanding of your skills, allowing you to leverage them effectively in your career. It also highlights areas where improvement is needed, prompting intentional skill development.
Moreover, self-assessment fosters a sense of self-awareness that extends beyond tangible skills. It encompasses your values, interests, and motivations, providing a holistic view of what truly matters to you. This self-awareness serves as a compass, guiding you towards decisions that resonate with your authentic self.
Staying informed about current industry trends is essential. Conduct thorough research on potential career paths to identify emerging opportunities and challenges. A well-informed decision ensures that your career remains relevant and resilient in a dynamic job market.
A. The Significance of Understanding Current Industry Trends
Staying abreast of current industry trends is paramount for anyone aiming for sustained success in their career. Industries are dynamic, with trends evolving rapidly due to technological advancements, market shifts, and changing consumer behaviors.
Understanding these trends positions you as a proactive and informed professional. It allows you to anticipate changes, identify emerging opportunities, and adapt your skills and strategies accordingly. Whether it’s the adoption of new technologies, shifts in consumer preferences, or changes in regulatory landscapes, staying informed about industry trends ensures you remain relevant and competitive.
To stay ahead, regularly engage with industry publications, attend conferences, and participate in professional forums. This knowledge not only enhances your decision-making but also showcases your commitment to staying at the forefront of your field.
B. Conducting Comprehensive Research on Potential Career Paths
Before embarking on a new career path, conducting comprehensive research is essential for making informed decisions. This involves a thorough exploration of the specific roles, responsibilities, and requirements associated with potential careers.
Start by gathering information about the job market demand for the chosen career, the typical career trajectory, and the skills and qualifications needed. Seek insights from professionals already working in the field through informational interviews or networking events. Understanding the day-to-day realities of a particular career helps you assess whether it aligns with your interests, values, and long-term objectives.
Additionally, research potential employers, industry growth projections, and any challenges the industry may be facing. A well-informed decision at this stage can save you time and effort in the long run, ensuring you embark on a career path that suits both your aspirations and the realities of the job market.
Skill Analysis and Development
Assess your existing skill set and identify areas for improvement. Develop a strategic plan for skill enhancement, whether through formal education, workshops, or hands-on experience. Continuous skill development ensures you stay competitive and adaptable.
A. Assessing Existing Skills and Identifying Gaps
A crucial aspect of effective career planning is a candid assessment of your existing skills. Identify your strengths, weaknesses, and areas where improvement is needed. This self-awareness serves as the foundation for strategic career development.
Start by listing the skills you currently possess, both technical and soft skills. Then, compare this list with the skills demanded in your desired career path. Identify any gaps or areas where additional skills are required for success.
This process not only highlights the skills you can leverage but also guides your focus on skill development. It ensures that your efforts are directed towards acquiring the competencies most valued in your chosen field, enhancing your employability and setting you on a trajectory for success.
B. Strategies for Skill Development and Enhancement
Once you’ve identified skill gaps, it’s time to develop a strategic plan for enhancement. Consider a mix of formal education, workshops, certifications, and practical experience to build a well-rounded skill set.
Investigate courses or training programs that align with the specific skills needed for your chosen career. Seek mentorship or guidance from professionals who have excelled in those areas. Embrace opportunities for hands-on experience, as practical application often solidifies theoretical knowledge.
Additionally, staying abreast of industry advancements and continuously updating your skills ensures you remain competitive in a rapidly evolving job market. Commit to a lifelong learning mindset, where skill development becomes an ongoing journey rather than a one-time effort.
Networking and Mentorship
Building a strong professional network is invaluable. Seek mentorship from experienced individuals in your desired field. Their guidance can provide unique perspectives, insider knowledge, and a support system as you navigate your career journey.
A. Building a Strong Professional Network
Building a robust professional network is a cornerstone of career success. Networking opens doors to opportunities, facilitates knowledge exchange, and provides a support system throughout your career journey.
Attend industry events, join professional associations, and actively participate in online forums relevant to your field. Establish genuine connections with colleagues, peers, and industry leaders. Networking isn’t just about what others can do for you; it’s also about how you can contribute to the professional community.
Regularly engage with your network through informational interviews, mentorship relationships, and collaborative projects. A strong professional network not only broadens your access to job opportunities but also enriches your professional experience through diverse perspectives and insights.
B. The Role of Mentors in Shaping Career Decisions
Mentorship is a powerful catalyst for career growth and development. A mentor, with their wealth of experience and insights, can provide guidance, share valuable lessons, and help navigate the complexities of a chosen career path.
Seek mentors who have excelled in the areas you aspire to explore. Their guidance can range from offering career advice and helping you set realistic goals to providing constructive feedback on your professional journey.
Mentorship goes beyond just career guidance; it often involves personal development as well. Mentors can help you navigate challenges, build resilience, and instill a sense of confidence in your abilities. Their influence can be instrumental in shaping not just your career decisions but also your overall professional identity.
