6 Simple Ways On How To Start A Business Without Going Broke In 2016

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Many people are frustrated. Yes, there are lots of things frustrating the average Nigerian in Nigeria. Nevertheless, many elderly people are frustrated due to their not-seem-to-be-ending tenure of working for someone else. For real, they are just tired of putting all their efforts into making someone richer and richer (and the person keeps treating them like rags because many employers think they are doing their employees a favour). Yes, many employees are just tired of not being able to have control over the way they spend their time. You know, waking up as early as 5am just to beat the traffic so as not to be late (so the boss won’t be annoyed), and returning late in the night due to the hectic unavoidable traffic. Not to forget that, many employers forces their employees to work on weekends, thereby denying them the chance of having quality time with their families.

Many people already know that the solution to this is to start and own their own businesses. But they are scared of what the future holds, as many will complain quietly: ‘I have my family counting and relying on me; what if things didn’t go as planned?’ Some others will snort: ‘I am bothered about risking my standard of living’.

Yes. Though life is all about risks, but below are good tips on how you can start a business and you being certain of having a good landing:

1. KEEP YOUR CURRENT JOB

You heard this right. First, if the business you intend venturing into can flourish without your physical presence every time (perhaps you’ve got dedicated managers) and your working hours in your workplace is easy and flexible, then your job can be a good source of asset to your business (i.e you use a good deal of your salary to boost your business). What if leaving your current job in order to develop your own new business is the only option you’ve got?

There could be different reasons that could make one see quitting one’s present employment as the only option. But if your new business demand a large chunk of your time and you feel your company won’t approve your proposal of reducing your working time, then give this a try first. You can simply look closely into how your company will profit and benefit from retaining your skills and your experience while there is a change in the number of hours you stay at work. Then, you can approach your employer, with your request backed up with a solid rationale.

2. STRIVE TO DEVELOP ANOTHER STREAM OF INCOME

If you are able to keep your present job while your own business keeps flourishing, you’ve got nice stream of income. But if you need to leave your present employment, do you have a skill you can package and put to work without putting too much time or energy in it? Someone talked about a woman transitioning out of an insurance brokerage created and sold seminars on long terms care financing at local retirement centers. Yes, you’ve also got your creative side- put them to good use. (you can also read more on 7 Smart Strategies On How To Increase Your Cash Savings)

And hey. You might say, ‘I want advises that evolves around giving all attention to my business alone; nothing more!’

Well, if you remember, we agreed on talking about strategies that will make things easier for us (without needing to lose all if things didn’t go as planned)

3. CUT YOUR EXPENDITURES

Many times, a good look at things would show you that you don’t really need certain things and can do without them. Don’t waste money on things you don’t really need. (Read more on Most Effective Ways To Write A Budget Plan And Stick To It

4. SEEK FOR LOAN

It isn’t all necessary to loan for start-up costs until you have a very well-documented idea to submit for a business loan. And one more important thing. Don’t spend the money you borrow on daily expenses that won’t bring money back to you. Ensure you spend your loan on things that would bring money back to you.

5. IDENTIFY YOUR NICHE

Think about those services you’re uniquely qualified to provide, as well as the ones you enjoy providing most. Strive to be specific. Write them down too.

After that, think about what group and set of people would get benefit from those services and have the ability to pay for them.

And this will take us to….

6. DESIGNING YOUR MARKETING PLAN

Don’t let the term ‘marketing plan’ scare you. Though what you need from a marketing plan will get more sophisticated as your business develops, you can begin being simple.

How is your business going to make money? What is the product or service you’re going to sell? How will you describe it so people swiftly recognize the value? How will you price it? What is being charged by competitors? Who are the competitors? Who are those dominating? What are they doing? How can you learn from them? What are they not doing that you can do, that will make you stand out?

With all these, simply beat fear out of your life, dive, and success is sure.

Thanks for reading.

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About Abuku Orode 331 Articles
My name is Abuku Orode, I am a full time blogger and article writer. I make research on the best, possible and legal way to enhance your tech life, finance and other survival tips and make them available here on Cashrange. My goal is to show you what works for me in the hope that it will work for you too. Best Regards [Cashrange]

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