10 Business planning Tips (Discovering A business opportunity)

10 Business Planning Tips

10 BUSINESS PLANNING TIPS – Nowadays, venturing into one business or the other has become so important most especially here in Nigeria where the rate of unemployment is on the rise. There are many business one can venture into irrespective of ones location but before then, there are many factors to consider before deciding on which of available business opportunity to dive into.

This article “Business planning tips” is purposely written to guide those with little start up capitals to better utilize and explore the various business opportunities around them so as to enable them to be self employed and neutralize the effects of the rising unemployment.

Apart from the ravaging Coronavirus pandemic which hindered economic growth worldwide and increased the rate of unemployment, it is a known fact that the rate of graduates produced yearly is far above the available job space. This alone can be said to be the major cause of unemployment in the country.

ALSO READ OUR TOP 12 MOST PROFITABLE BUSINESSES IN NIGERIA WITH LOW START UP CAPITAL

Study have shown that about 500,000 graduates are been produced in Nigeria yearly whereas more than 50% of those graduates finds it extremely difficult to secure job and therefore, end up being unemployed.

While the importance of education can not be over emphasized, the importance of being self employed after graduation can not also be over emphasized.

This our 10 business planning tips will go a long way to guide you on how to discover a profitable business opportunity.


IMPORTANCE OF BEING SELF EMPLOYED:


• You are the boss of yourself.
• You control yourself.
• your determine your on and off.
• You shape and reshape your business.
• You have the power to hire and fire.
• You earned respect and stand.

That’s just a few advantages of being self employed. Now let’s dive into our main article “10 Business planning tips”.

10 BUSINESS PLANNING TIPS:

Below are the most important things to put in consideration before diving into a business.

  1. SCANNING THE ENVIRONMENT:

Scanning the Environment is the first and most important aspect of choosing a profitable business. Setting up a business in the in the wrong Environment can lead to unplanned failure.

To better scan the Environment, one needs to put the following into consideration:

Identify the standard of living of the peoples in the Environment:

This involving weighing their income source and their spending abilities. Take for instance, One can not be selling a goods which cost about #2,000 in an environment where people hardly spent #1,000 daily.

• Identify the Needs of the People in the Environment:

10 Business Planning Tips

This is another factor to put into consideration while starting a business. This simply means identifying what your peoples patronizes or needs most for their daily survival. Take for instance, in a community where peoples drinks tea every morning, selling chocolates or milks will thrive more than selling custards and the likes.

• Identifying Your competitors:

Your competitors are those that are doing or planning to do what you wanted to venture into. So the higher your competitors, the lesser your chances of success and vise versa.

  1. BRAINSTORMING YOUR BUSINESS IDEA:

Now that you have discovered a new business idea by scanning your Environment, it’s time to critically think over it before putting it in to Practice. This will help you discover your strength and weakness. It’ll also help you discover a risk factor and how to better overcome it.

  1. DETERMINING AND GATHERING OF RESOURCES:

10 Business Planning Tips

Now that you have come upon a business idea, it is time to start gathering resources to better explore the opportunity. The resources here referred to both financial Resources and human resources.

FINANCIAL RESOURCES: This simply refers to the capital involved in setting up your newly discovered opportunity. The first thing to do here is to find out the cost all the equipments needed to start such a business. This can be achieved by inquiring from the seller’s of such equipments.
You may as well reach out to those already doing the business for guidance and capital estimation.

HUMAN RESOURCES: Now that the capital has already been set, it’s time to decide who are those needed to adequately set up such a business. If this involving building a shop, the human resources here will the bricklayers who will build the shop.

  1. CHOOSING A BUSINESS LOCATION:

This simply refers to the spot where your business will be sited.
Choosing the wrong business location can negativity affects your business Progress. Having successful scanned the Environment, it’ll be necessary for you to build your business in a place that’ll be easily reachable by all your potential customers.

10 BUSINESS PLANNING TIPS

  1. SETTING UP THE BUSINESS:

Now that you have choosen a business location and estimated the start up capital, it is time to bring your business to reality.
Starting up your business involves creating a physical presence for your business so that people can reach out to you.
At this stage, it is advisable not to invest all your capital at this initial stage.

10 BUSINESS PLANNING TIPS

  1. PROMOTING YOUR BUSINESS:

Promoting your new business requires you to deploy different tactics. If you already have a competitor, then this will be a bit difficult to drive sales but if there are no competitors, promoting your business will be exceptionally easy. In fact even without much promotion, people will still patronize you. But you need to observe the following to further boost your sales:

• Be friendly to your customers.
• Be careful on your choice of words, do not be too harsh.
• Always keep your business Environment clean and tidy.
• Also promote your business with the word of mouth.
• Offer discount where necessary but also ensure you are not lossing in the process of the discount.

  1. BE SELF SELF COMPETENCE:

Our 10 Business Planning Tips will be incomplete without the mention of Self competency.

Self Competence is the ability to believe in oneself. There will be some challenges facing new business owners but in order to overcome this, one needs to posses the spirit of Never giving up. Believe in yourself even amidst many challenges and also brainstorm a tactics to better overcome the challenges.

As it is been said, Self determination and competency is the key to success. In another words, With determination, Commitment and competency, everything is achievable.

If all the above 10 business planning tips are properly observed, your business will start recording successful in no time.

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