Archive

Posts Tagged ‘Pre-Business List’

business

July 4, 2014 Leave a comment

This next item from the pre-business list is self-explanatory – Business. Basically, what I want you to understand is you need to be certain you can actually offer the products or services that your market requires before you launch your business. Gather all the skills, read all the books and do all the research. 

Before proceeding, please keep in mind that people don’t just buy products or services, they buy what the product or service can do for them. In order words, your business should provide the solution your target market requires. All you need to do is deliver. It’s that simple!

stuff

June 29, 2014 Leave a comment

Continuing from where I left off, the next item on the pre-business list is Stuff. Before going into business, you need to know your stuff – this entails knowing the opportunities and threats in your industry, as well as knowing your strengths and weaknesses, and those of your competition. This is what professionals call SWOT Analysis.

In order to accurately identify the opportunities and/or threats of an industry, and exploit them for business success, you need to first take note of its trends. Trends create opportunities. Trends precede the introduction of innovative products and services. However, you need to understand that trends also have a life cycle – embryo, growth, maturity and decline. Hence, in the same vein, trends reveal threats. Trends signal the end of an era.
For example, over a decade ago, personal computers and the internet gave rise to website development, and interactive software and programs for work, school and play. Now, as most people use their smartphones and tablets for browsing, games and so on, personal computers are being phased out, and the new trend is apps. There is an app for almost everything now. Any company still focusing on website development will soon become relevant if they don’t add mobile site development to their services, or evolve into an app development company.

Spend sometime learning more about yourself, and leverage your unique skills towards your business advantage. If you start a business, and don’t have a unique selling point (USP), you may not excel. You need to make time to study your major competitors also – learn what makes them tick in order to compete, and what makes them suck and exploit those cracks in their operations, product quality or customer service. This will give you the necessary edge. If you cannot offer people better services or better products than your competition, to the consumer, you’re just the same with a different name.
Competition makes business exciting 😀

industry

May 14, 2014 2 comments

I ended last year with a list of ten things I believe every hopeful entrepreneur must consider before starting a business venture, and I mentioned I might expand on each during the course of this year. Well, I woke up this morning, and decided to start. The first item off that list is Industry.

It is usually not a bad idea to start your first business in a field that you’re comfortable, or at least, conversant with. It should be an industry that you have the necessary skills for and/or sufficient experience in. This is important because, sometimes, knowledge is all you need to excel. Bill Gates, Michael Dell, Mark Zuckerberg all focused on the Computer Industry, and are wildly successful. You also exude more confidence during networking and presentations because your business evolves around your area of expertise.

However, don’t think there won’t be mishaps though. You will make mistakes as you learn the ropes of business and entrepreneurship. Some may be devastating, and others may be minor, but you’d agree it’s better you don’t make them in unfamiliar territory.

prebiz

December 23, 2013 Leave a comment

Before the year draws to an end, and everyone gets into the holiday spirit, I wanted to leave you with ten things to consider before starting a business. It is just a couple of things to consider before starting off in the new year. In order to keep this short, I will list and very briefly explain each of them.

01. Your Industry: Decide what products and/or services your business will offer.

02. Your Stuff: Know the opportunities and threats in your industry; also your strengths and weaknesses as well as those of your competition.

03. Your Business: Make sure you can do all the tasks needed/required before you start.

04. Your List: Make a list of all the things you need to get done in order to prepare your home/office for business.

05. Your Legals: Understand the legal requirements of and responsibilities that come with starting a business.

06. Your Insurance: Insure yourself (and future employees) reasonably and review your policy to make your coverage is adequate.

07. Your Associations: Find and join legal associations specific to your industry; there is a wealth of benefits to gain from others’ experiences.

08. Your SUC: Determine your start-up costs and make sure you have the means to cover at least most of it.

09. Your Cash: Consider all funding options, determine your break even point and maintenance of cash flow.

10. Your Team: Gauge your support system (family, friends and fans) before your start and make sure you stay connected because you will need them often.

I hope these give you some things to think about over the holidays. I may go into detail on each of the points next year.

That’s it from me for 2013.

I wish you all a very Merry Christmas and a Happy New Year in advance.

See you in 2014 by God’s grace.