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Tips for Starting your own business.

Many people have imagined M becoming the CEO of their own business at one time or the other. Many have ideas that they will like to see blossom into full grown businesses. If you are one of these people, you are probably looking for advice on how to start and what to do. 

Below are a few things you will need to do to set yourself on the right path to owning your own business:

Make sure your business idea is simple: Ensure your business idea is simple and easy to digest. Create a product/service that is simple and of high quality. Stay away from offerings that are too complicated to articulate, put together or explain to prospective clients.

Be a solution: Your business idea should stem from a problem your product or service can solve, rather than what you can sell. It is easier to build and increase your customer base if your business is solving a problem.

Get rid of excuses: There is always a reason not to take the step. From inadequate capital, to insufficient time to all the family responsibilities and obligations you have. There will always be a reason to postpone starting that business. Many people dream of starting their own businesses but they never do. Taking the risk to start your own business is scary, but excuses will only slow you down. Address each issue/excuse one after the other and don’t let them hold you down.

Plan to succeed: A wise man once said, ‘He who fails to plan, plans to fail’. You need a plan no matter how simple. You will probably need a more elaborate plan if you are seeking investors. Your plan must specify your goals, your destination, and lay out at least a skeletal roadmap for how you’ll get to where you want to go. The plan will evolve as you progress and learn more about your customers, business environment and competition, but it will still help you stay focused and headed in the right direction.

Be open to learn: Networking is key for new business owners. Get mentors, join groups of other business owners and likeminded people, attend industry conferences and learn everything you can about your industry, as well as what it takes to succeed in it. Invest in training/courses offered by experts and attend masterclasses. Learning from people who have been there before you This will help you avoid expensive trial and error.

Tell people about your business: Word of mouth is a great form of advertising. Tell someone who will tell the next person and before you know it, you would have grown a strong customer base. Talking to people about your business, also gives a personal touch that many prospects appreciate.

Are you thinking of what kind of business you would like to start and how to empower yourself in this regard? Franchising may be a great option for you. Some companies have established and grown successful businesses over many years. They have well established brands/products and strong processes/operations and are looking to partner with entrepreneurs, to move their business to the next level. 

Becoming a franchisee offers you the advantage of working with an established and tested business that already has brand equity. You can also access funding more easily than if you are starting afresh, because investors are far more willing to invest in a business with an established network, secure brand and effective support structure. In some instances, finance (Part/full) may be acquired from the franchisor, making life even simpler for the new business. 

Also, your franchisor has most likely already established tons of business relationships that you can take advantage of and back office or support systems (Platforms, training, accounting, advertising etc.) are already in place.

If you are looking for a franchise partnership/opportunity like this, then you are in luck. AXA Nigeria has been partnering with entrepreneurially minded individuals who have sales and business experience since 2017. Today, we have over Five (5) franchise partners across Nigeria and are looking to grow our franchise network even further. This is your opportunity to be a part of it. All you need to do is send us an email on partnershipopportunities@axamansard.com  to get started

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