15 Apr
15Apr

🌍CONDUCT RESEARCH 

Doing market research helps an entrepreneur to know the type of business he/she wants to start up and create more ideas for it to be successful. 

By gathering information, it helps to know what kind of goods and services on offers to the customers in that operating area. 

By doing this, an entrepreneur is able to spot competitors within, know potential centers and note the needs of customers in that geographical area. This needs may include ; 

 - Demand of goods and services desired by customers 

  - Market size. People interested in the goods and services you are offering. 

  - Economic indicators. Income range and employment rate in that particular area.

  - Pricing. Potential customer willing to pay for the goods and services. 

  - Market saturation. How many similar type of businesses are available in that geographical area. 

  - Location. Where your customers stay and where they can reach your business. 

You can also conduct research by use of :

  - Questionnaire 

  - Surveys 

  - Group focus 

  - Interviews. 


🌎BUSINESS PLAN 

A business plan can help you prepare for every aspects of your business. This booklet should entail details of the products and services you plan to offer to your customers, how you plan to make money, who you need on team and how you manage your business. 

It helps on to show it to potential investors and lenders in future. 

The following is process of writing a business plan :

       1. Description of your business or company. This should include the business registered name, address of your business and the names of the key people in company ( expertise among members of your team). 

       2. Business goals. This section explains the objectives of the company and spells out accomplishments in future both in short term and over the long term. 

Also includes the loans either currently or future loans, investments, commissions, debts and credits among others. 

       3. Describe your products and services. Details of products or services you offer should include of the following ;

         - An explanation of how your products or services work. 

         - The pricing model of your products or services. 

         - The typical customers you serve. 

         - Your supply chain and order of fulfillment. 

         - Your sales strategy. 

         - The distribution strategy. 

       4. Performance financial analysis. This includes income or profits and losses of the business. You may also add metrics such as ;

          - Net profits. This is the percentage revenue you keep as net income. 

         - Current ratio. This shows measurement of your liquidity and ability to repay debts. 

         - Account receivable turn over ratio. Measurement of how frequently you collect receivables per year. 

       5. Write an executive summary. This a page you think of elevator pitch. It should include mission statement, a brief description of your products or services offered and finally a broad summary of your financial development and growth plans.



🌎FACTOR OUT PROS AND CONS 

After analyzing the market and planning for the business, one should understand the kind of time and emotional energy needed to invest in the company and consider the strength of your entrepreneurial drive.

For example you would like to become a web developer, the most significant contribution to the business will come from your skills and knowledge. Though you may have a support team for billing or scheduling, the face of the company will you and your web development. 

Most business owners who become successful are self-driven and willing to make sacrifices and taking risks to improve. In this most entrepreneurs set short and long term goals that can help them focus their energy and help see recognizable achievements in the business. 



🌍FUND YOUR BUSINESS

 A business plan helps in calculating how much one needs to start up a business. You may fund your business by borrowing from :

       -  Friends and family for extra money. 

       - Getting a loan from banks or sacco 

       - Searching for grants or local funding 

       - Encouraging angel investors to back your business. 

There are also other ways to get your business funded. These includes :

       - Freelancing 

       - Child care 

       - Shooting videos among others. 


🌍

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You can also change the title listed above and add new blog articles as well.
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This is a generic blog article you can use for adding blog content / subjects on your website.

You can edit all of this text and replace it with anything you have to say on your blog. You can also change the title listed above and add new blog articles as well.
Edit your Blog articles from the Pages tab by clicking the edit button.

This is a generic blog article you can use for adding blog content / subjects on your website.
You can edit all of this text and replace it with anything you have to say on your blog. You can also change the title listed above and add new blog articles as well.

Edit your Blog articles from the Pages tab by clicking the edit button.

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