People always have ideas flying in their heads but what matters most is getting to make their ideas a reality. Little wonder, there is a saying that the grave is the richest resource on earth as people who had great, life transforming ideas had them either aborted prematurely, tried, failed and never tried again or just did nothing about them.
Despite all the pitfalls and challenges involved, there’s been lots of success stories about businesses that started small and are doing pretty well today.
TIP: The businesses that usually thrive well are those built around the basic human needs – food, shelter, clothing etc. Find a need, provide a solution and you will be in for serious mega returns.
So let’s get your offline business started
1. Get A Viable Business Idea
Coming up with an idea is not an issue, the real question is, ‘how viable/workable is that business idea?’ You need to be very realistic and not sentimental or emotional about the facts on your business idea. Will the business thrive in your environment? Is the market already saturated with your competitors? How much of the business do you know?
These and many other questions are what you need to answer.
2. Do Your Research
You can’t just start your business without knowing the involvements. You need to do your research to know how many customers will be willing to buy or subscribe to your service. Ask questions, go on the internet, read, observe and learn. Get to know your target market, your competitors and your customers.
3. Develop A Business Plan For The Business
Virtually every successful business today has a business plan. A business plan is your blue print or your map. Here you make everything clear.
The basics of you business plan should include;
The Executive summary (say what the business is all about in a few words)
Your vision (What you intend to achieve from the business)
Mission (How you intend to go about achieving your goals)
Your unique selling proposition etc
4. Get A Business Name And Register It
Different laws are applicable to different areas. Here in Nigeria, apart from the general CAC (Corporate Affairs Commission) registration, if you were to go into products that are medicinal in nature, you would need to have a NAFDAC number or if you were to go into telecommunications, you would need to have registered with the NCC.