STARTING YOUR BUSINESS




   Having a personal business that is fruitful is the dream of every Human , but the truth is that if you just wake up some day and put your money in some random business , it might fail , there's a 70% chance that it would fail and run into big loss.

WHAT IS BUSINESS ?

Business is defined as the exchange of goods or services for money. So the primary question is whether you can do this profitably (getting in more money than you spend). One starting point is the 4Ps of marketing:

PRODUCT - what am I selling? (leading to: Is there a need? Are there enough customers that want it? What are the laws I need to follow? etc.)

PRICE - for how much? (leading to: who are my competitiors?)

PLACE - where will the customer get it? (leading to: online, brick & mortar or  both what will this cost? Who will do provide the product or service? etc. )

PROMOTION - how will the customer know about it? (leading to: how will I advertise, what’s my unique selling proposition, what’s the brand, etc.)


        If  by chance you have a huge capital , spend some out of it training yourself , know the in and out dos and don'ts of the business . Trust me it's also an investment and it's laying a solid foundation for the growth of your business.
        I'll be sharing some personal experience . Yeah , I had a business and ran into loss , big loss. I'll be sharing those experiences and at the same time giving solutions to the problems I faced  and to other possible problems you might face while trying to build your business.



TAKING A BUSINESS LOAN?

        If you are about starting a business or you have a business that's not stable , and you take a loan congratulations, you have successfully ruined  your business 🤝. 
         This happened to me, I took a loan from a company and at the end I wasn't able to get enough money to return all the money I got from the loan. 
      I'm not saying you shouldn't consider a loan at all , but you must be very sure that the profit you are going to make would be enough to continue running your business after you have paid up your loan. 
    Having a family member or a close friend who is willing to give you a loan for a particular period of time is the best , going to banks and MFBs for loans is a huge risk  to your fresh business.


FAMILY WANTS/NEEDS 

      Family needs can also also ruin your business , how?
It takes time for ones business to grow , if you have a family that wants this and that , a family that believes you are making enough to spend on them , a family that expects you to give your  services for free or expect you to give them a good at a very rediculous price would ruin your business . The best thing to do if you find out that your family is of this type is to tell them to stop patronizing you If they cannot pay for your goods or services as a normal customer would .
        I know, I get , family first but when it comes to a business that is just getting established you have to put that aside until the business yields enough profits to take off all those wants and needs  . 

This  also affected my business it was a major set back.





CARELESSNESS IN TRANSACTIONS

     Your carelessness can also endanger your business growth. Carelessness like giving more  for less profit unknowingly or knowingly . If this happens in continously your business would surely fail. you have to be careful and conscious anytime you are making a transaction with a customer.

  


Falling for SCAM

This is one serious business killer . Everything could be gone in seconds. Scams are always obvious but greediness , low reasoning and emotions won't let their pret see that it is scam

Ask lot of questions - what is their source of income, have they ever been paid , ask for proof from 10 different sources, lie to them you have done the exact business before and you have reported to the police so you can see their reactions. Where is their company located. It's best that you see the person face to face,  but that's not an assurance that you can't be scammed .  
If your guts to tell you to back out  pls do , block the person or delete every conversation you had with them .
One has to be extremely careful with this guys has they know words and sentences that can convince you to drop  your banking details or transfer money to them .

      Try getting reviews about someone before doing business with the person. When it come to money you have to think smart.



COMPETITION 
        
            Try as much as possible not to compete too much with anyone , unhealthy competitions are not good for your business and your mental health. Do your business, make profit , upgrade and upgrade. You would surely have people who would patronize you for sure . If you don't have customers that means you aren't doing correctly. Find out why, and make changes









ADDITIONS 

There is so much information and education required before you start a business, Never ever risk putting your  money into a start up without being armed with the facts about their particular business choice. As one who started several traditional businesses and now online businesses, and the one thing I have learned is you should never stop learning.    Technology would keeps emerging.




I really hope this guides you, you can simply click the bell to see more of what I have for you on my blog . Kindly follow and  add my blog to your home screen  I would also appreciate if you share my blog to your friends .
Thanks for reading 😊