10 Questions to Ask Yourself to Know if You Should Run a Business or Not in Nigeria
We all at one point or the other have considered venturing into business. Some of us end up hitting the goal while some of us never did. If you are part of those who discarded the idea, it must be because you kept on contemplating if you should run a business or not. This article will give you all the answers to those questions you have always asked yourself.
How does it feel to wake up one day and realize you don’t have to sire anyone or madam anyone? It feels great right? I bet you would love to be your own boss one day. It is no big deal, be an entrepreneur. Venture into business. But venture only if you have been able to answer these questions.
1. Am I ready? The reason why many of us have not taken a step on that business idea in our head is because we believe we are not ready. We are scared, we are scared we might fail or encounter disappointment. But the truth is, there is no better time to start than now. Now is the time to start. Every successful man today took a risk, why not take yours. Remember, life itself is a risk, so do what you have to do now. Initiate the fire.
2. What problem am I solving? this is one very important key point I would love you to always keep at the back of your mind when considering a business. Do not go into business because you want to be a boss man or a boss lady, of course it feels good to be one, but there are things more important than being boss men and boss ladies, that is solving problems. The greatest men on Earth are problem solvers. So, venture into business with the aim that your product will solve a problem. So, think of the product to put out to the world and what problem it could solve. If you answered this, then you are gradually on your way to being a business owner.
3. How much do I have? capital is a challenge often encountered by entrepreneurs. Where and how to get capital can be a bit challenging and this is why I advise every entrepreneur to always have a saving. If eventually you venture into business, it might be a great thing to start first with your money before seeking the help of investors, if need be. So, check your savings to know how much you have. If it’s worth starting the business you dream of, you’re good to go, if otherwise then you need to seek for help.
4. How much energy will it take? there is no disputing that owing a business might take more of your time than working for someone. You will have to see to it that everything goes well. You must be a very flexible worker to run a business, because businesses are time demanding. The more time you give to it determines the profit you make. So, if you’re concerned about getting yourself overworked, initially yes, but you will get used to the routine with time.
5.Am I going full-time or part-time? This solely depends on you, the nature of your current job, and the proposed business. If you feel your current job earns you much and your proposed business consumes less time, you could go part time, but if you earn meager from your current job and your business is time consuming, going full-time and quitting your job might just be the best. However, don’t forget, this totally depends on you and how well you can manage stress.
Read Also: 15 Business Lessons From The Tortoise
6. What are the chances of success? well, nothing good comes easy. Success doesn’t come easy; you have to strive towards achieving it. Achieving success in any business depends on your hard work and dedication towards it amongst all other environmental and political factors. You must know that nothing is guaranteed in life, but we just have to try. Just give it a trial, if you succeed, you have won, if on the other hand, you have not failed, you have only learnt a lesson and realized where you missed it. When we fall, we do not sink into the earth, instead, we get up and re-strategize, so get up and try again. Rome was not built in a day.
7. How do I generate income? generating income is all about strategizing. You need to have a strategy on how you can generate income in your business. You could give discounts or even vouchers to customers.
8. How do I cope with competition? I know this often scares a lot of people, but the truth is, there will always be competition. As a matter of fact, there is no business without competition, it is inevitable, life itself is a competition. So, coping with competition should not be a horror to you. There is always first mover advantage in every business i.e., if you are the first person to engage in automobile in a particular location, it is obvious that you would have made acquaintance with customers around the area, that is first mover advantage. But if I established my own firm in the same location as yours, remember you already have an advantage over me, it is now up to me to take that advantage from you. How do I achieve this? I could give out discounts of twenty percent on every purchase from me, or give out vouchers or even offer free car servicing for every customer. This way, they will get attracted to my business. It is now left to you to strive to maintain your business while I also maintain mine.
9. What pricing strategy should I employ? People pay for value, so in running a business, you must be sure that the price you charge per product and its value is equal. Satisfied customers tend to come back to you and even refer friends and family to you. So be sure to make your services worthwhile.
10. Location: this is a very cogent point to note, the location in which your firm is set will go a long way in influencing your sales. While setting up a business, be sure the location is a favorable market for your product.
Hope you enjoy this article?
Share your thoughts in the comment session.
Contact us today for your business consultancy and business advisory services. We can help you fine tune your idea, structure your business, market your business, train your staff, consult on your retirement plan, coach you for financial success. We also write business plan and help with fund raising strategies and Grant applications. We can help you start, grow and expand your business.
Call or WhatsApp us now on 081 0563 6015, 080 7635 9735, 08113205312 or send email to firstname.lastname@example.org and we will solve any of your business problem.