Starting your own business is one of the proven ways to gain financial freedom. Another option is to get a lucrative employment package with a huge pay packet and then work to ensure that this pay is sustainable. You should ensure that the income is increased from time to time to meet with changing economic realities. But just having employment does not guarantee true financial success, as one is still limited in the ability to earn, which is mainly dependent on the employer.
Also, in this era of incessant economic meltdowns, job security is gradually becoming elusive. Many workplaces keep carrying out a series of job cuts to help them manage losses and their dwindling profits. The situation becomes even more worrisome for job seekers for the few job openings available in an oversaturated job market. The number of applicants dramatically outweighs the available vacancies.
This situation has made many consider the option of starting their own business to make some much-needed income for themselves and their families. But this, too, has its challenges. The substantial capital demands, the high risk involved, mounting tax rates, and the general cost of running a business have contributed to putting many off even before starting.
In starting your own business, here are five crucial factors that you must consider before you launch:
1. Small business ideas:
To begin any business, you must first have clear small business ideas of what you want to do, and who your target market is, and how you aim to reach them. Also, you must know the risks involved and how you can work to reduce them significantly. It will be more helpful to put these ideas on paper to closely study the scope of the whole business and easily discuss it with others who share your vision.
2. The Market: Before starting your own business, you must sit back and consider the market for the product or service that you intend to provide. The market size? What is their estimated income level? And how can this market be reached effectively? These are questions that you need to ask yourself and try to get answers to before you begin.
3. Raising Capital: You will need some money to begin a business. Already you should know what it will be for and how much you plan to use for starting-up expenses. Going about raising capital may present some challenges, as access to finance remains one of the biggest hurdles for starting a new business in this part of the world. It is advisable, to begin with, friends and family around you who believe in your ideas and ability to see it through.
4. Use the internet: Before starting your own business, it is wise to research your business area to be knowledgeable about the latest trends. And how you can take opportunities from them. The internet presents a source of facts and data for new businesses and a tool that will help in successfully launching the business.
5. Managing Growth: After starting a new business, you should carefully draw up plans to effectively manage the day-to-day business activities, from keeping stock, recording financial transactions, and making expansion plans.
Your success will depend on your passion and the determination to weather the storms in the long run. So if you think you have what it takes, don’t wait; start a business today.
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Dr. Olabode Oruku, CEO of Oruku Alternative Healthcare and Oruku Consultancy Services, is dedicated to empowering Nigerians with natural health solutions and business guidance. With his extensive expertise as a nutritional and natural healthcare consultant, certified Life Coach, and licensed practitioner under the Lagos State Traditional Herbal Medicine Board, he offers a unique blend of herbal knowledge and practical health strategies.
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