Things To Take Note Of Before Starting A Business

July 3, 2020 Bryoryans Jobs 0

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Things To Take Note Of Before Starting A Business

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Things To Take Note Of Before Starting A Business


Due to COVID 19 pandemic, most people who were employed lost their jobs due to economic shrink caused by Lockdown. Many people are left with no choice but to start their own business that will sustain themselves. However it is not just a matter of starting a business, but there are some key factors to consider before starting a business.

Things To Take Note Of Before Starting A Business

 

Do your research

Understand your market before you start your own business. Check at the space that your business could fit into. Take note of the strengths and weaknesses of your competitors.  See how you would grow and develop your business. Make sure you put a plan that makes your business grow because a stagnant business that has no growth potential has no chance of surviving in a constantly changing market.

Develop a business plan

In developing a business plan please start with SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis. Put down your ideas, categorize your potential market, identify the need in the current market for your service or product, and plan exactly how you will go about running and growing your business.

*NB* Where there is a crisis there is an opportunity.

Financial planning.

When starting your own business, make sure you take a closer look at the money that you have to start your business. Starting Capital that will be injected in the business should sustain your business until it starts to generate profits. Money to start your business should also be enough such that it will enable you to pay your monthly bills.

Learn from the best

It is difficult to work in a vacuum, and when you get stuck, it helps to have someone to talk to for a different perspective and some ideas of how to get back on track. This could be a personal mentor, a partner or even a group of people that you can speak to and discuss ideas within order to improve your business.

What’s in a name?

Do not duplicate a business name with an existing name, as this could become a problem later on especially if you plan to build a brand or register the name.  Stay away from trending business names. So do research on names that have not been used with others. A timeless name will stand you in better stead, especially when building a brand to last a lifetime.

Know the risks

Build the risk strategy into your business plan to alleviate stress or shocks that may happen in the business field. Risks are truly there in the business fraternity but this should make your business strong so do not quit if you face such.

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