For a few days, I have been thinking that if I were to start a business like I was a newbie, what would be my top priorities to start off on the best footing.
Believe me, the business landscape in the world and particularly in Nigeria, is so much different than it used to be. If it was as hot as a frying pan when I came in full time in 2015, it is now a hot furnace. So, if you are just starting out or about to start, please pay attention to the this post, it could change the course of your life.
Today, I will share with you four factors to place priority on to help you succeed much more easily and faster than you ever thought.
1. Skills and experience: Starting a new business requires a diverse set of skills and experience. Evaluate your own skills and determine if you have the necessary expertise to start and run your desired business successfully. After I resigned my job in 2015, I spent the first four months in a business training with an online business school and one week at Entrepreneurship Development Center of Lagos Business School. Identify your training need and where you may need additional training or support. In my book, Business Intelligence Cookbook, I shared how to know your training needs in the Rules of Execution section.
2. Target audience and marketing strategy: It’s important to identify your target audience and develop a marketing strategy to reach them effectively. Determine who your ideal customer is, what their needs are, and how you can provide a solution to their problems. Creating a marketing plan that documents how you will promote your product or service and reach your target audience is critical to your business.
3. Market demand and competition: Before starting a new business, it’s crucial to assess the demand for your product or service and identify your competition. You should determine if there is a significant enough market for your offering and if you can differentiate yourself from existing competitors. Understanding the market can help you identify gaps, potential customers, and how to price your product or service competitively.
4. Scalability and growth potential: Before going all in, you must consider potential for growth and how scalable that business is. Determine if your business model is flexible enough to adapt to changes in the market and to accommodate growth.
Look around, does the industry have giant players? This can inspire hope in you if you are positive minded. Look at the numbers, will there be more people who really need the services and are able to pay? Is there a future for the business, even if you start small?
Passion alone is not enough to make you successful, mix it with knowledge and you can make intelligent decisions about starting or continuing the business.
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