How To Start A Business

Starting a business is a very simple but yet tedious thing to do. It is one of the most profitable way to invest your time. There are so many technical articles out there which require technical and in dept knowledge about Entrepreneurship before understanding but this article will be as simple and understandable as possible. I am going to write from the perspective of someone who is totally ignorant about starting a business so this will be the best you've read. What are you waiting for? lets get down to the main business.

Something You Cannot Miss.

Before i begin talking about all the simple steps to follow, i have to point out a very important curve in this whole process. You have to read books and invest in yourself. Any book you find on business start ups, entrepreneurship and any book you find that can give you an insight about what you are getting into. It is one of the best ways to assure success in your business. So lets get down to the simple step by step process of starting a business.

Step 1. Evaluate and Forecast

Before you plan, you have to analyze, before you analyze, you have to forecast, before you forecast you have to evaluate and finally you control. (i love this quote. Do you know who said that?)

Before you start with any plans, you have to evaluate and forecast. You have to know what to expect at the end of the tunnel. You have to know how big or how small your business is going to be, how much revenue you're going to make daily, weekly, monthly and yearly after your business has matured, How many employees you're going to have, grounds you're going to cover etc. This helps you make the right decisions when it comes to setting your business up. In short, you have to dream and visualize you business so that you'll know how to start because you already know what to expect.

Step 2. Choose a Niche(Products and/or Services)

Now that you know how far you want to get your business, choosing the right niche is very important. For instance,  if you plan on operating your business only in your locality, you don't have to start a computer manufacturing firm, you can just be a retailer and make cool profits. Also, if you plan on taking your business to the world, you don't have to choose a niche that sells only locally. If you don't have any niche in mind yet, you can check out this article on the top industries to invest in. Make sure your niche can fulfill the dreams you have from the forecast stage. Its is very important.

Step 3. Location of Your Business

The location of your business can be a great factor when it comes to revenue generation. If you have a niche that does not sell in your locality, then you don't have to stress yourself setting up there. Get the suitable place for your business. For instance, you should not sell snow boots in west Africa because it doesn't snow in west Africa. You shouldn't promote your local dish in a place where people are not used to it. If your niche Targets kids, then set up near a school or a park or somewhere you can meet many kids. Just make sure you're choosing the right location for your business.

Step 4. Cost Estimate

So now, you know how big or how small you want to grow your business, you know which products and or services to offer, you know where to locate your business. It is time to draw an estimate on how much it's going to cost you to start operating. If you are going to be an affiliate marketer, you have to know how much it's going to cost to partner with your preferred company. For any business you choose, you have to know how much it's going to cost to acquire your desired space for operating, the equipment you need and how much they will cost, the cost of registering your business, the monthly cost of operating and all other cost you can think of. Make an estimate of how much you'll need and increase it by up to 50%. This is to make sure that anything left out will be covered for. So get everything down, draw an estimate and increase it by up to 50%.

Step 5. Get Funds

Now you know how much you need to be able to make your business a reality so what you do next is to get funds if you don't have any yet. Some people have saved for quit sometime so they have all the funds they will need. If you are like me(before),then you don't have enough to start your business so there are some options available for you but first, you have to write a very convincing business plan. This business plan is what will lure people and organisations to invest in your business. So write a business plan and show it to your bank or other banks asking them for a start up capital. You can show this to other investors and if your business plan is good enough (which i know it will after you've followed all the steps i have listed here), they will surely invest into your business. There are thousands of investors out there looking for a profitable place to bury their money. Show your convincing business plan to them and you have the capital for your business.

Step 6. Get Started

Once you have completed from step 1 to step 5, get to work, start building and make sure you follow the plan you've outlined. Remember, you are the only one standing between you and your success. Read books on entrepreneurship and success, invest in your knowledge, apply whatever you learn and you shall surely make it. Easy is not an option but never give up. In the end, it will surely be worth it. Being an entrepreneur requires great sacrifices but the person you become in the end can touch and affect lives. You have taken a great step, keep on and let the world hear you out.

The 40-40-40 Plan; The Hard Truth About Jobs

Today, I will be revealing a little secret about the old plan which was once the most safest plan to live by. The 40-40-40 plan. It simply means," work on a JOB, 40 hours a week for 40 years and retire on 40% of your BASIC salary". Sounds familiar?
This system was once the safest place to be. Playing by the 40-40-40 plan was one of the best option one could ever get. This plan powered the education system to be more stronger and demanding. It is obvious that almost everyone starts thinking about schooling once their children turn 5 years old. Its time to be told the facts. But before then, lets understand the 40-40-40 plan very well.

There are three 40's in this plan. The first "40" represents working on a JOB for 40 hours a week. In this New economy, It will be like heaven for most people if they were to work only 40 hours a week but here lies the case just a view employees work this less. Some employees work almost 24 hours a day. They wake up at 4:00am and get back home at 10:00pm with loads of work which they can barely finish even if they worked all night. They sleep around 12 midnight and some even sleep less than 4 hours a day. Yes there was a time in the history of man where people worked 40 hours a week but not in this new economy. 40 hours a week can be simplified as 8 hours a day for 5 days in a week. But who does that now. Very hard to find right?

