We admire owners of big ventures like Vivo activewear, Nguo affordable and even Bet Yetu. If you have an idea, you may lack the right information to help you set up your venture. Many tend to wonder how to start and run a successful business. The process is quite easy if you are ready to take on the business world. Here is four steps on how to start a small business.
1. Identify the need you want to satisfy
Firstly, what problem or gap are you looking to fill in the market? The process is quite easy. Firstly, look at other similar ventures, for instance, for the hotel business, what will you offer that others do not have? Importantly pen down what makes your investment unique and what you want your customer to be.
2. Planning before you start a business
Secondly, before you set your business in motion, establish a clear plan. Do some research into the market and create a target group for your product or service. An excellent way to do useful research is to get down to the ground. Sample other businesses that exist and make a good plan on how you intend to run your venture.
You need proper documentation with the government to avoid legal problems. Licensing ensures that you are running a legitimate operation. In Kenya, a license costs around 4,500. The licenses are renewable. You can get your consent from your nearest County council offices.
4 . Set up
Lastly, Once you have the three above requirements, you can easily set up. Launch your venture while following the laid plan. Remember to give the business time to hit the market. Set realistic goals and stay focused on your journey.
If you have been looking to start a business, go for it and launch your idea. You never know, you may be the next billionaire.