THINGS TO CONSIDER BEFORE STARTING A NEW BUSINESS

THINGS TO CONSIDER BEFORE STARTING A NEW BUSINESS

For you to succeed in your self-employed ventures. You must obey or adheres to the following operations to enable you succeed.

CONSIDER THE FOLLOWING SECRETES IF YOU ARE STARTING A NEW BUSINESS

  • Sources of Raw Materials: Watch out  for sources of raw materials or place to purchase materials at cheaper. Avoid intermediaries of agents.
  • Keep Accurate Record: accurate records of transactions e.g stock of goods, income, ex-profit.

  • Separate Your Business Capital from Your Profit: This will determine what to spend freely
  • Strict Monitoring: Ensure strict monitoring of the business whether are there or not. Never trust

  • Do Business Differently: Do business differently from the usual way. Try to do the business different from the to attract attention (branding) or (packaging).

  • Customers are Always Right: try to be friendly with customers them very well.
  • Need to Have Bank Account: This could be savings or current to uncontrollable spending.

  • Sell Products at Lower Prices: Sell your product preferably at lower (below the existing prices of our products)in the environment. It attract to higher patronage.

  • Avoid Family Relation Engagement: Do not engage family relations at the beginning of business. You difficult to enforce discipline stolen fund.

  • Reward / Discipline Staff Necessary: Try to reward or discipline any erring staff. There should be no preferential treatment.

  • Associate With Successful Business People: Associate yourself with successful businessmen/women on the same field with you. You have a lot to gain from them. You cannot buy or acquire experience overnight.

  • Show appreciation: Remember to always show appreciation to you customers as this will always bring them back to buy your products.

Advantages or Benefits of Being Self- employed business owner

  • Work is at Your Convenience: The most important benefit of being self- employed is working at your own pace m your own preferred work place at your convenience.
  • Flexibility in Your Schedule: When you are self-employed depending upon the type of work you are doing, you have die ability to be more flexible in your schedule and this can lead to greater income and productivity.

  • Your Success is Based on You: The success of your business is based on you d you alone. You need to work very d as the success of your business rest squarely on your personal effort

  • You Do Not Need any Other Boss: are no longer under the threat of managers or boss who in a regular job instructions which will make you not work.

  • You Are able To Pursue Your Own ms and Goals: It helps you to do be rest and pursue your own dreams and goals. You can direct and manage your business on your own terms. When we do what we are best at, we often achieve fie best results
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