SIX PIVOTAL THINGS TO CONSIDER BEFORE STARTING A BUSINESS
In light of this article, you have been portrayed as a person who has come up with a wonderful business concept and is considering turning it into a business as soon as possible.
And, as you well know, before starting a business, you must ask questions, observe, conduct numerous feasibility studies, and make a final decision on how to start a good business.
You must also test your business idea to see if it is viable enough for others to buy into it, and in order to do so, you must speak with a group of people before deciding to go physical with your business plan, so that you do not make any critical errors that you will likely regret later.
If you really want to start your business anytime soon, here are the people you should talk with before starting a new business:
1. Your Family
Your family came first before your company idea, and they will come first every day after work. When the term “family” is used in this context, it refers to individuals close to you who will be significantly impacted by your decision to pursue a career in business, such as your spouse, children (if you are a single parent with older children), or even your parents if you still live with them.
Starting a new company involves critical thinking and evaluation, as well as a significant amount of thought, time, money, and creativity.
If you feed your business all of the physical, emotional, and financial requirements it requires, you will inevitably starve people closest to you.
This is why, before establishing a new business, you should have a detailed discussion with your spouse or family about the implications.
Before you ‘think’ they’ve given you their approval, make sure you emphasize how difficult the path will be. It’ll be them who will be denied certain rights and privileges.
Talking to your family about it could be beneficial, as they may be able to assist you in pulling some strings to make the business a reality.
New enterprises require patronage, which can occasionally be obtained through relationships. You can be sure that you do not know everyone, but with those close to you, you may know a number of people who can help you.
2. An Accountant
Bookkeeping will be required in your new firm. You may not be able to keep your books on your own unless you are a qualified or trained accountant.
To accomplish successful bookkeeping, you only need to seek advice from an accountant. A business that will not last long is always obvious from the start, especially if the books are not managed properly.
It is an accountant who will tell you when your company is capable of hiring new personnel, how much they should be paid when your company can fund expansion without impacting overall growth, and so on.
3. A banker
You may have a great idea but lack the necessary initial funds to turn it into a business; this is when you’ll need the help of a banker.
When selecting a banker for your firm, you should seek the advice of your business coach or mentor. If you need to take out a loan, the banker will assist you with the application process.
Starting a business, especially in Nigeria, can be quite frustrating if you do not obtain all of the necessary information. This is why you must communicate with these five individuals.
4. A Legal Practitioner
Starting a business necessitates the completion of several legal formalities. There are some businesses that you can’t just start without first understanding what the law expects of them.
When it comes to your business, a legal practitioner is well-versed in a wide range of legislation and will be of great assistance. If you’re thinking of forming a partnership, you’ll need to hire a lawyer.
Speaking with a qualified lawyer will keep you informed, and nothing will catch you off guard when it comes to your business.
5. A Successful Business owner
Any concept you have has already been implemented by someone else, either in part or entirely, and discussing it with him will provide you with a hedge and insight into the business you want to start.
You will know the most common hazards in your line of business and how to avoid them, as well as the associated dangers in terms of the business you are becoming engaged in if you work with an experienced business owner.
6. Now to the last and the most important advice. To start a successful world standard business, you have to tailor your business to obey the THREE BOTTOM LINE PRINCIPLE. Which States that your business must must be pivoted on three cardinal points- PLANET, PEOPLE AND PROFIT. I will delve more into this principle in my subsequent blog so kindly subscribe to our newsletter so that you don't miss out. Leave a comment in the comment section below.