How to start a profitable business
The harsh reality of job insecurity, unemployment and poverty the world over, has made it more pertinent for individuals to setup their own profitable businesses.
Your hobbies, talent and field of study constitute area of interest you should focus on when thinking of starting a profitable business.
Example, if you like being around children always, you can consider setting up a profitable business around the needs of children.
After you have discovered your area of interest, you can now find out what needs of people around you are and how you can take advantage to setup a profitable business.
To set-up aÂ business through which you can make money, You will need to constantly have a positive frame of mind about the Â issues of life, so you can see opportunities even in the mist of difficulties.
Great ideas for profitable business will come when you think positive, read inspirational books, magazines /newspapers and most especially searching through the internet.
Never try to walk alone when starting your business. Look around for people who are already in that line of business you are going in to and ask for their help and mentoring .It will surprise you how far the information you get from them will help to make setting up your business much easier than you thought. Please refer to:
A good feasibility when carried out will contain valuable information that will help you setup a successful business and can also be used to secure loans from banks and financial institutions.
Register your companys name at the co-operate affairs commission of Nigeria to give your business a legal standing. You can register your business as a limited liability company or as an enterprise.
Get an office where your customers can come freely to transact business with you. But if you cant afford to rent an office space for the time being maybe due to limited resources, you can use your home as office to help you reduce cost.
The capital you need to start your own business may not necessary be cash alone. There are other things you posses that you can actually use to start your business even if you dont have physical money at hand.
HOW TO RAISE START-UP CAPITAL FOR YOUR BUSINESS:
1. You can sell your landed properties and equipments to raise the money you need.
2. You can also use this landed properties to stand as collateral to secure loans from banks and other financial institutions.
3. You use your bank savings to start your business.
4. You can raise capital for business by borrowing money from friends and relations.
5. You can go into partnership agreement with somebody who can supply the needed finance and then share profit on an agreed percentage.
Start your marketing with the people you know its easiest way of marketing your business. Tell these people what you do, people in your church, mosque, co-workers, people in your neighborhood and club members e.t.c
When informing them, dont just tell them with by mouth but use the marketing tools listed below and equip yourself so can create good & lasting impression about your business in the minds of customers.
1. Business cards.
2. Create a website/blog for your business.
3. Get a computer/internet access.
4. Print a Letter headed papers and envelopes.
5. Get a telephone number that people can easily remember.
6. Open a bank account for your business.
Finally, in this article I have discussed and out lined some important steps that will help you start profitable businesses of your own.
Don’t just be a reader but be an achiever.