By Peter Osalor

After you have determined what business idea you want to pursue, evaluated the market for your product, and research your competition, you need to put together a plan of action or business findings from your internal and external research, and documenting what you intend to in your business. There are some clearly defined questions that need to be focused on to provide the information you are looking for.

These include: How many businesses in your neighbourhood sell goods/services similar to your idea? What is the customer base of these businesses and how well are they doing? Do you see a growth potential in this business? How would you be able to make a unique contribution in this industry? How easy is it to get into the industry and can you get in? Having answered the above questions, you still need to ask yourself again the following about your competitors:

How many competitors dominate the market?

Could a competitor with deep pockets drive you out of business by temporarily lowering the prices, blitzing the market place with advertising, or in any other way? What competitive advantages do they have over you? What competitive advantages do you have over them?

The more you can learn about what your competitors do and how they do it, the better you can position your company to compete with them. Have the following at the back of your mind and remain focused to the business of your dream:

DETERMINATION; COMMITMENT, BELIEF, BE INFORMED ABOUT THE KIND OF BUSINESS YOU WANT TO START.

Knowledge, they say is power, so never begin your business without first knowing how to operate the kind of business you want to start. Get on the Internet to get information on your new business venture, go to the libraries and borrow or buy books that profile particular types of business. Meet professional on the field and learn the trick of the business.

CHOOSE A BUSINESS THAT YOU CAN START WITH LITTLE CASH

You can start a business with little money, but you have to choose carefully what business you can start as your choice of business will spell the difference between making your business a success on a shoestring or not. Your mantra should be “start small, yet think big”.

BE CREATIVE;

You can only survive as a cash-strapped entrepreneur if you are able to use your wit and creativity to extend the little resources that you have. As you start your business, you need to think of ways to get things done, as cheaply and efficiently as possible. You need to be creative and resourceful in finding ways of stretching your thin budget. You have to force yourself to learn some new things, and find ways to bring in the bucks. If you want to survive, minimize your expenses.

RUN YOUR BUSINESS WITH A PASSION;

Starting a business is hard; If you have limited capital. It’s like going to battle full of heat but with little ammunition. It doesn’t mean that you can win, but you have to act smartly, maximize your resources, and go after your goal with a burning passion. Go extra mile. You need to put in more time and effort to compensate for the lack of capital.

THINK CASH;

The aim of every business is to make profit, and this cannot come without cash sales. When you think less of cash, you think less of profit and less profit spells doom for your business. Therefore, for your business survival and growth, always think cash and sale less on credit. Too much credit frustrates business.