According to Dictionary.com, an IDEA is:
- a concept developed by the mind.
- a conception of what is desirable or ought to be
- a plan of action; an intention:
In a popular sense, an idea arises in a reflexive, spontaneous manner, even without thinking or serious reflection, for example, when we talk about the idea of a person or a place. A new or original idea can often lead to innovation. According to Wikipedia.
Truth is everyone, both adult and children, have an idea of what they want to do, who they want to be, what business they want to venture into etc. but 70% or so those ideas / dreams don’t materialize because some where along the line we loose focus of these ideas, Some don’t know how to put these great ideas into action, another group don’t even believe that their idea is great after all and while some who actually try to pursue these ideas end up going about it the wrong or high way and along the line get frustrated about it, loose cash, and then they eventually give up.
For the sake of this article i’ll be focusing on businesses and why most of them don’t get past the first 2 years. “According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. A whopping 80% crash and burn”.
Before you venture into your business you need to sit down and STUDY THAT BUSINESS. There is a need to ask yourself questions about the business you are about to go into. truth is no Idea is ever a fresh idea, but you can actually do better than the first person who ever had that same idea. Get a pen and a book, ask questions, do a research,
- Description of the business, vision, goals, and keys to success
- What is my work force needs
- What are my financial implications? capital equipment and supply list, balance sheet, income statement and cash flow analysis, sales and expense forecast
- Marketing, advertising and promotional activities
- Budgeting and managing company growth
- Who has ever done this before?
- What do I need to startup?
- Who is my target market? etc.
One thing you need to know is this “Money isn’t the major thing that your business need, because many with all the money they had still couldn’t keep their business afloat.
You need to note that in your first year of business, you really don’t need to start out with a big office space, lots of staff, and assets (all this are overheads that must be taken care of whether the business is making money or not). i.e A real Estate agent or Architect who is just starting up you rent an office space of ₦800,000 p.a, you furnish the office, chairs, tables, computer for about ₦200,000, you hire a secretary or office assistant and pay her ₦480,000 p.a, you need electricity etc, and your business does not require you to be at that office everyday, you realize in a year, with or without an income you have spent not less than ₦1,000,000 in your business. Another school of thought would say “I would work from my house or my car and save that huge amount” then again I ask, does working from your car or house give your startup business the professional look and boost that it needs considering how competitive the market is? I bet you, the answer is NO.
What to do, you ask me. Services and innovations have emerged to help startup and entrepreneurs beat the 80% crash in business in the first year by helping you cut down certain unwanted overhead cost associated with traditional offices and still giving you the prestige and boost that your business needs to stand. They are Serviced Offices, Virtual Offices, Co-working space or Workstations.
A Serviced Office in Rutyono Offices Ltd, a business office provider in Abuja, avails you the opportunity to have:
- A prestigious business address
- Air Conditioned Office Suites
- Office Furnished With Desk, Executive Chair, Visitors Chair And Book Shelve
- Free Internet Access
- Constant Power Supply
- Professional Telephone Answering
- Daily Cleaning Services
- Full Administrative Support Staff
- Access to meeting room that can be booked on hourly basis
- Dedicated phone line
- Full access to independent business center
All this at an affordable rate, allowing you to run your business with ease and in a very serene and conducive environment, keeping the professional front that your business deserves.
Remember, a baby needs to first learn how to sit then crawl, stand then learn how to walk, before you can think of flying.
So whatever your business idea is, it can materialize, all you need is to first believe in that idea, believe in yourself and what you can do, gather the right knowledge and skill required for the business, and with the right tools, you are on your way to succeeding.
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