Year 2004, my football team were discussing the book “Rich Dad, Poor Dad” and ways on how to invest. I was intrigued but it was a fleet so I didn’t actually get a copy.
2009, I was bored in the water treatment plant laboratory, I didn’t want to read my Reader’s Digest. I looked around the small space and saw an old book at the top of a cabinet. Lucky me! It’s “Rich Dad, Poor Dad,” I scourge through it as fast as I could and thought, “hey, I wanna be a business woman.”
And so, my journey to the corporate world started. I chose a career shift and entered biomedical sales, then came customer service, then management. I read as much as I could on business and management, I find them focusing more on motivation rather than the technical know how to actually start one. And so tonight, allow me to pitch in the technical know how that I am currently administering.
First Phase: PREPARATION when needed resources are not at hand, but there is desire to start a business.
1. Opt for a corporate job specializing on sales which preferably has 10-15 manpower team. Learn as much as you could, look in the different departments/sections and learn what your colleagues do. Check out the software which they use for accounting and inventory, then learn how to use them.
2. Read business, leadership and self-help books on your spare time. Get updates on new market trends.
3. Expand your horizon by meeting new people through church, clubs among other avenues. Just meet new people, get to know them, and ask about their vocations.
4. Save around 10-30 % of your monthly salary.
Second Phase: Preparation, circumstance, RESOURCES and opportunity permits you to start a business.
1. Start immediately, don’t be haphazard. Follow your gut. Choose an industry that you are passionate about.
2. Know your market, choose a market bracket to cater to according to (a) your cash on hand or your capital and (b) regular walk-ins in the area.
3. Seek friends and family who are entrepreneurs. Talk about your business. Be open to uninvited suggestion and advice – weigh them out. Know their connection, i.e., SUPPLIERS/DIRECT DISTRIBUTORS (cheaper that way, no middle man) and acquaintances in your location.
4. Spread the word. Use social media platforms available in hand.
5. MOST IMPORTANT: have an inventory and accounting system of everything in your business. You can start with Excel or waveapp. Project sales vs your expenditure.
6. PRAY, do pray. Hold on to the promise that God has plans to prosper you and not to harm you, to give you hope and a future.
7. Aim to ADD VALUE first, to your manpower and second, to your market.
8. Expect to break even 3-6 or more months, then profit eventually. Make sure to BUFFER you operation expenses. Leverage yourself, try online marketing, blogging, SEO among others. Learn from http://www.joeseeber.com among others on how to earn from the internet.
The rest is EXECUTION, sustaining energy, enthusiasm and momentum, and a lot of DISCIPLINE.
ADDED ADVICE:
1. Use resources that are available at hand. Check home equipment/provision that you can use. Don’t buy every equipment that you deem necessary. Start with business bare essentials.
2. This is my first time, so I am opting to start with a small capital.
3. Seek like minds. I am blessed with childhood friends who are small entrepreneurs. Their experience and insight plus sentiments add up to me. I can talk about my hurdles objectively with the set-up.
26th Salt & Pepper 