Obviously, 2016 is year when people in Ibadan dream about being their own boss rather than returning to the usual white collar job. A lot of people aren’t just dreaming but are doing it as the city grows in almost every sector.
1. Know your customer
Think about who your customers will be, what makes them tick and how big the market opportunity is. There is plenty of research already available online to get you started. Once you’ve identified the customer, think about the best way to reach them and seek feedback on your product and/or service.
2. Determine your point of difference
Work out what you’re going to offer your customers that no-one else can. This will be your unique selling proposition (what will make you different). Define it and practice it so are able to articulate it clearly and concisely.
3. Build a network of mentors and people in business
Never be afraid to ask for help, your networks, business contacts, friends and family can be your best resource. Seek a range of professional and general advice, for example find a good accountant and consider approaching established businesses for their advice – learning from the experience of others can be invaluable.
4. Manage your finances
One of the key challenges for businesses starting out is money – growth can take time, so always plan for how you will fund your business while you’re getting established. Draw up a budget and know what you have to spend. Understanding cash flow and forecasting for both slow and busy times is vital.
5. Never give up
It’s not failure if you learn something from it. Starting a small business is one of the best learning experiences you can embark on in life – focus on safe-to-fail experiments that you can learn from and be ready to adapt and evolve your business.