THINGS YOU MUST KNOW BEFORE SETTING UP YOUR BUSINESS.

THINGS YOU MUST KNOW BEFORE THINKING OF ESTABLISHING YOUR BUSINESS.

A lot has been said and also written about establishing  your own business. I wish to emphasize here that my tips are not just for establishing a small scale business, but my dream is for you to nurture it to empireship. My tips are based on what has been working for successful empire owners. Study it and make it part of your daily practice, then venture into the business and watch yourself build an empire.

1.       Are my really ready for this?.> this is a million dollar question, a lot of what you can achieve depends heavily on the answer to this question. Notice the “really” in that question. You might just say yes that you are ready for the business, but are you really ready?

. Business is another form of marriage, it demands a lot from you just like your family. Your fidelity, commitment, maturity, time, sacrifice, energy, all these are required by your business if you really want to build an empire out of it. Now ask your self if you really  want to give away all these to your business. I recall setting up a micro business as an undergraduate way back in school, I was convinced that I was ready for the business and that I can manage it. Down within me I know that am not really ready for the business. The stress of meeting up with school works, living my normal every day life, etc. by the end of the day the business folded up because my expenditures are very cumbersome on the business, it was then that I realized that I was not really ready for the business, I was just desperate to start earning money myself. So before you venture out into your line of business, try very frankly to answer the question.

2.       Is there need for my product?:> Another question that is so paramount which you must answer honestly is the question of facing the reality of whether there is need for your product or services. A lot of people has in the past paid  the heavy price of this question. The reason behind this is that nobody is interested in what he/she has no need for. So before you venture out into your dream business, you must have done adequate research to ascertain the profit opportunity in that area.

3.       Your competitors and what they are doing:> There are minor things that comes with a lot of consequences. Things like ignoring both your current and potential competitors will spell doom to your business, so to be on the safer side always follow keenly the activities of your competitors, monitor their movements, anticipate their actions, then draw a viable counter master plan. Do not be naïve, business is another form of warfare where only the sound, diplomatic, and more sophisticated wins. So equip yourself with the knowledge of your competitors and see yourself climb above every body.