How To Start A Business From Scratch Beginner’s Guidelines.
Starting a business from scratch is a complex activity to many people, it is pompous ambiguous, scary and probably pro-risky for many individuals.
However in the true sense starting a business from scratch is fun and not really something people should be scared or run away from.
Many people get nervous at the mention of starting a business from scratch. This is because they are too focused on the difficulty, limitation of financial constraints, economic policy, financial security, fear of loss, competition and often times lack of trust treasure.
How Ever starting up a business is a conscious decision taken in cognisance of the risk attached, knowledge of one’s strength and weakness of a sound knowledge of the nature of Business intended to be under taken, a sound emotional intelligence, psychological, physical and mental orderliness and health balance.
How Do I Start A Business
This is a question most people ask themselves after they must have come up with a business plan but don’t worry after this article you should know where and how to start.
Still on How To Start A Business From Scratch, There are several issues to be taken into consideration before arriving at the question “How Do I Start”, Those issues are listed below.
A person intending to start a business must take into consideration his/her motive, most people want to start a business because an amount of money just came to them and they have nothing to do with it at the moment or simply because they knew a few person’s which are doing well financially through business.
It doesn’t really mean they are wrong for wanting to go into business because of another person but the right interest gives the right Motive and also gives a positive drive to produce positive results.
If you want to start a business from scratch, make sure you are driven by a positive drive and you are going into such business with the right interest.
Still on How To Start A Business From Scratch, the next on is.
2: Business Motives And Ideas
A business idea is the second most important consideration in starting a business from scratch, it contains the kind of business one intend to go into, the nature, the size , the Capital, the location and season.
3: Business Plan
Business plan is the stage whereby an individual draft a plan based on his/her business idea. This plan should be done in a written form. And should contain the necessary informations as regards to time, place, economy, demand and competition. It should state clearly how much is available as capital, a calculation of interest rate, pay back period and all other necessary plan of action.
Base on How To Start A Business From Scratch, Evaluation is involved.
At this stage an individual is required to practically go out into the geographical area of intended business location to check the nature of people, their level of development, their lack and demands, the rates of competition and atmospheric condition.
for instance: the north is dry and sunny, they may not mind the weather but may have interest due to the temperature.( You don’t want to open a business in a rural area where most people are farmers) after the evaluation site back to reconcile your findings with your business plan objectively considering your business idea. Alot of observation should be put in place.
5: After All The Evolution
When you come to a final conclusion on your business plan, the next thing is to consider registering your business to the legal statutory body e.g CAMA ( Company And Allied Matters Act). For your business to flourish you wouldn’t want to go into it illegally, follow due process get a suitable business name and register your business to be backed up by law.
6: Read Book(s)
You can’t start a business from starch without consulting books when it comes to How To Start A profitable Business From Scratch.
Reader and leaders get two or more business books and read for more inspiration and ideas, read articles just like you are doing right now. Consult specialist and experts you want to branden your horizon don’t you?.
7: Set Principles For Yourself
There is nobody that has been able to succeed legally or even illegally without setting principle’s and adhering to those principle’s. Set rules for yourself they will guide and monitor your actions and conduct ensure you are moving in with those rules and principles.
Principled men are responsible men ; successful men are principled men. Every formal setting has code of conduct set some for your business to give it a formal nature.
8: Set Objective
What is your objective? Is it a long term goal and service oriented or a short time and interest motive. Set objectives for your business. “How Big Do I want to grow this business”, how many worker’s do I want to employ in the next 20years, how influential do I want my business to be in the next 15years ?.
( You don’t want to travel without knowing the distance, duration and location of your targeted journey).
9: Employ Someone
There are many people that don’t see the need to employ at least one worker in their business because of Trust issues or some because they feel it calls for unnecessary spending. This at times slow the face of development because a single hand is multitasking in the business. You won’t be focused as your attention would be distracted because of numerous task to be accomplished, hiring a workers helps you to have or feel a sense of growth and responsibility, it equally gives you time to focus and think out of the box for expansion and growth , allows you at a point in time evaluate your growth and monitor the practice in your organization.
10: work Harder
Are you already smelling or sensing success?, Is it already looking like you have made it, then that is the time to work harder not to relax times like these are quite risk because many business owner at this level feel like they have arrived and instead of Working harder, they sit and appreciate their hard work in the past praising themselves of their level of archivement. Remember pride comes before fall. Humble observe and pay attention to under it is not over till it is over.
Conclusion On: How To Start A Business From Scratch
Starting a business from scratch is not a mystery but an open process which when consciously studied and strictly adhered with all deligency and focus will be archieved in due time. It is nothing to be scared about, many are confused and are stranded with capital at hand but don’t know how to start a business from scratch, we believe by now one should know how and where to start a business especially starting from the scratch. Come out of that mayopic mindset of “I don’t know how to start”, “I can’t start” face your fears, the risk is worth taking and the end is always a smile. Be focused, deligent and determined and the sky will be your starting point.