Whether you are retiree or retired employee and you want to go into business, there are several factors to consider before doing so. Money, success and power is what most of us seek at this critical time as most of us approach our middle age, but there are more important issues to be addressed. In my interactions with friends and personal research, I came up with a list of issues you should or must consider before finally establishing a business of your own.
1) COURAGE:
You must have the courage to implement your business ideas. The courage to keep your head when the times are good or strong when the times are worst and be able to carry your employees along at all times. Orientation and re- orientation about happenings around you will help you shape yourself as well as your business.
2) BUSINESS PLANS:
Every successful business came to existence as a result of a plan. Not just a plan but a good plan. A good plan consists of short, medium and long range plans incorporated into one plan called the corporate plan. Every aspect of a business must be considered when writing or initiating a plan. Find an experienced planning professional to draft out a plan for your business.
3) ADVISORS:
Every business needs advisers who can assist the owners and managers move it positively forward. Cogent advice is required by sound legal advisers, accountants, human resources and other consultants in various fields related to that business are needed to help propel that business to stay focussed on its niche.
4) PERSONNEL:
Every business needs the right personnel to help achieve its goals. When hiring staff, one must consider the ones with experience first because they need less training on how to handle issues and are better utilised in strategic positions or departments.
5) LOGISTICS:
This is important for those going into manufacturing. Moving your goods from your factory or place of production to your distributors or final consumers is important. What matters is for your products to get to the final consumer and in good time.
6) FINANCE:
How much money do you have to establish a business of your own? How much will that business require starting up? Whats a one year budget like for every department: personnel, production and marketing? What is the cost of setting up and, maintaining infrastructure if you live in the underdeveloped economies? What sacrifices are you ready to make financially to fulfil your dreams? How about counterpart finance? Taxation? Answer these questions positively and you are ready to be in business.
7) NETWORKING:
Setting up a business will also bring networking opportunities from the outside world. Your membership in a trade association or professional body will not only expose you but give you a voice in your industry. Your opinions and recommendations begin to count among your peers and that brings you recognition.
8) PATIENCE AND PERSEVERANCE:
No business grows overnight. On the average it takes like five to seven years to nurture your business to enable it mature to a standard business and another five or seven years to make it a fringe player in its industry and another ten years to enable it become a big player world wide.
9) CONTINOUS IMPROVEMENT:
Attend seminars, read books and interact with experienced people, exchange ideas and seek new ways to improve your business. Read everything you can lay your hands on your industry as it gives you the advantage to remain with current trends.
10) INTEGRITY:
Integrity is built over the years one has been doing business. It is an over flogged issue but nevertheless, one has to build it with every dint of sweat, trust and hardwork it requires. People willing to do businesses with you will like to know more about you and your business. People are willing to take you as a mentor to nurture their talent and guide them on the basics rudiments of business.
The question remains are you ready to go into business? Lets take a leap of a lifetime.
No comments:
Post a Comment