Tips for starting a small business.

Hello Fellaz,

Hope your enjoying the week. Well, today let's talk on tips that will help you start a small business. Its important to plan well before starting something. As the saying goes " He who fails to plan, plan to fail". The tips I will share involves the planning stage:

1) Do what you love.
It's really important that you truly enjoy what you do because You're going to devote a lot of time and energy to starting a business and building it into a successful enterprise, so, whether it be planning an event, creating pottery or providing financial advice truly enjoy it.

2) Start your business while you're still employed i.e If you are still working.
It may takes a long time before your new business actually makes any profits. This means the returns you make initially isn't even enough to cover your overhead. Being employed while you're starting a business means money in your pocket while you're going through the starting a business process which has a lot of advantage.

3) You need a mentor.
You need a support system while you're starting a business (and afterwards). A family member or friend that you can bounce ideas off and who will listen sympathetically to the latest business start up crisis is invaluable. Even better, find a mentor or, if you qualify, apply for a business start up program such as Aspiring entrepreneurship program from fate foundation. When you're starting a business experienced guidance is the best support system of all.
 

4) Get clients or customers first.
Don't wait until you've officially started your business to line these up, because your business can't survive without them. Do the networking. Make the contacts. Sell or even give away your products or services. You can't start marketing too soon. 

Photo credit: Web

5) Write a business plan.
The main reason for doing a business plan first when you're thinking of starting a business is that it can help you avoid sinking your time and money into starting a business that will not succeed. It shows how profitable your business will be in a given environment. you can get the template for a business plan or better still get a professional to help out. 

6) Get the money lined up.

Save up if you have to. Approach potential investors and lenders. Figure our your financial fall-back plan. Don't expect to start a business and then walk into a bank and get money. Traditional lenders don't like new ideas and don't like businesses without proven track records.

7) Be professional from the get-go.
Everything about you and the way you do business needs to let people know that you are a professional running a serious business. That means getting all the accoutrements such as professional business cards, a business phone and a business email address, and treating people in a professional, courteous manner.

8) Register your business.

Getting your business duly registered is very important to avoid having business name issue like change of name if the name you used before registering has been used by another. also find out how to go about paying your tax. Don't neglect legal and tax issues.

Following the listed advice on starting a business above will make starting a business both a smoother, less stressful process and will go a long way towards ensuring the business you start lasts and thrives.

Do have a blessed day!