How to set up and operate a small business

INTRODUCTION

Business is an activity of earning money through the buying and selling or supply of goods or services. The purpose of the Business is to generate income through profit.

A small business or small industry could be defined as a small business or organization established for the purpose of carrying out some economic activities that may be manufacturing or production, marketing or provision of services.

A company can be small or large in size, it all depends on the nature of the business and the seed capital involved.

Why Business? The gateway to additional income

In order to enjoy financial independence, a man or a partnership should not be dependent on a single income, getting involved in additional ventures can solve many concerns that are often created as a result of cash shortages. Business duty is for those who want to be rich and successful. There are so many businesses that you can start and work well. However, whether it will be so is up to you. A business of yours is the lasting solution against the fear of reduced unemployment or lack of funds.

However, to survive in business, you need guts, a generous dose of ambition and drive. You must have a strong reason that will keep your business alive.

TAKING THE FIRST STEP

When deciding what type of business to do there are a variety of ideas to choose from whether it is an existing hobby, talent in a new idea, however make sure there is a market that needs your service or product. Also, you have to be personally interested in the business (not just because of the profit you hear people make from it)

THINK FIRST – If you want to start a business, business is all about thinking, well those who can’t think can’t create, so if it’s a business you want to get into, think first. First things first Build your business first before you build your house (Proverbs 24:27)

Therefore, I recommend that you buckle up with these three instructions:

(i) Think deeply about the business

(ii) Open your eyes to see opportunities

(iii) Have an open ear to hear business advantages

(iv) Above all, pray to God for wisdom and guidance.

Orji Kalu, Chairman of the Slok group of companies, says: “A good businessman must have a nose for business in the same way that a journalist has a nose for news. The whole world is very marked waiting for anyone who knows the rules of the game”. “

In the decision to establish a business. Find a need around you and fill it; there after, the money will flow to your bank account. There are infinite business possibilities wherever you are but in order to have access to them. You must exercise wisdom.

Since the business is about the production of goods and services. Oriented to satisfy the needs of people. From a financial point of view, it therefore follows that your line of business should be highly dependent on three main factors (i) people (ii) Environment (iii)

Season 1

Business environment and people

The business environment is not the same. It differs from place to place, and from person to person. To be successful in business, you need to study your environment and people well enough. (Your taste. Needs, Values, tradition and culture). Do not start a business until you have located the market.

iPeople

ii Environment

season 3

2

Season: Some businesses are seasonal, while others are all-season. You must identify the difference. For example, starting your ice block business in the rainy season is a bad strategy.

Bakers complain about low sales every time the fresh corn season begins (it is recommended that you start with the feasibility study of your business of choice and prepare a business action plan. Identifying the necessary resources for your company)

1 Knowledge is power. Do not start a business until you have acquired the right knowledge. Read management books and magazines.

2 Master the necessary skill and training before moving on to the production or manufacturing of any product, what doesn’t taste good can’t be produced better. Attend workshop seminars and professional training centers. If possible, have a business coach or consultant.

3 Locate your business in the right place

4 Capital is necessary for the survival of any business. Make sure you have enough money to finance your business.

The following are sources of capital for companies:

(1) personal savings

(2) Friends and relatives

(3) Leasing option

(4) Bank loans (SME loans)

(5) self-help option

(6) Association

(7) Brain Equity

(8) Money from other Businesses

“Any enterprise built on wise planning is strengthened by common sense, and benefits wonderfully by keeping a chest of facts” Proverb 24:3-4

Conclusion

Without missing words, you need a business of your own additional income streams. However, nothing happens without an ACTION. ACT NOW.

I leave you with the trade secrets of DANGOTE

1 Manufacture something not just market

2 Build a brand and don’t let it die

3 Sell cheap, give quality and don’t kill the competition

4 Start Small, Rome Wasn’t Built In A Day

5 Have connection and pray for a great opportunity

6 He believes that money can be earned everywhere

7 All Work And Less Play Makes Jacka A Rich Man

8 Give back to those who make you