Passion
- How to turn your passion into a business. – what do you love doing that you are exceptional at.
- Is it viable enough to pay you a salary and pay your bills
- If not so will it grow to do that
- How will you manage during that period? Will you run the biz part time while in paid employment?
- Do you need to be an apprentice under someone else to learn the ropes and ups and downs of the business
- Have you identified your target market
- What is unique about your goods and services and will people pay for it
Profits
- Knowing what it costs.
- Your salary,
- Intangible cost
- If you work from home, pay a fee for rent even if it’s free.
Putting an appropriate price on your goods and services
- Understanding robust cost
- Replacement cost
- Money cycles
- Seasonal businesses should be understood
Have a team of people who will help you with problem and problem solving skills.
Challenges
Structure: Will the business be a micro, small, medium or large company
Legal: Register your company
Regulatory: Register to pay taxes
Financial: Get a book keeper and accountant to keep your records. (This will become useful when you need to take a loan)
Operational: Are you going to run the business or hire a manager to manager the business
Human Resources
Multi talented personnel are the best when you start a business and you are the number 1 employee build as many skills as you can.
Finance and Its Management
Look for banks that have women’s products, they are dedicated to helping women structure their business and fund it in growth.
Should I stay small or expand? Every tree started from a seed and grew into a seedling so start small and see how much you can do with what you have
Some questions you should think deeply about
What can my savings do?
What do I have the skills to do
When the business success starts how will you develop yourself to cope with the changes
Do you have the resources to manage the growth and expansion
If it fails can you scale back while trying to identify and fix or manage the challenges
Should you align with a partner – local or international
How will you measure my performance and success
Five things to take away
1. Invest in yourself. Spend time and money on training. Improve your capacity. Join professional associations and participate in their activities.
2. Be aware of news trends and changes. Read books, newspapers, industry journals, watch the news, be informed.
3. Utilize technology. Learn to use it, embrace it….. Don’t get left behind. Get on Twitter.
4. Build strong networks. Get mentors, coaches, meet people at church, in supermarkets, at this conference.
5. Acquire an unpaid brutally honest and knowledgeable circle that act as a board of advisers.
Conclusion: Since women can naturally multitask if we can adapt some of this principles we will not only catch up in the so called men’s world but leave them behind. If we are where we aren’t supposed to be we end up in failure and frustration. If we go according to our purpose and plan we enjoy progress and promotion.