10 IMPORTANT THINGS TO CONSIDER BEFORE STARTING ANY BUSINESS

Before starting any business at all there are things that should be put into
consideration. There are several reasons you may want to start your business , it
might be out of passion, or you want to be your own boss rather than working
under another person. It might be that you want to be in charge of your schedule,
because being in charge of your business gives you a greater schedule flexibility
and chance to choose where and who to work with. You will also have the ability
to choose your workers or work independently. Starting up your own business is
actually one of the best things, you will be able to bring your ideas into reality
which will provide solutions to some human problems. That will automatically
give you a sense of responsibility and ownership.
Still, to be able to turn this great business idea to reality which will stand the test
of time you need to consider some things. Putting these things into consideration
will not only help develop your business but will also help you solve some of the
problems that a lot of business owners face. Without wasting time, let’s talk about
the things to consider before starting any business.

1 . Uniqueness of your business: you should consider the things you can do in
your business that will make it unique in the market. Think about the things you
can do differently, the things you can do that no other business does. The
uniqueness of your business will help your business stand and add to the value of
your brand.

2. Need: it is always best when your business fulfills the needs of your potential
customers. This could be a problem your product can solve or a process your
product can speed up. It could also be a service that people in your area need. For
example, products like essential hair oils should be able to speed up the growth of
the hair, prevent loss of hair and even repair damaged hair. Whatever it is you
will be selling, or whatever services you will be offering, make sure it provides
solutions to your potential customers needs.

3. Personality: you need to consider the kind of personality or identity you build
for your business. What are the things that will make you or your
products/services one of the best in the market. It could be your passion, your
experience, or even your skills. These things will also add value to your brand.

4. The structure of the business: before you start the business, you need to
consider the way you want the structure to be. Do you want to start up the
business all by yourself or you will need partners? If you will work with others,
you will need to do research on the structure that suits the business. It might be a
partnership( two or more people who will share the same risk) or corporation
which will just allow others to invest without doing much work.

5. Marketing: this one of the important things to consider when starting a
business. You’ll need to think about how your products are going to be marketed,
the geographical range you want to cover and also the kind of people that might
need your products or services.

6. Targeted audience: you will now put your focus on your targeted audience after
you have discovered your market. The targeted audience will depend on the kind
of products you sell or services you offer. This will lead you to considering your
potential customers age, location, occupation, salary, hobbies etc. This will also
help in marketing your products or services. For example, your products are used
mainly by young girls, it might be pads, makeup kits or any beauty products.
Then you’d find most of your potential customers on campus or school areas
where there are lots of young girls.

7. Capital: considering the capital for starting a business is very important as well.
You need to calculate all the money that will be needed in starting the business.
From raw materials to equipment to machinery, rent( for physical location),
maintenance cost, transportation etc. Also consider if you will employ workers.
Include money for advertising as well. Generally, add up all the money you will
spend in setting up the business.

8. Funding: you will also need to think about how to get money for your capital. It
could be a business loan or your personal savings, cash from family and friends
or grants from government organizations.
Whichever way, consider how you will get funds for the capital. If it’s a business
loan you plan to get, make sure the payment method and interest rate is
something you can work with.

9. Location: this plays a huge role in any business. Considering your location can
be a bit stressful, because you have a lot of factors to consider here especially if
you are renting a store or space. You will need to consider the cost, make sure the
cost is not more than what you can afford easily. Also, you will consider the area
as well. Is it a busy place? Is it the area suitable for your kind of business? These
are things you should consider when it comes to location.

10. Limits: you will need to consider your limits too. Health is wealth, don’t push
more than your limits when it comes to your health. Try as much as possible to
set boundaries. I know it is your business and you would do anything to see it
grow and develop but at the same you need to take care of yourself. Also, try not
to mix your personal finance with your business finance, treat them separately.
Create time for your personal life as well, give yourself a break whenever the need
arises. Ask for help whenever you feel you are doing too much.

BONUS
Starting up a business is a lot of work and you will need all the knowledge and
skills you can get. I’m a huge fan of reading books on finances— it could be
money management or business management. The truth is the more you learn,
the more you will earn and the less you will spend. Cultivate the culture of
reading financial help books, this is one of the best ways to invest in your
business and also in yourself. Also learning how to keep records and budget will
be another skill you need to learn to be able to run your business smoothly