Things you need to know before starting up a business: “Hata mtu wa kuuza mayai anahitaji motto”
Starting up a business, however small, needs critical thinking. No shortcuts needed while starting up, so one needs to be patient and watch as things unveil. It is advisable to avoid inheriting a business that is about to fail since it may be difficult to build it up again. You might incur unnecessary losses while trying to pay off debts.
Here are important things you need to know before starting up your own business;
1. Have a passion for what you are doing
Doing what you love makes it easier for you to do more research and expand on more options. Ensure you like what you’re doing to avoid more stress along the way.
While starting up, you’ll need more hours in a day in order o accomplish everything, so doing something you don’t like would cause more headache than anticipated.
2. Write a business plan
A business plan help in the smooth running of your business, before starting up, think critically of the type of business you’d like to start. Write the mission, vision, and motto of your business. In your business plan, one needs to indicate whether it will be a partnership or a sole proprietor. It should include your personal goal, your capital, the number of employees you’ll need and so on. The importance of a business plan is to help you arrange everything in order.
3. Identify a mentor
Talk to someone who has a business or was in business. These people will tell you more concerning businesses, what to expect and much more. You’ll need a mentor to help you be afloat because running a business is not easy, A mentor will advise you over and over on what to do with your profit since they are experienced, you can gain other skill as well.
4. Start your business small and grow
It is advisable to start up a business from own pocket. Getting a loan would put you in debts and the growth and profits from the business are never guaranteed in the first three years. Having your own money as your capital would help you save up more since paying debts drains off the business. While the business grows, save up the capital for other things or for business expansion.
5. Understand the market
Once you have identified the business you want to start up, do research about the market, find out what is expected of you, your customers and other documents needed to start up the business. Talk to people who have such businesses and understand their needs and customer’s needs.
6. Understand your strengths, skills, and weaknesses
While running your business, understand what you are good at. Know when to consult others and what to do when a need arises. Identify a lawyer, an accountant and other important people who’ll help you run a business.