How to start a business from scratch as a youth entrepreneur
Think of your lifestyle
I have heard a lot of people say that entrepreneur ship is the way to go to reduce the rate of unemployment. There is a lot of truth in this.
The only problem now is that no one wants to begin from scratch.
Many people who enter the youwin Nigeria competition scheme are really not prepared for the task of an entrepreneur.
What kind of life do entrepreneur live?
So you want to start a business from scratch.
The lifestyle is the way of life. Footballer has their way of life. Musicians have their way of life.
Do you love it? Have you considered its gains and loses? Do you know that starting a small business is more than just money? It is a lifestyle.
Ask those who work in a bank and you will be told that it is a lifestyle.
You need first understand how to live after you have begun.
I love the life of an entrepreneur. I believe that everyone cannot be one.
The challenges in starting a business go beyond getting a grant. Its beyond seeking investors.
The truth about starting a business from scratch is that you need to live and become something.
What you do is important business-start-from scratch youwin what you become is more important.
I was talking with a female friend one day and I told her that when I start my business,
I would drop the kids at school and pick them up by 2pm.
She steered at me like someone from planet mars. I told her that I will be my own boss. I close at a particular time and reopen when I should. So I have begun to prepare for the lifestyle.
Entrepreneurs face lots of challenges.
They are attacked spiritually.
Yes its true. You need to get prepared. Don’t open shop like a normal person.
Have you got an idea
So you want investors and grant givers to notice your business?
Show me your business idea
Read more about creating a winning start a business from scratch business idea in 24 hours here.
A viable and profitable business idea will go a long way to help you reach your goals in life.
So how do you know which ideas to pursue?
Follow your intuition or spirit suggestions.
And don’t ask me what I mean by spirit suggestion’s.
Man is a spirit.
All thoughts that come to him are spiritually given.
In 2010, I underwent a training on entrepreneur. After this period, I wanted to begin a website on business plan Nigeria. I thought about it severally. I truly wanted It to be a hub. Something that will help other seeking entrepreneurs. After much deliberation, I decided to keep it for the future.(don’t know with ideas for success I did). Fast-track to 2015, I created this website based on youwin Nigeria wards competition that offers grants.
Have looked at the objective of the youth business scheme, I decided to begin this website. It was while in this process that I remembered business plan Nigeria.
All ideas come from the spirit. They become your most dominant thought as you think about them.
Check out my article here on business idea.
Look for competition
you need to be competitive
Every plant that you have ever seen or know have had to compete for nutrients and sunlight. Competition in a business is very healthy. It normal if you think that competition is bad.
Our days in school were filled with a lot of fun. We had friends who were really our friends because they loved us.
During sporting competitions, we competed for a prize. The same goes in business start youwin business from scratch. You already have competitors even at an idea stage.
You want to look for a business idea that has successful people. Go where others are making it and where you have some passion.
Here are some quick things that healthy business competition would do for you
It will keep you focused on the goal of the business.
It will help you to stay put
You will find more passion
You will make more sales (dont be surprised)
You will need them to be faster.
Can you imagine going to the racetrack and running alone then taking your speed time. Then next you call on three other athletes to run with you as a test of strength. The difference in the time you returned will be clear and obvious.
Do not go into any business that has no competition. A man want to begin a mobile toilet business, he did his research and found a great need that was not satisfied. The competition were not meeting the needs of the people.
He borrowed 60,000. Now his business is over billions.
Competition tells us that we have a chance.
Register the business name
Register your business name. business name registration with the corporate affairs commissions differ from country to country. In Nigeria, we have the corporate affairs commission with headquarters in Abuja. They are the statutory body that registers the names of companies and start up businesses. I will write an article on the CAC in the future. The price for the registration of business name varies. But it should cost you around 10,000- 20,000. Naira.
When you register the name of your business in Nigeria, you are telling everyone that you are ready for business and you have open shop.
Test the service- offer it free
Have a bonus offer. Something free which you can give out. Do not begin a new business as a youth and expect everyone to fall in love with it.
Have a bonus or free service first. Do you want to be ahead of the completion? then let people test your service.
I am not saying that this is applicable I all cases. There are some situations where this cannot be applied. For example, If you are in real estate, you cannot allow people to test your house free. What you can do here is to reduce the price. Give them at a discount for the first year.
Same goes for a car seller. Discounts can always be giving to get people to buy.
Get a website
This is a must. although not necessary but it’s still very good. There are a lot of web designers who will help you design a site for your business
Choose when to start
When do you want to begin?
I will advise you find a profitable business idea and begin when you have the basic things on ground. And remember that if you received the YouWIN grant, you need to set your office in place.
Market like a mogul
Marketing a small business you built from scratch is good. This might mean the difference between profit and loss. I know a friend who started his tutorial business. He printed over 500 flyers. He said that he was expecting to get 24 contacts from his flyer. He ended up getting 60 clients for his business.
Market like never before.
Let people know you have started
This is is how you make sales. Don’t wait or expect the people to come by them.
Be consistent. Remember that an enterprise is like a child that needs to be fed to grow.
Be there. Enjoy the ups and down of the business.
Starting a business from scratch is not difficult be it requires a lot of patience.
So what are your thoughts about how to start a youth enterprise business from scratch?