Owning or starting your own business is among the proven ways of creating life long freedom and wealth.
However, this route is filled with lots of uncertainties.
Most people find it difficult to start their own business right from scratch due to a variety of factors such as lack of funding, support from the relevant authorities, connections and some just doubt their business ideas hence stay waiting for big ideas like Mpesa, Equity bank or Alibaba.
What they do not know is, most of the successful entrepreneurs have humble beginnings. From selling charcoal in the neighbourhood, offering cleaning services to raising chicken to raise capital to fund their dream ideas. May be, they’d have wished to buy already established business which would start earning them income right from the word go. Taking an already established business would have made their journey way easier, fast and less risky when compared to starting from scratch. May be all they’d have to do is make this business great and in return give them big returns, sometimes twice, three times or even ten times the size of capital. But they did not have that money.
In the rest past, we have seen people start from scratch and build multimillion dollar investments. This is a sure way to show that starting at zero, we all have equal chances of succeeding in our new businesses provided we taking the right path and remain focused towards the realisation of our goals.
Here are steps to follow when starting your own business
1. Choose the type of business you want
Identify the type of business you want to venture in. Go for the simple business models that have little competition and require minimal investment such as construction, plumbing or even professional services. But the best one to venture in is that one which speaks both to your interest and experience.
This however is not a must as you may not need to have experience in that industry and opt to be trained. In the event you do not want to be involved in the daily management operations of the business, you can decide to hire or employ an experienced person to do it on your behalf. You may as well look for someone who is doing the same kind of job in a different company and incentivize them to having to leave employment for a chance to invest in your new company.
2. Look for motivated sellers
It is always crucial to look for people are ready and motivated to work. This should not be difficult for you as there’s many people who are desperate to have a job or people who are just bored and ready for a change. Finding these people can be done through different ways such as asking friends to help get them, trusted employment agencies or even using the same way one would use to get clients for example marketing through social media and networking.
3. Do your calculations
Have a rough estimate of the amount you expect to earn and make sure the money to come in is enough to cover your cost of financing. In addition to being profitable, check whether your business has chances of growing over time. Remember you can always increase your revenue by just improving operations or marketing.
4. Find and connect well with your customers
While showing smart plans for your new business is essential, your pitch ought to be more than that. Always remember that your business is your baby meaning you are supposed to care about it. Work hard to build a reputable brand out of it.
Always keep your focus and be the best steward of your new business, then match towards building your own legacy. Learn and always be eager to make improvements to your business.
After taking all the above steps, your business is up and running. To remain successful, learn to build a strong connection both with your clients and employees, if any. Define your role as well as their duties and establish key performance indicator (KPIs) for all of you.
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