Wanting to start your own business but finding it difficult? Is it the choice of business to launch into? Have you identified the business type but finance is now the issue? Is it the boldness or confidence to start that is lacking? Is it location that is the problem? The answers to your queries are here! First, look within and around you and write out the following: The things you like doing and which give you happiness while doing them; the things you enjoy spending your time on and dedicated to; the things that can meet people’s needs, but are lacking in your locality. Check out for the things you can beat your chest for, expertise, (crafts, skills, talents, service, experience.) Check out also the things you can be bold to do, without being ashamed (with moral values). Also think of the things you do at the moment and the things you’ll like to do in future. The things that can bring you financial reward. Next, from the above list, choose your best five items; then be happy you have made the right choices. I also wrote out my list before choosing, so go ahead! Sleep over your list and make your choice. By now you should have some pointers to your joy!
Financing the business will be next on your mind. It will be worthy to check if your pocket can carry your choice of business, otherwise, you could try raising or borrowing money from trusted family members and friends, (goodwill). One can also consider using own vehicle as mobile/boot shop for selling articles, but you will need to get approval for (license, park permit) as the case may be. You could consider raising money from your shares (if you have), stocks and credit cards, if the services are available in your locality. Also consider trading-in or selling-off fairly okay items you no longer use. You can also consider going into partnership with a trusted individual, from family or a friend. You can also think of monetary contributions with close friends and colleagues or registered thrift agencies. Thereafter, you could choose a good business name and go through official registration with the registrar of companies. You can equally consider raising money through lenders with low interests, various help groups like business angels, grants or loans agencies. One can also approach the banks with a good and well packaged business plan/proposal. Money can also be raised on a good day using collaterals: treasury bills or properties as other options. In all these, the ‘Terms and conditions’ of lending must be well spelt out. Furthermore, one can also go into online-networking businesses, with little initial capital for registration, a computer and internet network, but good questions must be asked during training, so one may not be stalled at the long run. Apart, some businesses may not require money but might involve going through apprenticeship with a mentor-benefactor. In such a case, an agreement is reached to understudy a trainer through learning a trade, skill, or sales for an agreed period, say one month, two, three, or one year, three years or more, depending on the ability to absorb. In this case, little or no money is paid during the period from both parties, but on satisfactory completion of training, the mentor-benefactor sends off the trainee with parting gifts in product/material forms as business start-up, in reward for obedience and services rendered by the learner during apprentice. A final passing out day is organized with special get-together for disengagement (freedom). This type is common among people from south east and south west of Nigeria.
In conclusion, after the thorough choice of business, the finance efforts, one’s first business location and start-off could be from one’s apartment like I did, before expansion, depending on the nature of the business. If you’ve been in paid employment, then you could take time to plan before leaving, making own business a gradual process. It will be quite challenging no doubt, but you shouldn’t be afraid to start once you’ve made up your mind and at the right time. You must be prepared to make sacrifices and also cut on spending habits during this period. Don’t be shy starting in a small way; as nobody is penalised for starting small, after all many great businesses started small. One must locate the right time to invest, work hard and pray for God’s blessings. Success is all about risk-taking, and taking a calculated risk before venturing. Above all, one only needs to sit for an exam before having the result. We must make hays while the sun shines , when we have the right energy and drive, rather than procrastinating for too long. The time to think and act is now; these are life and business essentials, so let’s keep thinking clearly!
Good luck and thank you for your interest!
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