THE BEST WAY TO START A BUSINESS

STUDENTS' PROFESSIONAL BUREAU OF FINANCE, OAU

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Best way to start a business.

What is business-

Mostly everyone knows this, though maybe not the definition per say.
Business is any activities that involve the inflow and outflow of cash, meeting and settling agreement and whose main purpose is for profit making. Which means a business can be anything can be anything which generate profit.

The above statement bring in the issue of what is a reasonable business.
A reasonable business is one which is morally and legally binding.

What is the proper way to start a business:
Planning - planning is the process of laying out the structure, the goal and mission and vision of a business.
For a business to strive, there must be an effective planning.

Identify your target group.
Before going into production or starting a business, you need to identify your target group.
You need to ask your self question on ;
Who will be buying my product or needing my services?
Where are these people located?
Who class class do they fall in ? And so on.

Know your market.
This is what most people fail to realise.
You need the know, make enquiries about your market,have knowledge about your market.
The market for various product differ. Product meant for one particular location can't sell much in another location.

Find means of creating awareness.
No matter how good, the quality and best a product is, if it is not know by the consumer then it is not useful or more or less a product.