Business Start-up : Starting A Profitable Business

Most times starting  a business can be very challenging due to some reasons some of which are controllable while others are not. This is not to say that starting a business is difficult or easy but rather it is a mixture of both depending on individual’s approach and the type of business you wish to start.

The most important requirement for any business start-up is the idea of the business you want to start. Business ideas are worthless when they are not put to work hence good business ideas can’t produce reliable and viable results without you exploring and experimenting what works and what doesn’t work. It is not just all about having ideas of starting a business but putting the ideas to work. These ideas if well developed and utilized appropriately can be advantageous to the economic and financial well-being of  an individual who wants to start a business or it can be a big boost or a plus to anyone who is already into one business or the other.

If there is any question that is often asked as far the business world is concerned then it is: "how to start a business". This question is not new and so many individuals or business experts has at one point in time or the other given their views.

For sure, starting a business can be very challenging. However the challenges are surmountable so long you are able to face them squarely without failing to start the business. Your persistency and consistency as regards starting the business can  be of huge benefit to you with time if you don’t give up. Indeed the rewards are enormous on the long run. Besides, it is often said that nothing good comes easy. Moreover, with the right drive and information in place you can start a  profitable business that will expand with time depending on your goals and marketing strategies.

Requirements For Starting A Business

There are four  important things or requirements to consider in starting a business  which  you may already be familiar with. They are capital, land, labour and entrepreneur. It is no news that these are called the four factors of production. Your ability to provide these necessary four factors are prerequisites of starting a business. Mind you, business  centres around manufacturing of products or rendering of services that meet specific needs of people at any given time.

(1)    The role of capital in starting a business

Capital is more or less the most important factor necessary in starting a business. This is because with capital at hand you can acquire all the other factors. Capital acts as your investment for your business venture. Nothing works without capital as far starting a business is concerned. Even if you have all the technical know-how as well as the other factors , without capital to start with  you will go no where. Having capital to start with can be quite difficult sometimes especially if you are not financially buoyant. There are various ways of raising capital. You can source for funds, grants or loans from friends, family members, well-wishers, Non-Governmental Organizations(NGOs), angel investors,  financial institutions or by participating and winning business start-up competitions or business plan competitions. Funds and grants are good sources of raising capital. However, if you can’t have access to funds or grants then the only option left for you is loans. Loans are good sources of raising capital also but you are advised to take loans you will be able to pay back quickly and conveniently so as not to plunge yourself into financial mess. Only take loans that have the lowest interest rate that is why you must  make comparison among different loan-giving agencies in order to secure the ones that have lowest interest rates. Apart from  grants, funds or loans you can as well cultivate the habit of of saving no matter how small or low your income may be.

(2)    The role of land in starting a business

This is another important factor to consider in starting a business.  Land serves as your point of contact or interaction with your potential customers or clients since your administrative office can be sited on it. Land goes hand in hand  with the location of your  business. It can be very expensive depending on its location but it is worth it since it is an asset that appreciates with time. However, in this context, land may refer to an office where you can carry out your day to day business activities. Sometimes, you may not have enough capital to afford land but due to the advancement in technology the internet is now a good alternative to land. Even if you rent a little office, the internet can help you reach the world at large . For instance for you reading this article now I am able to reach you with the help of the internet. For example you can have an online presence or get your business on the internet using the services of Shopify . The question now is that: “is the internet a blessing or a curse in starting a business?’’.  That is a question only you can answer.

(3)    The role of labour in starting a business

You definitely cannot start a business  without labour. Labour is the fuel that drives the business you intending starting. You have to consider hiring people (these can either be unskilled labour, skilled labour or both) if the business you are about starting is big one. You should also hire people who have the right technical know-how thus they render their services in the form labour. If you are starting small all you have to do is put in your best into it in order to take your business to greater heights. Labour here entails you investing your time, effort, energy, etc to make you business a reality. This is because the effort you put into your business can never be a waste if effectively, efficiently and properly managed.

(4)    The role of entrepreneurship in starting a business

This is the power house or brainbox behind starting a business because it is the entrepreneur that brings together all the other factors of production or other factors necessary in starting a business. The roles of the entrepreneur differs and are much. Important of note among some of the roles is the fact that the entrepreneur  is  the one to control and manage all the risks and rewards of the business. Thus, the success or failure of the business start-up depends on him/her.

What is your take on this? Leave your comments and contributions in the comment box below.