Education and Continuous Learning
Investing in education is a lifelong commitment. Whether through formal degrees, certifications, or online courses, prioritize continuous learning. An evolving skill set not only enhances your employability but also opens doors to new and exciting opportunities.
A. The Impact of Education on Career Choices
Education plays a pivotal role in shaping career choices, influencing not only the range of opportunities available but also the skills and knowledge needed for success. The level and type of education one pursues can significantly impact their career trajectory.
For many professions, a specific educational background is a prerequisite. Completing higher education, whether through a university degree or specialized training, opens doors to a broader array of career options. Furthermore, education provides a foundational understanding of industry-specific concepts, best practices, and theoretical frameworks.
In today’s competitive job market, employers often value candidates with relevant educational qualifications. It serves as an indicator of commitment, discipline, and a willingness to invest in one’s professional development. While education is not the sole determinant of success, it undoubtedly shapes the initial path and opportunities available in one’s career journey.
B. Emphasizing the Importance of Continuous Learning
In a rapidly evolving global landscape, the importance of continuous learning cannot be overstated. Regardless of your career stage, ongoing education ensures that you remain adaptable, informed, and equipped to navigate changes in your industry.
Continuous learning extends beyond formal education and includes staying updated on industry trends, attending workshops, participating in webinars, and engaging with professional development opportunities. It’s a proactive approach to acquiring new skills, deepening existing knowledge, and staying ahead in an ever-changing job market.
Embracing a mindset of continuous learning positions you as a dynamic professional, capable of evolving with the demands of your field. It also demonstrates to employers that you are committed to staying relevant and contributing meaningfully to your organization.
Exploring Diverse Opportunities
Consider exploring unconventional career paths. Embrace diversity in your choices, allowing for a broader range of possibilities. Sometimes, the most fulfilling careers are found outside the traditional norms.
A. Considering Unconventional Career Paths
Traditionally, career paths were often seen as linear progressions within established industries. However, the contemporary job market encourages individuals to consider unconventional career paths that may not follow the traditional norms.
Considering unconventional career paths involves thinking creatively about how your skills and passions can be applied in non-traditional settings. This might include entrepreneurship, freelancing, or exploring industries that may not be directly related to your initial field of study.
Unconventional career paths can offer unique opportunities for innovation, personal growth, and fulfillment. They allow individuals to break away from conventional constraints and chart a course that aligns more closely with their individual aspirations and values. Embracing an unconventional path requires a willingness to take calculated risks, resilience, and a spirit of exploration.
B. Benefits of Embracing Diversity in Career Choices
Embracing diversity in career choices is not only a reflection of societal inclusivity but also a strategic move for personal and professional enrichment. Diverse career choices contribute to a more well-rounded skill set, diverse perspectives, and increased adaptability.
Individuals who explore a variety of career paths gain a breadth of experience that can be advantageous in various situations. Exposure to different industries, work cultures, and job roles enhances problem-solving abilities and fosters creativity. It also promotes adaptability, making individuals more resilient in the face of changing career landscapes.
Moreover, embracing diversity in career choices contributes to personal fulfillment. It allows individuals to pursue passions, explore interests, and find meaning in their professional lives. By breaking away from conventional norms, one can create a career journey that aligns with their unique strengths and values.
Balancing Passion and Practicality
Finding a balance between passion and practicality is key. While pursuing your interests is essential, it’s equally crucial to consider financial stability. Strive for a career that aligns with your passion while providing the necessary resources for a comfortable life.
Adaptability in the Job Market
The job market is dynamic, and adaptability is a valuable skill. Stay informed about industry changes and be prepared to pivot when necessary. Adaptability ensures you remain resilient and relevant in the face of evolving professional landscapes.
Challenges are inevitable in any career. Embrace them as opportunities for growth and development. Overcoming obstacles builds resilience and determination, essential qualities for long-term success.
Maintaining a healthy work-life balance is crucial for overall well-being. Consider how your career choices align with your personal life goals. Strive for integration, where your career complements and enhances your life rather than overshadowing it.
Effective decision-making is a skill that can be honed. Utilize strategies such as weighing pros and cons, seeking advice from mentors, and considering long-term implications. Overcoming common decision-making challenges ensures you make choices aligned with your values and goals.
In conclusion, the key to a successful and fulfilling career lies in a thoughtful blend of education, continuous learning, and the courage to explore diverse and unconventional paths. By understanding industry trends, assessing skills, and building a strong network, individuals can navigate their professional journeys with resilience and adaptability.
Remember, a commitment to lifelong learning, an openness to unconventional opportunities, and a celebration of diverse career choices are the cornerstones of a dynamic and rewarding career. In a world of ever-evolving possibilities, embracing change and diversity ensures not just professional success, but a journey marked by personal growth and satisfaction.
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