For most of us, the ideal dream is
to be own boss if we aren’t already there. However, having the passion to start
a business and actually getting the business going are two very differing
aspects. Below I list the steps into starting a business.
Step 1
Idea and product formulation phase;
in this stage, you should come up with an Idea which you perceive as unique and
one capable of making a business. Don’t fall into the trap of following the
band wagon like most of us Kenyan do. Don’t buy a plot just because your
friends have. Do substantial research around the idea, the proposed market and
target customer to determine the viability of the idea. A good starting point
is in a line of experience. For instance for someone who works for a bakery,
knows of the business models and the costs and revenues involved could be
better suited to start own bakery delivery bread or cakes at a cheaper price
rather than investing in Jewel cutting for instant. Don’t hesitate to start a
competing business as your employer; chances are they too started their
business in the same way. Don’t be afraid to ask other traders, you might find
a solution to their problems. Also remember, whilst we envision our business to
be successful making a lot of money you must watch all your cost whilst not
compromising on quality. Don’t invest in a saturated business area, for
instance don’t open a mobile phone or clothing boutique in Moi Avenue not
unless yours is very different. However, you could become a wholesale in the same
area targeting small start-up or businesses which might not be able to raise
enough cash to bring in a big load from the suppliers (for the case of imported
supplies). Don’t be afraid to trail other blogs to see what other aspiring
entrepreneurs are in search of.
Next week -----------------Step 2
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