Time to make your dream come true….musings from an entrepreneur.

Time to make your dream come true….musings from an entrepreneur.

Perhaps you have been dreaming of more free time, added income or just something more interesting than your job and you think that starting your own business is the way to go.
Ok. Stop. Stop dreaming!!!.
“Entrepreneurs make the world go round.”
You must have identified an opportunity that could be profitable. 

1.Focus on providing a solution not on just making money. Businesses that do best focus on their clients needs.
2. Location, location, location.
Your location determines your accessibility to clients. This should be where you expect to get the highest volumes. Don’t fear areas which offer the same services or products as you do. These could provide a steady stream of clients e.g do you see auto marts operating where there are other auto marts? You get a spill over into your business. 
3. Branding.
Branding is not just the colors of your logo. What do clients expect from your product, how does your business or product make them feel, is it consistent?
Some businesses sell poor quality cheaply but this is not sustainable. People will buy initially but only a matter of time before you lose your client base.
Gas lights up quickly but is also quick to extinguish but charcoal fire is built steadily and is also slow to burn out.
A business that relies on maintaining quality will build a sustainable client base.
4. Marketing.
Very important. Especially for new business owners can prove challenging. But you may have a good product that no one knows about or those who do are not your target market.
Aggressive marketing can build your business quickly especially if you have a good product but can quickly destroy it if based on a poor product. Everyone gets to know how bad it is fast!
Good signage and enough signage so people get to know your location and what you have.
The Internet and use of social media has made marketing to a wider audience more accessible and affordable. 

5. Get mentors.
Good mentors. It would be good to have one in your area of business and one just in business. They can save you from making mistakes by learning from their experiences. However do not let them limit your growth either you could have other newer and better ideas. They are there for guidance.
Have peers to whom you can trade experiences especially when in the trenches.

6. Always keep your books.
Bank Everything. I mean everything. This is very important when you want to access credit. Otherwise financiers may not be able to assess your true income; they will think your figures are phantoms.
Keep your books. If you can’t do your own accounts get an accountant. They can be hired when needed not necessarily full time.
Pay your taxes. Give unto Caesar what is Caesar’s or he’ll send his centurions to look for you.
Advantage of business though you pay taxes on net income whereas in employment you pay taxes on gross income. So employees pay more taxes than entrepreneurs. 
7. Delegate.
As your business grows learn to delegate. So that you concentrate on working on your business than working in your business. You can spend your energies on developing the business and new ideas than day to day running.
Be in touch with your employees. Be a fair employer. Let them catch your vision.
8. Define your goals.
Your short term and long term goals have to be defined. These may evolve over time as you grow.
9. Just do it.
Planning is good continuously for the business. But be careful you don’t suffer from ” Analysis Paralysis” where you over analyze too scared to make mistakes you don’t eventually move.
Better to fail while daring greatly.
If you don’t succeed you can dust yourself off and try again but the next time with more experience. But who knows you could succeed greatly too. That’s the idea . . Right?
10. Enjoy the ride.
You live once. Don’t forget to enjoy the ride.
Take home:
Think of business like a baby. It eats , drinks, wears you out, gets sick, wakes you up at night and poops too smile emoticon
But they also smile and gurgle and grow.
Nothing prepares you for the life of an entrepreneur or the wealth of experience it brings, changes in yourself as you learn yourself and watch yourself grow and the fluctuations in your wallet:-)
Be prepared for the journey.
Success always has a “U” in it.

 

 

 
©

Mercy  Nyanchama
22nd March 2015