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Abuja
December 4, 2021
BELT
Business Entrepreneurship Startups

Steps to plan your business

Once you have a business idea, it is time to take the necessary steps to plan your business.

Step #1 – Research

If you want to succeed in business, you have to do your research. Learn about the industry. Study your competition. Find ways to improve what is already offered on the marketplace.

Step #2 – Evaluate

It is not enough to have a business idea. You have to evaluate it. Don’t evaluate your business idea emotionally. Even if you love the business idea, you must look at it objectively. Ask others, preferably with business experience, to evaluate your business idea. Be prepared to teak your business idea.

Step #3 – Implement

Once you have done your research and evaluated your business plan, it is time to take action. It is important to have a list of actionable items with deadlines.

Step #4 – Get help

A business takes many skills. You don’t know everything. Therefore, you have to build a team around you. At the very least, you should consult an attorney, an accountant, and a marketing professional. The attorney will help you with the proper business entity for your business. Your attorney can also help with contracts. Consult a tax professional. Talk with a marketing professional about client acquisition.

Step #5 – Set goals

Successful entrepreneurs set goals and follow through. Your goals should be measurable. Instead of “growing the business” your goal should state: “I am going to get ten new clients in the next 30-days. Ten clients in 30-days are measurable. If you want to reach your goals, you must make them measurable.

Step #6 – Start your business

Once you have done your planning, it is time to start the business. It is an exciting time. You are entering the unknown. You will make mistakes. Use your mistakes as opportunities to learn.

Step #7 – Stick with it

Many businesses fail because it is easier to quit than to push through the difficulties of building a business. Succeeding in business without the challenges is impossible. Being an entrepreneur is about overcoming challenges. Talk with entrepreneurs about business challenges. It will help you get through them.

Step #8 – Adjust

Many times, in business, you will have to make adjustments. Pivot is the popular word for this in business today. Every day you will learn more about your business, your industry, and your customers. Based on what you learn you will be able to make the right adjustments.

Step #9 – Be patient

It takes years to build a successful business. Give yourself time. Understand that everything you try or do might take longer than expected.

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