You have a small business idea that you want to turn into a big thing that will transform your life. The first question that should come into your mind is how to bring it to reality? Honestly,there are lots of businesses one can dive into ranging from Boutique Business to Dry Cleaning Business in Nigeria and Poultry business.
This article acts as a guideline for you to get your small business idea out there and you don’t need any form of a degree to start your small business idea.
10 Steps for you in starting your small business idea
1. Decide on the product you want to sell:
Many people have jumped into business without deciding on the product they want to sell. This has made them run out of loss or close down. The major thing here is to focus on what you want to sell or offer. There is a big difference between your primary stream of revenue and secondary stream of revenue. Here are certain questions for you to answer for your small business idea.
• Are you an expert on the product you want to sell?
• Can your product provide a solution to people?
• What is the future of your market concerning your product?
2. Know your competitors in your market:
Having a deep understanding of competitors in your market goes a long way because it gives you a clear picture of your customers. If it is possible you need to carry out a research on your small business idea to know who your competitors are. There are two ways to find your competitors: Google and word of mouth.
i. Google: You can make use of the internet to make research on your market and ensure to know the key players in your market.
ii. Word of mouth: Go out there to know and make findings how customers are buying services/products that are related to your market.
3. Business Plan or Executive summary:
A business plan is important at the beginning of your small business idea. It is the summary or synopsis of how your business is going to run or operate. Your business plan on your small business idea should these few questions:
• What is your mission statement?
• What niche will you be targeting?
• What is the solution your product will bring?
• What makes you different from your competitors?
4. Selecting a business structure:
We have a few options when it has to do with selecting a business structure for your small business idea. Practically, there are lots of profitable businesses in Nigeria and there is no structure that’s good or bad. There are various structures such as sole proprietorship, partnerships, corporations, and Limited Liability Company. Each of these structures has its own advantages and disadvantages.
5. Finding Funding: Your small business idea needs proper funding. Even if the business idea is so small, you still need funds to run your idea. There are various ways to find funds for your small business idea:
i. Friends and Family: This should be the first people to ask for funds for your small business idea because you are closer to them. If they believe in your small business idea, they will like to invest their fortune into it.
ii. Bootstrapping: You can decide to fund the whole of your small business idea with your money. This is good because you have 100% equity in the business. You don’t have to consult anybody before you spend money.
iii. Angel Investors or venture capital: These are people who are wealthy already and are looking for where to invest their fortune. They can provide you with the necessary support and mentorship for your small business idea.
6. Get a business name: Having a brand name for your business is very important. This is what people will take and remember your product. Your business name should be catchy and easy for your customers to remember. Then think about how you are to use it as your domain name for your business website.
7. Building a website: If you have no idea of building a website, you can hire a web developer to build an ideal site for your small business idea. Hiring a web developer make your site looks professional and cut down stress you might encounter in building a website.
8. Form a partnership with great people: The people you are working with on your small business idea are the most important assets. You have to start the business yourself, but you still need people to work with you. People with skills are helpful in making your small business idea grow.
9. Brand and Market your product: You have to develop your brand before you start marketing your product. Your brand comprises – your business identity, appearance, and personality. Your small business idea should have a logo to make it outstanding. Then you can market your products using any forms of marketing.
10. Take Action: Whether your small business idea becomes a huge success or fails you it depends on you.
For your small business idea to stand the test of time, it takes dedication, hard work, and perseverance for you to get there.