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8 Simple Steps To Be Your Own Boss - Investment - Nairaland

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8 Simple Steps To Be Your Own Boss by Bigroti(m): 11:22am On Sep 03, 2015
f you want to start a business in Nigeria today but don't know where to start from , don't worry, you are not alone. Given the economic realities of the Country, people have come to realize that the "job" they thought was waiting for them doesn't exist. Others have come to the conclusion that they would rather create work they love, constructed to fit with their own life goals than suffer at the hands of a boss. No matter what the motivation is to be your own boss, you can start today, its simple but not easy. a lot of hardwork and determination goes into it. but once you get to do what you love the work involved can be a minor inconvenience

Note: being your own boss doesn't mean you will get rich immediately. this is not a get rich quick scheme

Here are some tips to get you started

1. Take control of your situation.
If you are not happy with the current situation you have found yourself in, admit that no one can fix them except for you. It doesn't do any good to blame the economy, your boss, your spouse or your family. Change can only occur when you make a conscious decision to make it happen.

2.Identify the Business that is right for you .
Give yourself permission to explore various options. Be willing to take into consideration several factors like your personality, social styles, age skills etc. listen to your intuition don't just jump into it because everyone is doing it or because it sounds like a golden goose. We tend to ignore intuition even though deep down we often know the truth. Ask yourself "What gives me energy even when I'm tired?"

How do you know what business is "right" for you? There are three common approaches to entrepreneurship:

A.Do What You Know: Have you been sacked or you want a change? Look at some of the things have done for people in the past or you are currently doing at your spare time and think about how you could package those skills and offer them as your own services or products.

B.Do What Others Do: Learn about other businesses that interest you. the keyword here is "interest" Once you have identified a business you like, emulate it.

C.Solve a Common Problem: Is there a gap in the market? is there a niche you have identified in the existing market? Is there a service or product you would like to bring to the market? (Note: This is the highest-risk of the three approaches but also the most rewarding. KONGA, DEALDEY.) If you choose to do this, make sure that you become a student and gain knowledge first before you spend any money.

3. .Business Planning Improves Your Chances for Success.
Most people don't plan, but it will help you get to market faster. The real value of creating a business plan is not in having the finished product in hand; rather, the value lies in the process of researching and thinking about your business in a systematic way. The act of planning helps you to think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically. It takes time now, but avoids costly, perhaps disastrous, mistakes later

Ask yourself the following questions:
- What am I building?
- Who will I serve?
- What is the promise I am making to my customers/clients and to myself?
- What are my objectives, strategies and action plans (steps) to achieve my goals?

4.understand your customers before you spend any kobo.
Before you start spending your money, find out if people are actually interested in your products or services and if they will spend their money on it. This may be the most important thing you do. You can do this by validating your market. In other words, who, exactly, will buy your products or services other than your family or friends? (in your head you mite be thinking oh everyone in Nigeria will want my product." Trust me--they won't.) What is the size of your target market? Who are your customers? Is your product or service relevant to their everyday life? Why do they need it?

There is industry research available that you can uncover for free. Read industry articles with data (Google the relevant industry associations) and read Census data to learn more. However, the most important way to get this information is to ask your target market/customers directly and then listen.

5.look at your personal finances and how much money you can actually spend on your business
As an entrepreneur, your personal life and business life are interconnected. You are likely to be your first and possibly only investor. Therefore, having a detailed understanding of your personal finances, and the ability to track them, is an essential first step before seeking outside funding for your business. investors will take you more serious if they know you have teeth in the game
As you are creating your business plan, you will need to consider what type of business you are building is it a lifestyle business? (smaller amount of startup funds), a franchise? (moderate investment depending on the franchise), or a high-tech business like an E commerce business (this will require significant capital investment). Depending on where you fall on the continuum, you will need varying degree of capital to launch and grow your business.

6.Build a Support Network.
now that You've made the initial commitment to your business. the next step will be to cultivate a network of supporters, advisers, partners, allies and vendors. If you believe in your business, others will too.

Network locally, nationally & via social networks. Join networks like nairaland(of course you are already here) facebook, twitter, your local chamber of commerce, or other relevant business groups. Here are some networking basics:

- When attending networking events, ask others what they do and think about how you can help them. The key is to listen more than to talk about yourself.
- No matter what group you join, be generous, help others and make introductions without charging them.
- By becoming a generous leader, you will be the first person that comes to mind when someone you've helped needs your service or hears of someone else who needs your service.

7.Sell By Creating Value.
Even though we purchase products and services every day, people don't want to be just "sold" too, they want to know you have their interest at heart, Focus on serving your customers. The more people you serve, the more money you will make. When considering your customers or clients, ask yourself:

- What can I give them?
- How can I make them successful in their own pursuits?
- This approach can help lead you to new ways to hone your product or service and deliver more value, which your customers will appreciate.

8. Get the Word Out.
Be willing to say who you are and what you do with conviction and without apology. Embrace and use the most effective online tools (Twitter, Facebook, YouTube, LinkedIn) available to broadcast your news. Use social networks as "pointer" sites; i.e., to point to anything you think will be of interest to your fans and followers.

Even though social networks are essential today (you must use them!), don't underestimate the power of other methods to get the word out: e.g., word-of-mouth marketing, website and internet marketing tools, public relations, blog posts, columns and articles, speeches, e-mail, newsletters, and the old-fashioned but still essential telephone.

If you take these steps, you'll be well on your way to becoming your own boss. It's important to remember that you are not alone. If you want to "be your own boss" but you still feel stuck, reach out and connect with other entrepreneurs in a variety of ways. You may be surprised by the invaluable contacts that are right at your fingertips.
God bless.

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Re: 8 Simple Steps To Be Your Own Boss by kossyablaze(m): 11:22am On Sep 03, 2015
Cool

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Re: 8 Simple Steps To Be Your Own Boss by joyrealestates(f): 11:35am On Sep 03, 2015
I love this

1 Like

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