I will be honest with you, not every business started will necessarily succeed neither will every business started fail. Some will succeed and some will fail hence the major concern should be how you make sure yours succeeds.
How do you give it a chance at success?
All businesses start as an idea. These ideas are derived from our surrounding.
They could be out of challenges we are facing daily, something someone else is not doing well or anything random that crossed one’s mind-that light bulb moment or intentionally looking for something one can do as a business which is the most common scenario.
Once you get an idea you think you want to try out, make sure you have adequate knowledge about it. Equip yourself with the skill set to implement it, find the resources and it would help if it’s something you have some passion for.
You can also work backwards by looking at your knowledge base, interests/passions, skills and resources at your disposal then identifying an idea that can fall within that.
Reality is you can’t succeed at something you don’t know or understand. Something you detest or have no interest in.
With the resources, it’s about determining your starting point.
Once you have zeroed down on an idea then start working on a plan.
Your business plan doesn’t have to necessarily be a professional one unless you are going to be seeking external funding or support.
You can scribble down a few things in your note book like how you would like to call the business, where you would want to locate it and the people you’d be targeting specifically.
Don’t say every one because targeting every one is targeting no one.
How much you would want to charge and who your competitors are most likely to be. Draw up a small budget for starting up.
When your done start thinking of formalisation. Now I know a lot of you would want to avoid this but trust me its vital.
You don’t want to chose a name, start using it only to be told later when the need comes that you cant have it.
You’ve spent money and time on things like domain registrations for your website, social media pages, branding even selling the name out there. It would be gut crushing for all that to be flashed down the drain.
Once you have your business formalised, draft a small partnership agreement if you have partners and agree on the nitty gritty of how you will be working together.
Who will do what? Who will bring what? What is allowed and what is not in the partnership? How do you resolves disputes and how do you end the partnership incase its unavoidable.
Partners should be able to assume stake after meeting all agree terms.This part here is one many skip and then start saying partnerships don’t work.
Once you’re done with that, open a bank account and deposit your capital there before you start spending it.
All the money available for starting should be deposited there.
This helps keep track of what’s being injected in by the shareholder/s for purpose for taxation in the future but also to have records of every partners contribution.
Once that’s done you can go a head to put together a team to work with them you can start implementing your plan as you have it on paper.
As you implement your plan be highly flexible. Some of the things you have on paper may not be viable or suitable on the ground.
Keep twitching the plan as you go on with setting and growing the business. Once the business is working, follow the right business practices like keeping records, having financial discipline and finding a way to work with the people.
Embark on rigorous marketing regardless of your budget. Find away to work with whatever you have as little as it may be and get the most out of it.
Jaluum Herberts Luwizza is a Speaker,Writer and Business Columnist with the Nile Post.He is also a Business Consultant at YOUNG TREP East Africa’s No.1 Business Management and Consultancy firm that helps people start and grow profitable businesses.
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