if you are employed,too lazy to work in your own biz or you are credit worth.
that means you can afford capital to start a biz.
-first identify a biz gap within your vicinity. it should be intertwined with your hobby/interest.
-do through research. know it upside down. never deal with hearsay.( FACTS ONLY).
–put everything down on paper. a foolish man once said a pen is mightier than a sword.
capital required and it break down,short medium and long term expectations /goals,optimal medium and mininal profits expected.
–labour- the person who will be a medium btn you and your customers should a person of the people. customer satsifaction=abnormal profits. there is no good advert as the word of mouth.
always resolve conflicts btn your employees and customer in customers favour. then call the employee kando and make him understand that a customer is the biggest fool alive but you need his money to survive.
–always comply with the law of the land. then chotea the relevant authorities kakitu(in kenya this is allowed by the katiba).
-always have a unique feature,services or commodity your competitors dont have.
i remember in my first mpesa a had a water dispenser where i gave customers tap water while they waited for their transanctions to go through. none was the wiser.
-try to combine related services eg if you are selling whores ensure hukosi cd na lodging.
-always try to plough back as much profit as you can back into the young sme.
above alll use commin sense.
i had this thing comprensively back in klist. pombe inanipigia simu wacha nikatoe lock.
Judging from your naive post you have obviously never run a business you can do research until christ comes you will never know the in and outs until you immerse yourself in the business.
If your ready to run your business as a side hussle you might as well drink all your capital cause your wasting time.
A new business is like an infant if your not ready to do it 24/7 don’t even start!
You should have a big enough war-chest to last you more than 6months before the business is self sustaining, I see so many naive folk expecting the business to pay it’s own rent by the second month !
Don’t rush to get employees until you really need them, nothing worse than paying a chap who comes to snooze 8hrs a day because traffic is next to none.
Why are you arguing for the sake?? This things worked for him and he’s just sharing… It is your points I have an issue with… In your comment there are too many ‘NEVERs’ which depicts a negative vibe which again is not required in business… An sme can pay for your rent even in the second month brother… Come Feb I’ll remind you of this post… If there’s a gap and your research is top notch, the sky is not even the limit
Sorry if my post seemed confrontational it’s just that your post seems heavy on feel good recycled advice like “put everything down on paper. a foolish man once said a pen is mightier than a sword”,“always comply with the law of the land. then chotea the relevant authorities kakitu” etc
All I meant is too much research you will always back off any business , all business is risk and if you want to make it you have to treat it as an infant that means your there 24/7 no one is going to make you money ,Ive seen this too amny times with so called side hassles esp guy wakilima na simu asking nyanya zimefika wapi, or guys starting business with very little capital !
It the exception rather than the rule for a new business to pay for itself in the 1st few months .
You can choose the feel good path and be the 9out 10 businesses that will g0 belly up in the 1st year or on the tried and tested
it was confrontational.
i was drunk but i had done a series back in klist.
an sme needs an equally passionate partner as the employee. he/she has to know about the subject just as well as you.
since i am a data analyst i know good intel covers alot