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How to start a business

Framework for starting a business from the point of view of the writer

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How to start a business

  1. 1. By ANGELA IHUNWEZE(Mrs) (Business consultant/ business plan writer/speaker) / 0704597 08033280453
  2. 2. CONTENTS  DEFINITION OF BUSINESS  REASONS FOR STARTING A BUSINESS  STEPS TO CONSIDER BEFORE STARTING A BUSINESS  WHAT MAKES A BUSINESS SUCCESSFUL  WHY BUSINESSES FAIL  WISDOM
  3. 3. DEFINITION OF BUSINESS  A commercial activity engaged in as a means of livelihood or profit, or an entity which engages in such activities.  Any activity or enterprise entered into for profit. ( It must be legitimate and most especially Godly) HE THAT TILLETH HIS LAND SHALL HAVE PLENTY OF BREAD:BUT HE THAT FOLLOWETH AFTER VAIN PERSONS SHALL HAVE POVERTY ENOUGH( Proverbs 28v19)
  4. 4. REASONS FOR STARTING A BUSINESS  To augment your income. (In the morning sow your seed, and at evening do not let your hands be idle; for you do not know which will prosper, this or that, or whether both alike will be good.) Ecclesiastes 11v6  No fulfillment in the paid job or present career  Have a flexible working pattern; this allows you to do other things  Desire to eradicate poverty for good in your lineage  You have a strong conviction that this is the will of God for your life. Isaiah 48v17(Thus says the Lord, your Redeemer, the Holy One of Israel: I am the Lord your God, who teaches you for your own good, who leads you in the way you should go.)
  5. 5. STEPS TO CONSIDER BEFORE STARTING A BUSINESS  Seek the face of Almighty God on His will and direction for your life especially as regards business. Deuteronomy 8v18, Isaiah 48v17  He will lead you along your flair, your talents. This equally involves undergoing a personal assessment test  The business you may be interested in belongs to an industry and it is governed by regulations and a pattern of consumption by consumers. To excel in business, you must undergo thorough research to be aware of all that is involve to succeed. Luke 14 28v30(28. For which of you, intending to build a tower, does not first sit down and estimate the cost, to see whether he has enough to complete it? 29.Otherwise, when he has laid a foundation and is not able to finish, all who see it will begin to ridicule him, 30. saying, “This fellow began to build and was not able to finish.” )
  6. 6. STEPS TO CONSIDER BEFORE STARTING A BUSINESS Part 2  Research to investigate the following:- 1. The industry, the players, the regulators, the standard pattern of operation, the cost of setup, trade associations that protect the interest of those in the business you wish to start 2. The consumer groups that exist 3. The competitors  Register your business name as divinely inspired by Almighty God as soon as possible with the Corporate Affairs Commission  Plan on how to enter the market.
  7. 7. STEPS TO CONSIDER BEFORE STARTING A BUSINESS Part 3  Plan your business, however the size. Failing to plan is planning to fail. (For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it?029:Lest haply, after he hath laid the foundation, and is not able to finish it, all that behold it begin to mock him,030:Saying, This man began to build, and was not able to finish) Luke 14v28-30 .  Planning is an act of formulating a program for a definite course of action;  A business plan is a written document that outlines all the elements that will transform your idea into a viable business venture with the aim of achieving profit to all stakeholders 1. Yourself the promoter; alleviate poverty 2. Outside investors; create wealth 3. The economy; job creation as well as revenue from taxes 4. The environment at large; curb social ills  Undergo training on the technical as well as business management system of operating the business of interest.
  8. 8. WHAT MAKES A BUSINESS SUCCESSFUL A successful business is a business that is well planned and executed and achieves the goals and objectives of its creation. This ensures that all stakeholders in the business are adequately taken care of. Proverbs 27v23- 27(Know well the condition of your flocks, and give attention to your herds; 24 for riches do not last for ever; and does a crown endure to all generations? 25 When the grass is gone, and the new growth appears, and the herbage of the mountains is gathered, 26 the lambs will provide your clothing, and the goats the price of a field; 27 there will be enough goats' milk for your food, for the food of your household and maintenance for your maidens.)
  9. 9. WHY BUSINESSES FAIL  Failure to heed to the leading of Almighty God. Isaiah 48v17-18  Failure to properly research to keep abreast of all the facts Luke 14 28v31  Failure to plan (Failing to plan is planning to fail)  Not having the right frame of mind to start.  Lack of discipline in money management not saving for the rainy day. Proverbs 21v17  Failure to seek for help when in of one. Proverbs 19v 20
  10. 10. Wisdom  Commit your work to the LORD, and your plans will be established. Proverbs 16v3  It is not good for a man to be without knowledge, and he who makes haste with his feet misses his way. Proverbs 19v2  He who loves pleasure will be a poor man; he who loves wine and oil will not be rich. 18 The wicked is a ransom for the righteous, and the faithless for the upright .Proverbs 21 v17
  11. 11. Raising money for your business  Using your savings  Selling some of your personal effects  Re-investing money made from your business into the business  Accessing external funding from friends,family and the banks either commercial or government owned banks as the BO1  Accessing grants from organisation example is the Federal government project  Over 2,400 people across Nigeria have accessed these funds
  12. 12. Angela Itambo Start-up business guide lists each is electronic @ N1000 each1.Agro-allied 2.Meat processing 3. Out-door catering 4.Bakery 5.Fast food restaurants 6.Cake making 7.Juice bars 8.Non –alcoholic cocktails 9.Finger foods 10.African Finger foods 11. Bar 12.Export of non –oil commodities 13.Furniture making 14.Interior decoration 15.Dry cleaning 16.Travel and tours 17.Car wash 18.Petrol station 19.Consulting 20.Haulage 21.Drug store/pharmacy 22.Training and consulting 23.Media business and entertainment 24.Wedding co- ordination 25.Gas plant 26.Salon for children 27.Life coaching 29.Business center 30.Cyber café 31.Day care center 32.Event decoration 33.Facility management 34.online-clothing 35. Wellness center/spa 36. Saw dust briquettes 37. Private tutoring center 38. Fashion label 39.Laundry 40. Poultry 41. Cleaning and
  13. 13. ANGELA IHUNWEZE SAYS Isaiah 1v19 says if you are willing and obedient you shall eat the good of the Land THANK YOU

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