~ By Funke Olushola.
1. The skill to do the work:
What exactly do you know about the business? Don’t gamble with your business from the beginning. A faulty foundation is difficult or almost impossible to correct without breaking down the building. Go for training and learn what it takes to grow and maintain that business.
2. Have in-depth knowledge of the industry:
Knowledge can never be overrated. It is better to know than to ignorantly kill your business before it even starts. For example, If you want to be a baker, go for the right training that is in vogue. Not “my mother used to bake and so I can bake” and you open a business. Yes, you can open a business but you might not know the faster methods or most effective methods or recipes or the “in” things in that industry now. Like where to get the best supplies, what is the industry policy, what the “Gurus” are doing and how to price etc.
3. Have the passion:
Don’t just jump into business because you see XYZ making money in it or because it sounds classy or because you are tired of staying at home. Make sure you have a passion for it or better still develop a passion for it. Passion will keep you in that business even when money isn’t coming in as expected. Passion will help you persevere even when the going gets tough.
4. Make sure there is an audience ready to accept and pay for your product or services:
Don’t produce things or sell services that you don’t have a market for. Selling will be difficult. Study your environment, look for what is missing that if it is produced/supplied or offered to the environment, it will be considered valuable. For example, an area where they barely have electricity (the weather recently looks like the sun came visiting) and the people in that area need to go miles just to get cold drinks or water. You can decide to invest in either an ice block business or a cooling business.
There are several other things to consider but these are the MAJOR.