Do you know how to read signs that something good is coming up? I personally like the catholic way of choosing a pope. A white smoke signifies the long search for a new successor! After days of praying and waiting, Catholics breathe a sigh of relief once the white smoke is detected. Same applies to business. Before starting a specific business, you have to see the potential signs that you are ready.
Here are potential signs that you are ready to start a business in Kenya:
You have a Strong Business Idea
Do you have a business idea that holds water? Before you start a business in Kenya, you must have a business idea that you want to implement. Same way you cannot travel in a vehicle without wheels. But how do you derive a business idea? You could derive a business idea from a hobby, skill, demography, solving problems, passion, latest trends, etc.
Level of Preparedness
How prepared are you to be the CEO of your business? Do you have the right mindset to run a successful business venture? Starting and succeeding in a business depends on the owner’s level of preparedness and how well they can handle failures and successes.
Starting a business is not as complicated as maintaining it. Once you have started the business, you have to be prepared to handle all types of customers, employees and investors. Are you the kind of person who can multitask and handle pressure? Can you bear the risk? How do you react to failures? The answers to these questions will help determine your level of preparedness.
Availability of Capital
There are lots of low-budget and high-budget ideas which you can invest in. For example, starting a hardware business requires a high amount of capital than starting a second-hand business. For a startup, it is advisable to have several potential ideas that you can implement. Depending on the available capital, you can choose between the available options. Make sure you do an analysis of each idea before settling on a specific business.
A concrete Business Plan
How important is a business plan to your business? A business plan forms the foundation of a business. Each business needs to have a realistic business plan before opening its doors to the public. According to Investopedia, a business plan is defined as a written document that outlines how the business is going to achieve its goals. A business plan covers the operation, financial and marketing aspects of your business.
Write a realistic business plan that shows how you are going to nail that business, market your business and how you will manage the business finances. Always remember to separate personal finances and the business finances.
A business idea without a strong plan on how you will achieve it, is obsolete. If you have a business idea, make sure you get it right before implementing it. Do you feel you have what it takes to take that idea heads on? If yes, let us meet at the entrepreneurs’ high table. If not, work on what is remaining and you will be there within no time.