How to start a successful small business

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A step by step guide to starting your own business

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Presentation Transcript

How To Start a Successful Small-Scale BusinessBy : 

How To Start a Successful Small-Scale BusinessBy ‘Fayo Williams ILO trained Consultant Executive Director, Rely Supply Ltd Tel: 08034030366 E-mail: relysup@yahoo.com

Introduction of Participants : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 2 Introduction of Participants

Objectives : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 3 Objectives By the end of the session, participants should be able to: Appreciate the need for analyzing various aspects of a business idea before embarking on the business Describe the steps involved in starting a Small-scale Business successfully

Overview : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 4 Overview Introduction What is a small scale business? Sources of Business Ideas Characteristics of successful small-scale businesses Characteristics of Successful Entrepreneurs 8 Steps to starting a successful Small-Scale business Summary and Conclusions

Introduction contd. : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 5 Introduction contd. Small – scale Businesses are said to be the driving force of the economy as they employ a high percentage of the populace as artisans, clerks, etc. However, over 80% of SME’s fail within the first 3yrs due to lack of proper planning, inexperience, poor location etc.

Some Definitions : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 6 Some Definitions Entrepreneur: A person who has a Vision and a plan, ready to take the risks associated with setting up a business. SWOT: this stands for Strengths, Weaknesses, Opportunities and Threats and is a tool for analyzing aspects of a business.

What is a Small-scale business? : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 7 What is a Small-scale business? - a business which employs 10 or less people, also known as SME’s (Small and Medium Enterprises). Can we give examples of small – scale businesses?All Businesses fall into one of these 4 categories: Retailing Wholesaling Manufacturing Service providing

Sources of business ideas : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 8 Sources of business ideas From News reports, Books, etc From your experiences, hobbies etc. From thin air! From the environment Trade fairs and exhibitions

Questions to ask yourself….. : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 9 Questions to ask yourself….. What are your interests, profession, hobbies etc. What business ideas can be derived from these interests? How can I generate good business ideas based on local resources and activities? What are the gaps in the community which can be filled?

Individual Work – Create an “Ideas List” : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 10 Individual Work – Create an “Ideas List”

WHAT MAKES A SMALL – SCALE BUSINESS SUCCESSFUL? : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 11 WHAT MAKES A SMALL – SCALE BUSINESS SUCCESSFUL? A successful business is one that is based on: A product or service that customers want. A product or service you can sell at a price customers can afford and which will give you profit. The knowledge and skill you have or can get. The resources and money you are able to invest.

Are you ready to be an Entrepreneur who……….. : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 12 Are you ready to be an Entrepreneur who……….. Takes full responsibility for the management & success of the business? Works long hours? Is ready to acquire the necessary skills to make the business a success?

Slide 13: 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 13 8 Steps to Starting a Successful Small – Scale Business

Step 1: Create an “ideas list” : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 14 Step 1: Create an “ideas list” (Remember the exercise on this topic) You may have thought of an idea already – that’s a good development Apart from sources mentioned, brainstorming is another great way to get ideas Compile a list of your ideas and add a brief description

Step 2: ANALYZE each idea and Select the one which suits you best : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 15 A SWOT Analysis helps you focus on possible problem areas and potential advantages of each idea. *Perform a SWOT Analysis on one of your ideas, share with the class and win a prize!! Step 2: ANALYZE each idea and Select the one which suits you best

Step 2: Analyze Your Business Idea contd. : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 16 Step 2: Analyze Your Business Idea contd. Ask/research on: WHICH needs will my products or services satisfy for the customer? WHAT quality of the product or service do customers want? WHO are my competitors? HOW does running this sort of business suit my personal characteristics?

Flashback: Are you the right kind of person to start a particular business ? : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 17 Flashback: Are you the right kind of person to start a particular business ? Assess your own strengths and weaknesses. Business Management Skills. Knowledge of the line of business. Personal characteristics and situations. Financial situation.

Step 3: Define Your Business Idea : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 18 Step 3: Define Your Business Idea What Product or Service will my business sell? Who will I sell to? How will I sell my Products and services? Which need will my business fulfill for the customer?

Step 4: Develop your Business Idea : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 19 Step 4: Develop your Business Idea Conduct Market Research, Investigate Legal and Financial framework of the business. You may need to speak to some professionals or attend ILO Trainings such as: Generate-Your-Business-Idea (GYBI) Start-Your-Business(SYB) and Improve-Your-Business (IYB) to help you run more efficiently.

Step 5: Prepare a Business Plan : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 20 Step 5: Prepare a Business Plan Contents of the business plan include: Executive Summary The Business Concept Industry and Competition Management Financials, etc. A Business Plan further helps you to determine if the Business Idea is viable.

Remember…… : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 21 Remember…… PROPER PLANNING PREVENTS POOR PERFORMANCE

Step 6: Select a suitable Form of Business and Register the Business : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 22 Step 6: Select a suitable Form of Business and Register the Business For example: Sole-Proprietorship Partnership Limited liability Company You may need to consider the advantages and disadvantages of each form as well as obtain advice before you select.

Step 7: Create a Time-Table for implementing the Business Plan : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 23 Step 7: Create a Time-Table for implementing the Business Plan State activities you need to carry out such as looking for shop premises, paying rent, recruitment of staff etc. in sequential order within a specific time frame.

Step 8: Open Your Doors and START your Small-Scale Business!!! : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 24 Step 8: Open Your Doors and START your Small-Scale Business!!! Remember to monitor your business to ensure it grows into a successful one!

Summary : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 25 Summary Questions? Sharing of Experiences Other relevant considerations What have You learnt today?

References : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 26 References SIYB Manuals 66 Businesses You Can Start And Run On Your Own by Ladi Olatunji.

Further reading… : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 27 Further reading… Raising Capital For Small Businesses: Non - Bank Ways Of Financing SMEs by Adekola Owolabi. Parable Of Dollars by Sam Adeyemi. Think and Grow Rich by Napoleon Hill. Financial Freedom For Today’s Woman by Lola Apatira.

Conclusion : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 28 Conclusion “Sometimes, making money can be a question of being at the right place at the right time, but you can’t take advantage of the situation if you are not prepared”. - John Wajarian.

JUST SAY "AMEN!" : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 29 JUST SAY "AMEN!" Because you will see the invisible , you will dothe impossible ...Because you are God's Idea and God cannot fail, you shall not fail this year...In everything you do, you will succeed. ..By the time this year ends, you will lookback with joy; and ahead with greatexpectations...

Finally………. : 

How To Start a Sucessful Small - Scale Biz by 'Fayo Williams 30 Finally………. Deliberation is the work of many men, ACTION, of one alone. (Charles de Gaulle) ‘Fayo Williams E- mail: relysup@yahoo.com Thank you for your attention.

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