STARTING YOUR OWN BUSINESS : KEY FACTS TO CONSIDER

Tired of working for government or private organization ? You want to start your own business ? Or you already have a business but you wonder how to make it more profitable, and sustainable ?  Read the following carefully:-

What does Business Mean to You : I suggest you consider your own business as your source of employment (who would just want to loose his or her employment?), your business as your source of happiness, a place to make your life meaningful, the future of your generation whether your own kids or other people, but mostly your business is where you will relate with people, create contacts and respect. If you think of business in this way, not just as a place to obtain profit for running your personal expenses, you will be able to focus on innovation, growth and sustainability to make each day, each cent of your investment as productive as possible.

What are your priorities in life : I suggest you consider your priorities in life, as they may affect the way you handle and vision your business. What is the use of starting a local offline company while in a few months to come you will be going abroad for a long time  studies or work ? Or why would you start a business only to find out that you need some of the funds you put aside for the starting the business, you need them for your school or other family function? There are so many examples how your priorities in life can affect your business. Consider also the joint venture or partnership company where you wait for other members to contribute capital only to see that they don’t contribute but rather they spend alot of money in other personal activities.

What do you know about business management? If you consider to manage your own business personally, then consider the diversity of knowledge that you should posses from how to handle people, how to create and maintain good image of your organization, techniques of getting customers and maintain them, innovation and problem solving, planning and strategies  to financial management. If you will need to outsource other people or organization into running your business you should also be able to know how to manage the process and control their performance.

How far you are prepared to learn realities of life: Business is about providing services or products to people. The people are complex in behaviour and actions. Consider that you will need to tolerate, be flexible and make as many adjustments and changes as possible in your business so that you can continue to stay and grow in business.

How much funds and other resources you can have: You will need money to make money, I suggest you consider your priorities in life as they may affect the amount of resources you can commit to your business. Consider other sources of finance such as loans, joint venture, partnership, or forming company so as to have other people make contribution. You can also consider sponsorship or venture capital or buying resources on credit. You should consider that the source of your funds and how you use the funds have a significant impact on how you can run and maintain your business.

What you can offer to the market: Consider that your prior basis to stay and grow in business is your customers, and the only way is to give them what you need or want because why should they come for you if you don’t have what they want?. People ‘s needs and wants have been there since the creation of the world, it is up to you to know them, and find the best way to satisfy them. Don’t offer what you can offer or what you like or want, no noo, offer what your potential customers want /needs and that is it.

Now you consider the above factors, go ahead, plan your business and implement your plans. Good luck ! Though the above facts may not guarantee success of your business , they may help alot to make it better. This is not personalized business or investment advice, if you need one, talk to experts. 

You can write to me at: john.myungire@gmail.com