First, create the idea that you can work on probably one that is unique, it can be one or combination of several ideas. Find out who your customers are and what they really need and concentrates in making your idea work by putting in the effort it takes.
Read about some you may not be able to visit, there are magazines, manuals and business books that could be of aid in these regards. Bear in mind that any business worth doing is worth knowing about. It is your level of knowledge that determines your level of success in any niche you have chosen.
Outline your marketing plan
This is one of the most sensitive aspect in any business. Without a well laid plan in place; you may find it difficult to market your business idea successfully.
Don’t forget that your ability to market your business idea is as important as the start up capital – without a proper plan in place it may be unwise to make any investment in the first place. You can start by writing down your business plan which may include some form of simple adverts. Moreover, follow what you have written step by step to the logical conclusion.
Information
Your first step in starting a profitable business is information; the kind of information you have acquired determines your level of success. If your information is scanty, your result will be scanty. If you equip yourself with well researched quality information about any aspect of business you wants to go into, the guarantee is that you will be making a steady income in the business.
It will amount to business suicide to engage in any business with little or no information about it. Failure or success in business depends on the decision you made, the decision you made depends on what you know and what you know depends on the information you have.
Income Expectation
Business CAN be very lucrative to anyone who takes it serious. In fact, the only reason you may not be making money from your business is probably you are not yet engaged in it with seriousness. Some people who are making money in their business know how true it is. However, it will be unwise to go into any business with over hyped expectation which can damage you zeal should the income falls below your expectation. Therefore, be realistic about your income expectation knowing fully well that most businesses starts with a minimal turnover and increase gradually.
Before you start any business, you do well to start by taking a hard look at it with proper reasoning. In the realm of reality, you may make additional inquiries from those who are already in the business, ask questions, use whatever answer you may get compare with what you already know and make your decision. Ask yourself:
Can I bring in some changes to influences my profit taking?
Is my expectation realizable?
Be assured you can rake in profit if you put in what it takes.
Capital Requirement
This is another area you need to do some little research, either by asking those who are already doing the type of business you are planning to start or consulting the experts.
Some business can be started with as little as N5,000.00 while some may run into hundreds of million naira or more depending on the magnitude of the business. On WealthResult.com, we always try to include estimated capital requirement in each of the profitable business ideas we've shared and the ones we are going to deal with in future.
Location of Business
In one of my research on what influences people’s decision to go or not to go into business, I was able to discover that location is one of the major factors. Yes, place of business can to a large extent determine your customer base, your level of profit taking and general success in the business.
At the same time, overly sensitive about location can destroy your chances of future growth in business. While densely populated area can afford you opportunity to make more customers, it can equally expose you to fierce competition and at the end reduce your chances of success. In a densely populated location, many are attracted to the same business and as a result of competition, some may be inclined to offer their products and services at a give away price in effort to win customers, which may likely affect your progress as a new person.
Moreover, those who are in the business before your arrival may have gained ground both in customer base and in popularity thereby requiring extra effort in your part to out market them, which may take long time.
Before you make a decision about which location to base your business, you must take into consideration that all the busy bus stop today where once scanty, someone started it up and gradually, others moved in and it became the way it is. In a scarcely populated area, customers are few and competitors are few – could that be opportunity for future growth? You may conduct a research about services or goods that already available and some new product and services you may bring it.
Some businesses may not be ideal in a low populated area therefore; you may start with one that everybody needs with the hope of introducing other aspect of your business as time goes on.
I once run a call center in a scantly populated street, when I discovered that people make calls and buy cards more during the morning time and late evening time, while afternoon is always idle period, I decided to bring in other services I could render during the off peak period and it was successful! Within a short time I became popular others started moving in. Gradually, I introduced other businesses.
Other Logistics
There are thousand and one specialized experts in any business you wants to start. Seek advice from the right source. Some have lost millions of naira in business because they think they know while in reality, they know little. There could be more to the business you are about to start than you think you know.
highly insightful
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