You got some ideas and you want to bring them into reality? people jump into business without considering the right business and the business that will bring satisfaction and meet up with demands of the possible customers.
In the days past in our former area there was a petty trader who had some kinds of competition; she changed her business line from Provisions and custmetics to food stuff and the other people on the same line changed with her, when she found out that it is another competition she changed into running a restaurant and the others followed. Some people don't think at all. they just do what others do and get the average result. You don't want to live your life like that.
Now let is consider this model to develop a business idea
- Create a formidable business idea
Before development, your business idea should be very striking and oustanding, to get at this point you have to take time to reason out and come out with a perfect business idea. to get this done you may need to follow this precepts.
Think and thinkthrough: do brainstorming, look at the environment consider what fits the area or what you can offer the masses. At any point in time business is to render services to the populace and not just to make profit although it includes that but see it as an avenue to lead and to provide oustanding services.
Know your limits: put a bandry to the extent you can go. Get it right, going into business is not just to open a shop and start selling tomatoes or recaharge cards or some sorts of provission stores but it is to come out with some unique even if it is a popular idea but not that your motivation is because of it popularity rather is based on what you can offer and get fulfillment.
Put down the flowing ideas: as you run through the world of ideas, get a pen and note book or some sort of recording tools. Write the vision and make it plane... one of the reasons you have to put it down is because you may have several ideas that you may need to sieve and come out with a unique one idea to develope.
Take the environment into cosideration: the place where you will situate the business also will certainly determine the type of business and the types or catigories of cusomers that will patronize you. Thus you idea should be guided by that. Don't run a business that will lack patronage.
Think to solve a problem: almost all those that plait hair arround the campus in eboyin state university abakaliki Nigeria buy weavon from some distance market place. My little friend took this advantage and was supplying all of them and in no distance time he runs a very big shop that sells at about the same price with that of the market price. Not before long my friend was travelling almost twice every week to fill his shop. As a student he made a lots of returns. If you business is out to solve some problems then is out to florish.
2. Make research and assesment
Run a market survey and find out certain risk involve. Do core feasibility studies; whatever you find out will certainly help you improve on the business idea you are developing or wanting to develope. (see my article on Feasibility studies on this blog). Know the possible competition and competitors arround.
3. Plan
Plan with what you have. Work with the cash flow (have a proper inflow and outflow schedule). You plans should includes you goal and vision, stretegies, marketing and some target. Poor performance is inevitable if there is poor plainning. Plan every aspect of the business so you don't run out. Most businesses that crashed is as a result of poor planing.
4. Dvelopment
After taking into consideration all that you need to actualize your idea and put it into implementations. At this stage of development you make the idea very visible by runing a trial product or develop a phototype so as to assess the market. If it is maul or super market or shop of any size; make enough structural implementation and manpower, develop all it takes to run it.
5. Testing
This stage the result from the development stage is used to determine if you can progress with the business. Move out to put in place you business location, structures, manpower, security, energy, commodities and other vital things that will get the business cracking. One can do a test marketing, possibly to see if the product will be acceptable or is able to stand competetion. Then the next stage is start up properly.
6. Business star up
This is the stage of launching the business. All factors have been assesed and is save or adiquate enough to run.
Some business may run through all the stages for a small scale business with little start capital one may just from the development do all the detailed assesment and put the business into a start up stage. But in that case, it very visible that it will be able to stand competetion and succeed.
5. Testing
This stage the result from the development stage is used to determine if you can progress with the business. Move out to put in place you business location, structures, manpower, security, energy, commodities and other vital things that will get the business cracking. One can do a test marketing, possibly to see if the product will be acceptable or is able to stand competetion. Then the next stage is start up properly.
6. Business star up
This is the stage of launching the business. All factors have been assesed and is save or adiquate enough to run.
Some business may run through all the stages for a small scale business with little start capital one may just from the development do all the detailed assesment and put the business into a start up stage. But in that case, it very visible that it will be able to stand competetion and succeed.
Remmember you are running a business as a leader not just one trader somewhere so your mentality have to change and get it right.
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