5 Tips on how to start a Business the Right Way

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Running your own business can be nothing short of bliss — in most cases, being your own boss will give you more control over your time, income and life at large. You also get to enjoy doing something that you may enjoy or like. But if you’ve ever tried running a business, you’ll bear me witness that starting one isn’t as easy as it sounds. And if it’s not done right, what we thought would bring more fulfilment to in life might end up being the source of your misery.

Most businesses are not alike, but most start-ups operate on the same values that merit its success and growth. Once we master these principles, business becomes and success is more attainable.

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Here are some business guidelines that can help in starting a business with a high likelihood of success.

1. Discover your Passion

The first ingredient to any business is a burning passion for the industry you want to be apart of. Venturing into a business entirely for money is a recipe for disaster. Starting a business is mostly hard in the beginning but passion will keep you moving and still hungry for success even when challenges come along.

Related:4 Reasons why Passion is the only key to success

2. Build Your Networks

Passion is simply not enough one has to go an extra mile to build your networks. You also need to connect with others who are passionate about similar things as yourself. For example, let’s say you’re passionate about Finance like me.Unless I find a community that shares the same passion as me, and whom I can learn from I won’t be in business. Also if you are selling something in wholesale you will need to connect with respective retailers to remain in business.

3. Create a business model

Creating a business model depends on two main things — your value proposition and your monetization strategy. Your unique value is the thing that makes you stand out from the competition. Achieving that will entail looking at what others are doing and making sure you do it differently. Next, you will need to work out a plan on how to make money from that particular business. Are you going to sell a product or service or what will be charging for?

4. Test your product before investing fully

One of the best pieces of advice way I have ever heard is to simply test your product prior making a full investment. You can launch your product to a small group of people and get feedback first. Withhold investing full resources until your business has withstood the test of time and proven that it can generate revenue. For instance, if you decide to start a food business, try making your dishes at home first and selling to friends, neighbours and family before investing in a physical location. Once you decide to collect feedback, be open to criticisms and suggestions and try to implement those that could help improve your business.

5. Build a team

There is a saying that “If you want to go fast, go alone. But to go further, go together.”  At this stage you could either look for partnerships and split profits and ownership of the business with or hire an employee and pay them a monthly salary. Both have their advantages and disadvantages, and understanding your business model will however help know which route to take.

                    

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