How to Start a Business

A business is something that should be put into serious consideration before starting it up. First, you should know what a business is before we look at how to start a business.
Definition of Business
Business is an organization or economic system where goods and services are exchanged for goods and services or for money. Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit. Before you start a business, here are the basic steps you must consider. These steps are important to begin a business, whether large or small scale. If neglected, it will be difficult to start a business, and even though you succeed in starting your business, it may not be successful and might not last. I call these elements the 5Ws and 1H formula. If this formula is properly applied, you are on your way to becoming a successful business person. These steps are;
  • Which business
  • Why the business
  • Where to start
  • When to start
  • How to start
  • Where with
We have successfully listed the elements, we are going to further explain them in order to enhance your understanding.

Step1:

Which business

This element appears first because it is the first thing to consider before starting any business. Before something new begins, you must consider exactly it is you want to do. Just like a man who wants to get married. He must ask himself a question and that question is “to have a successful marriage, what kind of woman should I get married to?” if the question is answered correctly that means you are on your way to a happy married life.

Step 2:

Why do you want to start the business

After you have an answer to the kind of business to start, you should ask yourself the next question, which is why do you want to start the business?” Are you starting it because your friends are into it? Or because “people say it is profitable?.” These are not the reasons why you should ever venture into any type of business. Now the reason why you must start that business is that you have a passion for it, you love it and you will be happy doing it. Anything outside these will crumble you and the business. You should also do a feasibility study on the type of business you want to begin.

Step 3:

Where do you want to start the business

This is another vital question? You must consider this question before putting yourself on track. Have you ever witnessed some people setting up a business in a particular location and in less than one year the business crumbles and ultimately forces the owners to relocate? Maybe it is not because they are doing the wrong business, but because they are doing the right business at the wrong location. This factor “Location” can actually influence the progress or downfall of your business. For you to determine a good location for your type of business, you should attempt to answer the following questions;
  • What kind of people live in this area?
  • What are their likes and demand?
  • Does this business meet the demands of the people?

Step 4:

When do I start the business

This factor is also important because you need to know the season to begin your choice of business. Plan your strategies carefully and you will see how successful you will be.

Step 5

How to start

How to start a business? There is a saying that goes thus “there is nothing hidden under the sun” so before you begin, there are people who have probably been in the business for long before you came up with your idea(s). So go to them, seek advice and strategy and know how to further improve your own business.

Step 6:

Wherewith

This refers to the capital which you will use to begin your business. There are ways to get money or fund for your business, you can lend from a friend or family, take a loan from a bank etc. Your business becomes a success when you;
  • Make the right decisions
  • Weigh your options
  • Consider the risk, challenges and gain and,
  • Have enough funds, to begin with.

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