Starting up a business is not an easy task, getting the idea is not easy either. Ideas can come to us at any point in time. It can be inspired by what’s going on around us, our challenges, the books we read, or even from what another person is doing. In his book ‘life after school’ Dr. Chris Okpaluba said “look out for problems, they are wake up calls for solutions, when u set out to solve problems, profit will follow”. Now that you have started your business, what can you do to make sure it grows into what you envisioned?
The following are things you must do before and after you have started
1. Research:What do you want to do? firstly, you must ask yourself what you want to really do, what kind of business will you like to go into and why? I suggest that you research the market you are about to enter. This will give you a better understanding of the profit pool of the business, asides that, it will make you know who your competitors are and which of them is at the top and why. Never go into a business you know nothing about or you’ve not completely researched.
2. Be informed: now that you have started, have you being well informed? You must always be aware of trends and follow them, the internet has made it so easy to keep track of happenings in our environment and around the world. Follow trends, use the information you get to produce results and make sure the information you seek relates to your business and can transform your business in anyway. An uninformed individual is a deformed individual.
3. Have set goals: this is where your mission and vision statements come in. These statements are the foundation that your business should be laid upon. You must be clear about your goals at every level of your business and what you want to achieve in the next few years, always have a purpose for your business.
4. Specialize: opening a business requires that you have enough knowledge about the business, therefore, specialize in a particular niche and dominate it. In other words, have an area of specialization for example, are you a photographer, fashion designer or a car auto dealer? You must be able to describe what you do to others.
5. Differentiate your business: differentiate your product or service in a way that makes it superior to that of your competitors. Run your business in a different way, opt for a different means or bring in a competitive advantage i.e. something that you can do exceptionally well which will give you an edge over others.