Are you an aspiring entrepreneur? Are you planning to start your own business? There is no doubt that becoming a successful entrepreneur can be much like a roller coaster ride. Starting your own business will fetch its own set of challenges and benefits unique to Africa. So it is imperative that you know how to face challenges successfully and how make the most of business opportunities.
Here are the six most important things that I learnt while starting and running my own consulting business in the last 3 years. Trust me it is very important that you know these things before you go and start your business. Read on....
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It Is Easy To Start A Business
Since I left my job and decided to start my business, the first thing I did was set up budget. My initial start-up costs were rather low. After spending some time on research and talking to other entrepreneurs, I realised starting a LLC was a wiser move than being a Sole Proprietor. I also hired a lawyer for my small business that offered me various advices about my company and took care of the paper work. Then I hired an accountant to take care of the financial records and tax issues.
It Is Harder To Run A Business
I often feel that entrepreneurs need to strive hard and prove their mettle against the entire world. As a business owner you will need to stay motivated all the time so that you don’t wander off from the course. Although some friends and family might coax you to give up and get a job instead, but it is your passion for your business that will keep you going. Although you might be tempted to give up under various situations, like getting an excellent job opportunity, things not working out your way, you cannot get discouraged. If you have doubt about your self-motivation and passion for business, then I would suggest that you reconsider being an entrepreneur.
I will tell you right now that marketing your business is the most important and challenging tasks. When you become a business owner, you need to show the world how good you are in your work. Clients will only hire your services when you show them that you are confident and capable. Nowadays, traditional marketing strategies do not have a strong impact. You should know how to use the digital and social media in an innovative way to promote your business.
Prepare For Low Phases
No matter how good your marketing strategy and service is, every business is bound to face some low phases during its existence. Surviving during this period can be especially difficult during the initial years. I decided to save money from when I had enough work to keep me going when I will be struggling to secure deals for my business. You need to pay yourself well and save money for operating expenses, taxes and bad days.
Networking Is Important
If you are an entrepreneur then you simply cannot choose to be an introvert. The more you network with the right contacts the better it will be for your business in the long term. Although I am not an avid fan of socialising, yet I made sure that I got out and met with important people and extended my network. Meeting prospective clients face-to-face can do wonders for your business.
Learn About Business
Although I had a significant amount of work experience and adequate knowledge about my industry, still I decided to pursue a business management programme. I felt that I needed to know about the inner workings of a business and develop the right business, leadership and management skills. As going for a full time programme was not a feasible option for me, I pursued an online undergraduate management diploma course and it has worked wonders for me and my business.
I would suggest that you also consider studying online undergraduate diploma courses in management as it will teach you the necessary skills and knowledge. Moreover, as online courses are highly flexible you can easily work on your start-up throughout the day and focus on your studies at night or any other time you find convenient. There is no need for you to invest a heavy amount to earn a business diploma as online programmes are highly affordable. Your business education will give you a global perspective and understand and help you go a long way.
So there you have it! These are my tips for any aspiring entrepreneur who is all set to start his/her own company. I hope these tips can help you in your entrepreneurial journey and lead you to success.
Do you want to add to the list? Then share you own ideas and experiences with me by commenting below.