Bizzalley's Business Q&A
Bizzalley's Answer-Working from home is not a bad idea if you're starting a new business and are low on startup funds. It saves you from spending big on rent and utilities, also commuting cost is reduced. In other to have a professional outfit, be sure to separate your business space from your living space, this would ensure that would-be customers take you seriously. Since you would not be spending on rent do endeavor to have the necessary equipment needed to make your home office look professional. Remember, if you have lots of neighbors or kids running around then operating your business
from home may not be a very bright idea, as this would cause you to be constantly distracted
which does not help productivity.
Bizzalley's Answer-This is a tricky question, this is because the majority of upcoming business owners don't always seem to find the balance. They either budget too little and get stranded or budget too much and never starts the business due to the large capital. The best place to start would be to do a proper research, you can begin from asking business owners around you who are involved with your kind of business. Find out what it would take financially to startup, how much supplies would cost etc. Write them down, compare the various figures and arrive at an average.
Bear in mind you are just starting up, so don't go over board, contacting a business consultant is also a good way to know how much you would need.
Q)How do I build my customer base?
Bizzalley's Answer-Considering the state of the economy globally, the need to have a well-defined customer base has never been more important. Considering the service you provide, you would need to have a specific group of people in mind, this could range from small business owners to students or individuals, etc. You would have to make sure your products meet the needs of the group you intend to win over.
Also look at your present customer base, their age-group, background, and characteristics, what they have in common, then ask yourself why they decided to do business with you. When you have this answer try to replicate it to attract more customers.
Q)How do I pick a business partner?
Bizzalley's Answer-Getting someone involved with your vision
could be a difficult thing to do. If
you pick the wrong partner, you could see your business run straight to the ground. So to get the best partner make sure you both have the same goals and a shared vision. Pick a partner who complements your strength and weaknesses, make sure the partner is willing to push you when the chips are down. Also, ensure opportunity is created to enable each partner's needs and expectations are met in the partnership. Then, of course, make the partnership legal, document your terms.
Bizzalley's Answer-There are lots of challenges to look forward to, some include fundraising, building a customer base, team building, etc. This is why it is said that when trying to run a business you have to be extremely self-motivated so as to motivate those around you. And also be willing to deal with the unknown, because you never know what would come your way. In the first couple of years, be ready to be a bit lonely and work on your business, remember it's your dream and only you can make it work.
Q)How do I get my company on the stock market?
Bizzalley's Answer-The process by which you can make this happen is known as underwriting. This is the process whereby an investment bank goes out and attempts to persuade investors to buy stock of your company. It is through this underwriting procedure that a company goes from being private to being publicly traded. To be on the stock market, you would have to get across to an investment bank to discuss the details.
Bizzalley's Answer-This is very possible, as most small business owners actually have a full-time job which they report to. In other to do this successfully, don't let your business interfere with your job, your employers pay you so they deserve your full attention. Another common mistake is running your business office out of your employers office or using their equipment for your private business.
Don’t do this. Also try to avoid being a direct competition with your employers and when it's time to quit, quit. Don't wait till one of the two starts to suffer.
Bizzalley's Answer-Writing a business plan is essential to the success of your business, as it provides a roadmap to what you hope to achieve in the not too distant future. You could write it yourself or source it out to a professional but before giving a professional it is advisable you, first of all, do your research and do your own planning.
Q)How do I make sure I'm not cheated in a partnership
Bizzalley's Answer-First, to avoid being cheated out of the profit your company is making, you'll have to know just how much the company is making. So get a qualified and experienced accountant to check your books to see exactly how much is going in and coming out. And before starting a partnership with anyone or any company, also make use of the service of a lawyer, both parties should be in agreement and sign. This document would bind both of you legally and in the case of you getting cheated, it could be used as evidence in the law court.
Bizzalley's Answer-When choosing a name, there are a lot that comes into play, do your research to find out whether another brand is already using your name. Don’t use a name that’s already been trademarked by another person or brand. Avoid stealing intellectual property. That said, your business name should be something related to your business, try coming up with acronyms related to your business. Your name, that of a loved one, spouse children etc. could all be used. Keep mixing letter and words up until you find one that defines your goal as a business or as an individual.
Tips: try to make it a catchy and unique that you can easily make into a brand name. Consider domain names too, you have to make sure that your chosen business name is a free domain name, however, you can also buy a domain name, but try to save cost on that. Don’t pick a name that is in high demand and as a result is too expensive.
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