Before setting up a business, there are a couple of factors that you need to consider.
1. Ask yourself if you truly want to go down the business lane. Setting up a business is not as easy as people paint it to be. And business is not for everybody. Business is for strong people, people who can stand whenever they fall. People who can stand losses. Because whether you like it or not, once in a while you will experience losses. How you react to losses in business matters a lot. If you are not strong, you can have a B.P. In business, they are ups and downs. So someone who’s not prepared for the ups and downs will not be able to stand the test of time.
2. Make up your mind: Now that you are sure you truly want to do business, you need to make up your mind about it.
3. Think of the business that you want to do: Now they are certain factors to consider when thinking about the kind of business that you want to set up.
I. Firstly you have to consider what you are passionate about, and they do research. Business can be boring sometimes most especially when you are not making much profit from it. But if you are doing what you are passionate about, it will help you stay on no matter what happens.
II. Location: After you have considered what you are passionate about, you have to consider the location where that kind of business can fly. If you can’t find a good location for the business, I would advise that you consider something else. Because, if you stay in a place where you are not making much profit, after some time you will get frustrated.
III. Finance: Thinking about a business is one thing, the money to start is another thing. If the money you have cannot set up the kind of business that you want to do, then look for something close that the money you have can set up. Don’t ever make the mistake of taking a loan to set up a business, it has never been a good idea, and will never be.
Because the first period of setting up a business can be very challenging.
IV. Power supply: In some parts of Africa like Nigeria where they have an epileptic power supply, you must always consider power supply. Unless you don’t want to do a business that doesn’t require power.
V. Distance: People tend to neglect this part when planning a business. But it is one of the vital factors to consider. You can’t set up a business in a place very far from where people can easily locate your shop.
Dos and Don’ts of business
1. Don’t ever set up a business because of boredom. Unless if there’s someone taking care of your basic needs and just wants you to be leaving the house every morning.
2. Don’t set up a business just because you want to pass time.
3. Set up a business because you want to be an employer and help reduce unemployment.
4. Set up a business because you are ready for business.
5. Set up a business because you want to have multiple streams of income.
6. Set up a business because you want to have something to fall back on when you retire.
7. Set up a business because you want to have some to fall back on when you are retrenched or when you eventually decide to resign or when you are asked to stop work.
8. Don’t set up a business on a bad road.
9. Don’t set up a business in a place without parking space. Unless if you just want only people on foot to do business with you.