Tired of living salary to salary? Tired of spending your salary before it even comes? Tired of acquiring debts?

I’m sure you have heard from so many motivational speakers that you can’t get rich from a salary Job. Well that’s true. Apart from the fact that salaries leave you eating from hand to mouth, many people don’t even have the opportunities to even get a salary paying job as in our present economy, jobs are a gold mine. Entrepreneurship is the way to go. However lots of people don’t succeed as entrepreneurs. They end up having failed businesses. But that is because adequate steps were not taken before the venture was undertaken. Starting up a business should not be taken lightly. Apart from the capital (money) needed, you need to have a kick ass business idea that would actually generate profit. 

These steps should be taken before you start up a business;

1. Evaluate yourself

Ask yourself this basic question: why exactly do you want to start a business? Use this question to guide what kind of business you want to start up. Is it because all your friends are doing it and it’s trendy? Is your job too demanding and you need financial freedom? Do you want to leave a legacy in the business world? If you just want extra “flexing” money, maybe you should start a side hustle.

Once you have the reason, start asking yourself other questions; what skills do I have? Where does my passion lie? What is my area of expertise? How much can I generate as capital, keeping it in mind that I can loose it? What sort of livestyle do you want to live? be brutally honest with yourself. 

2. Think of a business idea

If you already have one, that’s great. If not you could research on growing businesses in Nigeria for example, google is your friend. Ask questions, etc. using these pointers; 

a) Think of the future. Don’t be myopic. Think of what would Still be in need in the next five to ten years. Things change. Get ahead of the curve.

b) Try to fix a problem. Let your business idea be a solution to a problem people are facing, example hunger, etc that way it will last longer.

c) Apply your skills in an entirely new field. People do a lot of things a certain way just because that’s how they have always done it, because they don’t know a different more effective way. Example using a computer filing system instead of physical files as is being done now.

d) Be better, cheaper, faster. You have a business idea that is not completely new? Give them a better cheaper and faster alternative. 

3. Do market research.

Has anyone else done what you are thinking of doing before? If not was there a good reason why? What did the person not do? What are the pros and cons? Never start a business without research. You could ask your friends or relatives questions, would you like it if you were offered this service? Why?

4. Write down your business plan 

It is not enough to just think it. Write down everything you want to do from start to finish, how you want to do it, step by step. What is your target market, do you have competition? What will you be doing that they won’t be doing? Doing this helps to make it more feasible and keep you from getting confused or overwhelmed.

5. Finance your business

Not everyone is born into rich family like otedola and the likes. You could start small. Start by saving up, pitching your needs to friends and family, taking small grants/business loans that can be easily repaid, pitch your idea to people you feel might benefit from it, like investors, have a co-owner who will help in funding and negotiate the percentage, use what you have to get what you want, ie , offer your services for free to get help in return. Example offer free computer services to a chousing company in other to get free office space. You might not get paid, but at lease you won’t have to pay for an office space either.

6. Put your business in prayers

Pray about your business. There’s something that has to do with Favour and Grace that makes people successful. Most times it’s not always by their power or might. But because God is with them. 

1. Have a written plan. Without a plan, it is merely a dream. It doesn't have to be a book, but you need a few pages outlining specific objectives, strategies, financing, a sales and marketing plan, and a determination of the cash you need to get things done. Writing it all down is a crucial first step.

2. Don't marry your plan. Every great military general in history has known that even the best-laid plan sometimes has to be thrown in the fire when the bullets start flying. Adjust, confront and conquer.

3. Keep your ego in check and listen to others. Advisors are crucial because you need people to bounce ideas off, inspect what you're doing, and push you to greater accomplishments, holding you accountable for what you are committing to do. Always be good to your word and follow through on commitments, even when difficult and challenging. This isn't about you; it's about the business. Don't take things personally and stay out of emotion. Do not let your ego take control.

4. Keep track of everything, and manage by the numbers. Create written systems for everything, because you will reap benefits from them later on. This is how you train your employees and retain consistency. Know your numbers and check them daily and make all decisions based on what they tell you. One of the most important calculations is cash flow pro forma. Determine how much cash you need to do the business, and do not start without the required cash on hand.

5. Delegate to employees and avoid micromanaging them. A manager's job is to delegate and then inspect progress. So don't be a control freak. Keep business organization flat. If you delegate effectively, you will get more and better then you expect. Have an actual written training and orientation plan so your employees know what is required of them. Use an incentive-based rewards system, and maintain a no-problem attitude about issues that crop up.

6. Use the Internet. It is incredibly powerful and very cost efficient, but it takes time and some skill. It is about creating a community, using social media networking such as Facebook, YouTube, Twitter and blogging to build rapport with your market. You need to get on the train and do it, because your competitors are.

7. Reinvent your business. It is net profit, not gross revenue, that you want to focus on. Separate yourself from your history and create a new competitive advantage, be it a focused niche or super service, but not by discounting.

Above all, have fun. Being an entrepreneur is your choice, so make it work. It can be done. You can survive, emerge and succeed in this downsized economy, if you follow the right path.