How To Run A Start-up Business Profitably

Must Read

El-Rufai Approves Free Primary, Secondary School Education In Kaduna

Nasir el-Rufai, governor of Kaduna, has ordered that primary and secondary children in the state be exempted from paying...

Nigerians Blast EFCC For Arresting Clubgoers In Ibadan

Nigerians have taken to Twitter to register their displeasure about the recent arrest made by the Economic and Financial...

Truck Conveying PDP Protesters Crashes, Many Injured

A truck conveying some supporters of the Peoples Democratic Party (PDP) in Abuja was said to have crashed on...

Security Tightened In Kano After Supreme Court Verdict

  Security around Kano Government House has been tightened after the Supreme Court’s verdict that affirmed the election of Abdullahi...

Secondus, Peter Obi, Melaye, Other PDP Bigwigs Storm Abuja Streets To Protest Imo Judgement

Bigwigs of the Peoples Democratic Party(PDP) have taken to the streets of the Federal Capital Territory, Abuja to protest...

Statistics by experts show that about 50 per cent of first-time businesses fail within their first five years of operation. To run a business successfully, they say it’s important to keep your eye on the basics, as well as the bigger picture, and you will avoid many of the pitfalls that cause enterprises to fail.

profit_business

The experts say the following are necessary steps in achieving great success in business

Plan for success

Analyse every area of your business, from service or product development through to after-sales care. Document precisely how you propose to make your money, what it will cost you to produce and deliver the product or service and how much profit you expect to achieve. Produce operational plans and financial forecasts. Put together a formal business plan. This should include a statement of your business objectives, a brief history if you are already trading, a description of your product or service, the names, roles and credentials of your management team, a market analysis and details of your resource and finance needs. Also include sales and profit projections, a cash-flow forecast and a projected balance sheet.

Find start-up money

To start a business, you must invest in the business. The journey of finding start up funds will be different for each individual. Some start ups such as consulting, requires a few thousand to get a website and business cards whereas a retail store could need millions of naira or more. Finding the money you need may come for a source you never thought of or may just end up being the frugal bootstrap method.

Build a business plan

For any start-ups, a business plan allows you to gain a better understanding of your industry structure, competitive landscape, and the capital requirements of starting a small business. A study mentioned in “Business Plans For Dummies” by Paul Tiffany states that companies with a business plan have 50 per cent more profits and revenue than non-planning businesses. Writing a business plan just makes good business sense.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More Articles Like This

- Advertisement -