10 Things You Need To know Before Starting Your Business
Attended an Enterprise Hub hangout somedays ago and during the cause of a meeting, a question was raised and it was, WHAT ARE THE KEY THINGS A PERSON NEEDS TO KNOW BEFORE STARTING A BUSINESS? And you could imagine the variety of answers that flew from all corners of the hall. So I've decided to put some down here to help upcoming entrepreneurs/ businessman make the best choices.
In my years as a network marketer, I've learned so many things, made many mistakes and will be sharing some of my lessons here with you.
1. He who fails to Plan is planning to fail.
Before you begin your own business make sure you have a business and marketing plan on ground. You've got to do some thorough homework at least 1-3 months of research on the business, its competition, potential expenses, names and everything necessary to run it well. Develop a game plan as well as a Daily Mode of Operation (DMO)
Note: At this point, the time you spend planning will save you triple that amount of time in the future.
2. Be prepared to Earn very Little or nothing within the first 6-9 months in the business. Its no longer news that most businesses don't earn good sums as profit in its early days, even if you do, it will be wiser to put it back into the business.
Your business should be likened to a new born baby that needs to be loved and nurtured carefully.
One great advantage of network marketing over the traditional business is that, you can start making good profit even from your second month in the business.
3. Be Very Careful when choosing a business partner.
Choosing a business partner is a very serious task that needs all the extra carefulness you can summoned.
If you make the mistake of choosing a wrong partner, the rest of your life can be made miserable. Make sure you have an'OPT OUT' plan already in place in writing.
In the case of network marketing, make sure you pick your Upline WISELY.
4. Start the Business Part-time then gradually transform it to full time.
In the 'Parable of the Pipeline', Pablo built his pipe while still working as a bucket carrier. Pablo did not leave his day time job immediately to start constructing his pipeline. Therefore, you shouldn't quit your day job when you first start your new business. Let your day job pay your bills and keep the financial pressure off you. This will give you the time you need to build, test and perfect your business strategy.
Another Advantage of Network marketing over traditional businesses is that its designed to be run part-time as well.
5. You would have to discipline yourself and practice activities that will make you money in the business.
One of the constant challenges I faced when I began the network marketing business was that I repeatedly failed to carryout money making activities in the business. Most times you spend your time and energy on activities that DO-NOT make you money.
For network marketers, the sooner you realize that sales and marketing are your top responsibilities, the higher your chances to succeed. Lead generation, selling and keeping customers happy are your jobs.
Some money producing activities in Network Marketing includes Presentations, follow up, training your team, getting customer and prospecting.
6. Invest in your business education Specialised knowledge they say is the key to unlock success to you. You need to be a student of your business. You need to learn everything you can about your business and industry.
You also need a coach/mentor, Attend workshops. You need to develop a reading habit, startearning and never stop. Personal development is very key to business success especially in this our industry.
7. Your Product must be in demand before you begin your business
Part of your early research about the business includes carrying out a survey about you product demand before you decide to make a living out of it.
Its better to know ahead of time than when you've already started the business.
For potential network marketers; pick a company with a product that are in high demand, that is why I will always recommend the wellness companies.
8. You can't do everything yourself
The sooner you can get or delegate others the better it will be for your business. Focus mainly on the strategic , the sales and marketing aspect of your business. Others should be assigned to other people.
I bet you don't wanna be regarded as a Jack of all trades. Leverage on you upline support team as much as possible.
9. Find a Mentor/Coach
Every entrepreneur and businessman needs someone to run to for advice when the going gets tough or mixed up.
10. Lastly, Becoming a business owner is not for everyone.
Many new business owners quickly find out that owning a business of their own is not what they thought it would be. Most have realised that the long hours, the uncertainty, financial challenges, risk of failure, stress, and countless other things are not for everyone.
Don't try to become an entrepreneur because you love the title, sooner or later your cover would be blown open. Become one because you have a problem to solve in the society.
I hope this was helpful to you, share using any of the platforms below. See you at the top
ABOUT Adie Cyprian:
Hello! Its my privilege to meet you. I'm Adie Cyprian, but my friends call me Cypriano, I hope you do the same. I live in Abuja (Nigeria) from where I'm currently running my network marketing business globally.
What I love most about this industry is helping others, the level of personal development it brings, the ability to be your own boss and call your own shots, working f...Continue Reading
Odula solomonI found this article helpful. Sure would need more on how to run a business that has been established already
August 2, 2020 10:10pm
Dennis UchechukwuAlways on point sir
August 2, 2019 2:24pm
AndykurehBeautiful piece ma bro.
October 12, 2018 9:36am
Olamide AfolabiNice post coach!
October 9, 2018 5:54pm
Emmanuel UbiThank you sir! A high five
October 4, 2018 2:11pm
Adebayo ShadeThank you very much sir, it was surely helpful. Thanks once again
October 4, 2018 5:47am