Businesses are the most profitable ways to make money. How they come to exist is the reason many people don’t start one in the first place. The process of starting and growing a business is no short of pregnancy. There’s the courting and love part(sweet), then there’s the first weeks of pregnancy(dizziness and throwing up), followed by labor pain and finally giving birth(push! push! push!). Believe me, only women know how challenging it is and I can assure you the same is true with starting a business.
I’ve put down for you 7 steps of starting a business to briefly demonstrate how starting a business is no walk in the park;
One way to come up with a profitable idea is to scratch your head and invent one unique enough to stir interest. But if you cant do that, then the other way is to look around you, scan major ongoing business activities and decide to replicate it just as long as you stick to what’s legal.
#2 Business plan
Once the brilliant idea is on the table, second step is to lay out the entire process you believe and want your idea to come to life through. At this stage you’ve to be able to explain every little detail of how your idea is going to transform into a profitable business. You identify things like; what you are going to do with the idea, how you are going to do it, where you are going to do it from, when you are going to do it, who you are going to do with it i.e. partners, employees, clients, etc. And finally why you are going to do it that way.
#3 Business foundation building
This is the stage before launching. Here you give your business plan a tangible form. You open an office or manufacture your first sample products or services, you build the website or you plant the seeds in the garden or you set up whatever it is you have to set up to make it look like a real business.
#4 Business launch
At this stage you go public and let all stakeholders know about your new business. From here your business is on the roll and should not stop. Clients begin to knock on your door, tax officers too.
#5 Business plan implementation
After launching the business then you are left with implementing every detail of your business plan. Doing what you planned to do, when you planned to do it, with whom you planned to do it with, for the reasons you planned to do it for.
#6 Monitoring and evaluation
Now your business is out there and open. clients are coming, your products or services are on demand, inventory is used up and refilled, etc. You are required to monitor and evaluate your business constantly to make sure that everything is still going per plan and to identify any areas of improvement.
#7 Business expansion (maturity stage)
Every business that has been in operation for a considerable period of time and especially if it has not been making losses arrives at this stage, expansion. It expands because its clients have doubled, their demands have increased, competition solidified, opportunities emerged, etc.
See! See! I told you! Except for generating a profitable idea (the sweet part) everything else is like labor pain(pregnancy) until you’ve arrived at the maturity stage. Here comes the big question; ‘what should somebody who wants to dodge the 7 step-process to starting a business do if they want to own a business? I got you. Sit back and relax, I’m about to tell you exactly what you can do:
Always out there at any single day, you’ll find an entrepreneur who started their business but want to sell it. The same way people sell their houses, the same way people sell their cars, the same way people sell their land, it is the same exact way they sell their business.
You must be wondering, ‘how can one possibly know how to choose a good business to buy?’. Well, hakuna matata. I got you still. Subscribe to our newsletter or JOIN Yewe Yewe Community for part II.
Editorial/ Yewe Yewe
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All reference to women pregnancy is just for use as an anecdote. Other than that, we highly respect women and pregnancy. Noting that nothing compares.