You numping into this post obviously means youre probable looking to start a business with less than 100 thousand Naira. One fact that is noteworthy is that its not our money that makes us rich or the lack of money that makes us poor. but instead our choice and decision that shape our behavior, vetoes our reality. So what makes two people unequal is our choices and decisions, action without procrastination and then results upon completion.
How to start a business with less than 100 thousand Naira
On the double, you’re wondering where to start?, What business?.
Maybe first i need to work on the business name and logo or even trying to graple your business structure? Does it make sense to already start applying for loans or focus on product procurement, sale and development ?
You know how that the view get clear the further you go, it can be difficult to know the right steps to take. But that’s ok. Pioneering your own venture is all about trial and error like a leap in the dark knowing that eventually there will be light. Working through the process to find what works for you and what resonates with potential customers.
But rather than being overwhelmed by all the decisions and tasks the many risk and uncertainties you have at hand, there are steps you can take to kickstart the development of your business even with less than a 100 thousand naira. See how….
Conduct a SWOT analysis
Conduct a SWOT analysis meaning (Strenght, Waekness, Opportinity and Threat) on yourself this will help you figure out what your strength and weaknesses are and how it will affect the operation of business in ots entirety, it will also help you draft a plan, set goals answer the basics three economic question what to produce, for who to produce and why you want to start a business? Is it money, freedom, and flexibility, to solve a problem or some other reason?
How much capital do you have to risk? Knowing that passion alone is not a enough to run a successful business but risk.
Start with a Lean Plan
By lean plan I mean creating greater value for the consumer while using fewer resources. A business adopting lean principles will try to eliminate waste and increase operational efficiency.
Conduct market research
A well conducted market research or survey will help you balance give you a perfect understanding of the demand and supply and of cause the indifferent customers. You would know who your competitors are? This process will help you address your opportunity, value proposition, the market size, and competition sections of your Lean Plan.
Market evaluation is a research of a marketplace aimed at determining whether a new company can perform well and succeed in a new business environment. It helps receive insights into competitors, market trends and make strategic business decisions. Evaluating marketing performance guides future marketing initiatives and helps you achieve goals.
A roadmap for your business
By this i mean a business plan. A business plan is a formal written document containing the goals of a business, the methods for attaining those goals, and the time-frame for the achievement of the goals.
Find a Problem to Solve
In figuring out how to start a business with 100 thousand Naira, this stay unchanged that every business solves a problem. But understanding this golden rule: The bigger the problem you can solve – and the better you solve it – the more money people are willing to pay. And the quicker you make it up the ladder.
Starting with less than a 100 thousand Naira
Firstly you’re faced with the most common but greatly disturbing qustion of how posiible is this. But contrary to this first cause of worry what you should do is to be honest with yourself about how much you’re spending and how much revenue you’ll likely bring in. Then, be realistic about how long it will take before you see a profit. Most often than non, it takes about at least a year before you start seeing any cash flowing in.
Ask family and friends
At this point You’ve crossed your t’s and dotted the i’s. That’s why you’re looking to those closest to you when making your pitch. Use your friends and family as multi-layered resources. You know that saying ‘that home is always better’ yeah thats true Use your friends and family as multi-layered resources.
But know this truth and lno peace that you have to build a degree of credibility with this people. Think about who you already know who can help you get the word out. Reach out to your friends, family, and even social media and networking groups.
The list goes on and on
The list goes on and on, of business you could start with less than a 100 thousand naira. Or better put that when all measures are put in check there are actually no venture you can’t dive into irrespective of the industry you wish to operate Slow but steadily moving.
Seeming big but possible
Some of this business we tend to over hype and in return making ourselves feeling like is its such a big thing to achieve were as no millionaire today will stand without a story.
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