Working on such a stressful weekly duty is enough to keep you looking for new opportunities. This brings us to the second "40". The second "40" from the plan represents working for 40 years. How on earth do you plan on working this stressful weekly duty for 40 solid years. This keeps me thinking. Its almost impossible to continue this stressful schedule 52 weeks a year for 40 years. Over 90% of workers cannot stand this stress. This is why most people keep changing jobs and statistics proves that, in this new economy, people change jobs every 2years 2 months. Its simply because, working on such stressful jobs for a paycheck that can barely get your family going is really disturbing.

Now, to the most interesting part of this plan. The third "40". This represents retiring on 40% of your BASIC salary. The keyword here is "BASIC". This is the truth. The hard truth. After working for over 40 hours a week for an average of 40 years, you retire on 40% of your BASIC salary. Most people do not ask about this. All they think of is the fat paycheck they get after their services. There is global price increasing, currency devaluation is happening everywhere, well, except a few currencies. So if you are to take $10,000 as your fat pension paycheck in the next 40 years and live on 40% of your BASIC salary monthly, can you imagine how worthless this amount will be? How well were you on 100% of your BASIC salary plus incentives plus bonuses and after 40 years, you are forced to live on just 40% of your BASIC salary. This is the hard truth about the 40-40-40 plan. This plan was once the safest to play by but now, it will drain you.

This is a statistical fact about the 40-40-40 plan in this new economy.
By age 25, most people have an idea of what profession they will enter, anything from a fishing guide to a surgeon. But forty years later, out of a typical 100 people,
5 are still working,
36 are dead,
54 are dead broke (or at least earning far less than when they were employed),
4 are well off and only
1 person is wealthy.
There is only about 5% chance that you will be well off with this plan. Do not depend solely on it, Try your hands on new amazing opportunities. There are many opportunities out there. If you find one, grab it.
I will love to hear comments from my readers. What do you think about this 40-40-40 plan?

Surviving And Thriving In This New Economy

The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn and relearn.
                                           Alvin Toffler

Surviving in this new economy is very essential especially for the youth of Africa where they are less informed about the changing world. Most people complain about economic hardships but it is funny to know that this new economy is not responsible for the economic hardships. In fact, there are many opportunities now than there has ever been in the history of man. So why all this hustle?
Well, the answer is simple. Most people are educated illiterates. "Illiterate" defined from Alvin Toffler's quote. Most people are not willing to learn, unlearn and relearn. How can you survive this new economy if you are not willing to learn new things and unlearn certain things? You would hardly survive, not to talk of thriving and if that is the case, you would hardly see the opportunities this economy has to offer.
Most people are not thriving in this new economy because they have not realized it yet. Especially our African youth. As the saying goes,"understanding the question is part of the solution", same thing
applies to this also. Understanding the new economy is part of surviving and thriving in it but it all begins with realizing that, the old economy is gone, we are in the new economy.
To survive and thrive in this new economy, you need to be a literate, you need to be someone who can learn, unlearn and relearn. If you remain being an educated illiterate, the new economy will not be a nice place for you to live.
So its simple, to survive and thrive in this new economy, you need to be willing to learn, unlearn and relearn, you need to be a literate of the new economy and thats when you see the opportunities.
I would love to hear your comments and views about surviving and thriving this new economy. Kindly share with us:-)

The Old Economy: The New Economy

The world as you know it has changed. For those who don't recognize it, that fact, it will be the worst of times. For the people who do, it will be the best of times.
                                       Eric Worre
                              New York best selling
                                   Author, Go Pro

The world has changed and most of us have realized it but haven't really given it a thought. If you are one, then its time to wake up for the reality. The world has changed in all aspects, just name it. Religion, fashion, science, technology, career and whatever you've got. What used to work in the old economy isn't working in this new economy. Its like a beginning of a new human race. The old ideas are now called "Industrial age ideas".
This current world is the illusion most great people had and for the first time in the history of mankind, our children will not do well as us or will do better than all generations passed. No middle way.
Before, it took years to develop new professions but that is literally now happening within days. This is what people are failing to see.
The majority is still applying strategies from the old economy to this new economy. Yes, some might work, but not for long, well, unless it was designed by a dreamer. Now almost everyone has a smartphone. The world has become a global village where billions of people live in a small community called SOCIAL MEDIA. That's the big change in technology and same applies to everything else. The new economy shows no mercy. Its very rude and cruel but also very rewarding and adventurous. Majority of the people are less fortunate to only experience the rude and cruel aspect of this new economy. They need to wake up for the reality. Some are also enjoying a combination of both but the fortunate once from Erric Worre's statement in the beginning have willingly faced soo much rudeness and cruelty which most people won't that's why they are enjoying the amazing rewards which most people won't get. Until the Majority realizes this fact, its going to be the worst of times.
The old Economy had it rules, the new Economy has it rules but they both have different rules. To be continued......
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