Starting a Business

Part 1 of 4 Mini Courses: Guide to Starting Your Own Business.

In this edition we are going to assess whether you are ready to Become Your Own Boss.

A: Your Own Business

If you are reading this post because you have a burning desire to start your own business, you are in the right place. This post is aimed at inspiring you to take control of your destiny, find your purpose, passion and profits.

How to Finance a Start-Up Business: The Right Funding

Every entrepreneur I have talked to has said that finding finance to start up their business was/is the biggest challenge they had/have to overcome to make their dream of owning their own business a reality Start up finance for a business is difficult to come by and more so for the youth and women who generally are not taken seriously by financial institutions.

Most entrepreneurs have either used their own savings or borrowed from family members.

Today though, there are alternative sources, programs and   institutions that are providing start up finance to help budding entrepreneurs establish their own business. I have noticed that due to the relative ease of find financing options people often go after the wrong type of financing for their kind of business. This can lead to high cost of the money in the interest charged or they will have to give up majority ownership in the business in which case they would basically be an employee of the business/company.

With this in mind, I thought you might want to consider certain factors in choosing the type that’s “just right.” To help you, I have highlighted various financing options that might fit your business.

How to add partners, share the cake and grow the business.

If you are thinking of adding a business partner then it can be an excellent way to grow and expand your business. It is a good strategy for getting cash for the business and diversifying your asset base. Adding a partner to your business will bring along several non financial benefits as well.

Partnership though, is like marriage, and for the relationship to work, considerable thought and evaluation should be done. Do your homework and make wise and judicious decisions to ensure the viability of the business and its continued success.

How to Hire Your First Salesperson

Picture this! Your startup has grown and you are getting too much business to handle by yourself. How do you find a salesperson that will support your growing startup?

Note that your first salesperson will carry the huge burden of ensuring that the growth you have achieved does not decline and to make it work out you need to make sure you hire the right person to get it all going.

I have gathered three tips that you can use to get the right person;

1) Start where you shop. Look out for the good salespeople you encounter when you're the consumer. What is it they're doing that makes you feel good about working with them?

Managing Different Generations in Business

Last week I was chatting with a friend who is the Human Resource Manager of a local travel agency that has been in business for the last 50 years .I asked him, what is the key challenge that they are having with the current crop of young people joining their organization? His narration was very interesting. That the young people come with good academic papers straight from college and claim that they can perform the tasks given to them .They start off well and after a few days start taking frequent days off with no clear reason, they become restless, don’t perform their work diligently and that they are also not committed to the job compared to the other older and long serving employees.

The interesting issue is that most modern organizations may still be operating within the same fundamental principles of profitability that have governed business since they started, but  to trade successful in the contemporary arena many of the characteristics  have to change.

This common scenario raises the question of how do you manage the different generations of individuals who make up your staff.

Are You Marketing to No One?

A big problem with entrepreneurs and small business owners is trying to market to everyone and no one in particular. I guess it’s because they see the big corporate doing it hence they think that is the way to make money. This is not correct!  Unfortunately this happens all the time.  My advice would be that you target your audience because “If you’re marketing to everyone, you’re marketing to no one”.
 By targeting your specific market you will actually will make more money by increasing your return on marketing investment.

How to Make Your Marketing Message Meaningful

Are you having problems attracting   and connecting with prospects?  Do they seem to be uninterested in listening to you talk about your product or service?  You can change this by creating a message that resonates with the prospect. 
Your prospects are interested in what your product or service can do for them.
To connect with your prospects engage them, create something that people find is worthy of their time and attention, rather than continuing to look for ways to interrupt them.
Create marketing messages that improves people’s lives and adds value without necessarily forcing a sale.