Ibrahim Maigaris Business clinic 101

Business Clinic 101
Part 1
We are starting a series on the above topic as our contribution to the promotion of small businesses, self-reliance, youth and women empowerment and the overall socioeconomic development of our country, Nigeria. I advise that we not only read but most importantly put all that we learn into practice.
Have a nice read!

Planning to start your business
Starting your own business is very exciting but can be rather daunting. It can also be a risky thing to do, so you need to make sure you understand the risks before taking the plunge and going into self-employment. You may want to start by asking yourself a few searching questions:
• Do you have the financial resources to start your business, and to pay your general living expenses while you go through the start-up phase? Can you afford to, and do you really want to risk these resources? For example, you might have to take a secured loan based on the value of your home – what would you do if your business failed and you were forced to sell your house?
• Do you have the commitment and self-discipline to see through potential hard times? There may be times when customer demands are particularly heavy, and it will be up to you to make sure these demands are met. How will you cope with this, and are you prepared to put in the necessary hours to fulfil your customers’ demands?
• Do you have the confidence that you will be able to negotiate with suppliers to get the best deal, be sociable with customers (at all times!), think clearly under pressure, and take criticism without getting upset?
• Are you familiar enough with the market for your product or service, and will you be able to assess how this changes over time so that you can adapt your business strategy to deal with fluctuating demand?
There are no specific answers to these questions, but it is very important for you to consider if you will be able to cope with the pressure of running your own business.

To get your new venture off the ground, there is a mountain of tasks to complete, research to carry out, things to do and people to contact. You need a thorough understanding of the information you need to find and the contacts you need to make in order to pull your start-up plan together. You may already have done a lot of the groundwork, or you may be right at the beginning of your quest to get your new venture started.

Whatever your personal starting point, there are some fundamental questions you need to ask yourself about your business idea, your personal aims, and your own ability.

Why are you going into business?
Why do you want to run your own business and what do you want out of it?
Are you going in to business to
• Supplement your main income?
• Replace your main income?
• Provide employment for your family?
• Start a business as an investment opportunity, with the intention of selling it on at a later date?
• Provide employment for the local community?
Your personal objectives for starting in business will directly influence some of your business aims and targets. For example:
• If you are starting a business as an investment opportunity, the focus of your planning will be leading up to your exit, that is the sale of your business. Your plan will involve building a business and maximizing its value in order to achieve the best selling price possible.
• If you are building up a family business, your plan will include your succession strategy. How will your family take over when you retire? By planning ahead you will be able to ensure that your business does not rely on you too heavily and that your family are fully prepared for what they will need to do to run the business.
As you ponder on all above, stay tuned until next monday God willing, for a continuation of this very important part of business start up.

Wishing you success in all the legitimate things you do.

facebook/Ibrahim Maigari Ahmadu

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