Advice for Someone Who Wants to Start a Business

Advice for Someone Who Wants to Start a Business is given in this article with people you should…

Advice for Someone Who Wants to Start a Business is given in this article with people you should talk to. We hope you find the article helpful.

What to say to someone starting their own business

Advice for Someone Who Wants to Start a Business
Advice for Someone Who Wants to Start a Business – Photo Source:

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In light of this article, you have been pictured as a person who has gotten a brilliant business idea and you are probably thinking of turning it into business anytime soon.

And just like you rightly know that before you start a business, you need to ask questions, observe, do a lot of feasibility studies and come to a conclusive decision on how you can really start a good business.

You also need to test your business idea if it is viable enough for people to really buy into it and for this to be possible, you need to talk with some set of people before you decide to go physical on your business idea so that you do not make some grave mistakes that you might likely regret later.

Advice for Someone Who Wants to Start a Business

If you really want to start your business anytime soon, here are the people you should talk with before starting a new business:

1. Your Family 

Before your business idea was your family and after the close of work every day will be them. When the word ‘Family’ is used here, it is basically referred to those immediate persons that will be affected greatly by your decision to become a businessman such as your spouse or your children (if you are a single parent with mature children) or even your parents if you still live with them.

Starting a new business requires critical thinking and evaluation, it requires a lot of brainwork, time, money, and creativity.

Read Also: Essentials of a Successful Business

If you feed your business with all the physical, emotional, and financial needs it requires, automatically you will be starving those close to you.

This is why you need to discuss thoroughly the effect of starting a new business with your spouse or family before venturing into starting one.

Be sure you explain how rough the road may be before you eventually ‘think’ that they have given you their consent because it’s them you’ll be deprived of some rights and privileges.

Discussing with your family could also be a great thing to do as they may also help out in pulling some strings to make the business a reality.

New businesses need patronage and sometimes, this patronage can be gotten from relationships and you can be sure that you alone do not know everyone but with those close to you, you could know a lot of persons who will play a part in the business.

Starting a business requires some legal procedures. There are some businesses you cannot just wake up to start without first knowing what the law requires of such businesses.

Read Also: How to Get a New Idea

A legal practitioner is well vested with so many laws and will be of great help when it comes to your business. If you think of going into a partnership, you sure can’t do that without a lawyer.

Talking with a valid lawyer will get you informed and nothing will take you unawares when it comes to anything pertaining to your business.

3. An Accountant

Your new business will have the need for bookkeeping. Except you are a skilled or trained accountant, you may not be able to keep your books by yourself.

You simply have to get counsel from an accountant to do the bookkeeping effectively. A business that will not live long is always known from the first day of operations especially when the books are not kept properly.

It is an accountant that will let you know when your business is capable of hiring new employees, how much to pay them, when your business can fund its expansion without affecting the overall growth of the business, etc.

Read Also: How to Make Extra Income Monthly While Still With Your Full Time Job

4. A Successful Business owner

Whatever idea you have is already being implemented by another person either in part or as a whole as such, discussing your idea with him will give you a hedge and insight into the business you want to venture into.

As an experienced business owner, you will know the most possible pitfalls in your line of business and how to avoid them, you will also know the associated risks in terms of the business you are getting involved in.

5. A banker

You may have the idea but lack the startup capital for your idea to transform into a business, this is when you need the service of a banker.

Read Also: Importance of Business in Nigeria

More preferably, you should use the referral of your business coach or mentor when choosing a banker for your business. If you must take a loan, it is the banker who will help you through the loan application process.

Starting a business especially here in Nigeria could be very frustrating if you do not gather all the information you should have. This is why these five persons are a must for you to communicate with.

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