START A BUSINESS: THE A TO Z OF STARTING AND RUNNING A SUCCESSFUL SMALL BUSINESS

By Peter Osalor

Success knows no boundaries. It transcends location, race, religion, age, size, and colour. The key to success lies within your hands; it is a conscious decision you must make. Across the globe, all successful individuals follow the same timeless principles and practices that pave the way to triumph. Conversely, failures can often be traced back to a lack of knowledge and understanding. Many failed businesses stumbled because they repeated the same practices that led them astray.

In the 21st century, running your own business has become a necessity. The economic downturn in 2010 and the instability of jobs have left a void in the employment landscape. Mass unemployment is prevalent, and the need for alternative solutions has become more pressing. In emerging economies like the BRIC and MINT nations, economic growth rates reach up to 7%, while the rest of the world lingers between 1 to 3%.

The collapse or downsizing of large companies has spurred governments to enact policies that promote the establishment of small businesses. Starting your own venture has become not only essential but also one of the most effective ways to gain employment and create jobs.

To embark on this journey towards success, you must possess an open mind and acknowledge that your achievements are solely dependent on you. A strong work ethic, a hunger for continuous learning, the willingness to embrace technological advancements, and the realization that your success lies in your own hands are all vital components.

This is a comprehensive guide that will equip you with the knowledge and skills needed to start your business from A to Z. From developing a solid business plan to navigating legalities, marketing strategies, financial management, and growth strategies, this book covers every aspect of entrepreneurial success.

Prepare to unlock your potential, cultivate your entrepreneurial mindset, and lay the foundation for a prosperous business venture. Learn from real-life examples and valuable insights that will propel you towards the forefront of the business world.

Now is the time to seize control of your destiny. Let this book be your compass as you embark on the exhilarating journey of entrepreneurship, where success knows no limits.

• Language: English
• Publisher: POSAG International Ltd
• Release date: Feb 4, 2024
• ISBN: 9791223003954

Book preview

START A BUSINESS

A Step-By-Step Guide To Starting And Scaling A Small Business Both Online And Offline!

Peter Osalor

Copyright © 2023 Peter Osalor

All Rights Reserved.

No part of this book may be reprinted or utilised in any form or by any means,electronic or mechanical, including photocopying, recording, or by any informationstorage or retrieval system, without permission in writing from the publisher.

ISBN:

Contents

INTRODUCTION

What are principles?

My story

CHAPTER ONE

Part A

THIS CHAPTER COVERS:

The business starts from the mind

Do you have what it takes to beanentrepreneur?

Are you Santa or an elf?

What's your relationship with money?

Are you comfortable flying blind?

Are you ready to commit?

Were you born for business?

Evaluate your strengths and weaknesses

Entrepreneur aptitude test

PROGRESS STATUS:

What Makes an Entrepreneur?

Confidence

Action-orientated

Passion

Ability to see the bigger picture

People person

Risk-taker

Not afraid of failure

Opportunity-spotter

Financial thinker

Frequently Asked Questions

CHAPTER TWO

WHY DO YOU WANT TO STARTA BUSINESS?

THIS CHAPTER COVERS:

Do you have a killer idea?

Do you have Passion for your business?

Do you want to be your own boss?

The challenge

Make a million

Before You ConvertThat Ideato a Business

The Effects of Owning Your Own Business

Salary potential

Do what you enjoy

Business control

Demandingwork schedule

Financial risks

Liability

The impact of your business to the economy

Advantages of being your own Boss

Flexibility and freedom

Agility

Be passionate with what you do

Create your own persona

Disadvantages of being your own Boss

Lack of concrete planning

Long working hours

Lack ofvision

Lack ofstrategy

Time management

It can be a lonely place

Conclusion

CHAPTER THREE

Part B

THIS CHAPTER COVERS:

Types of business

Franchise or independent type of business?

Product or service (or mix of both) type of business?

Storefront or non-storefront type of business operation?

In which industry/topic?

Your Winning Type of Business

Howto Research Your Business Idea

The idea stage

Analysis

Competitors’ analysis

Checking out the competition

When Your Idea Looks Like a Flop

When Your Idea Is Good to Go

Howto conduct market research online

HOW MARKETING PROS USE ONLINE SURVEYS

Reach a specific audience

Update product offerings or pricing

Build social media strategies and campaigns

Research and analyze a target market

Gain insights into customer demographics

Market segmentation

Decide which campaign creative to launch

Measure brand awareness

Test branding, positioning, and naming

CHAPTER FOUR

YOUR BUSINESS PLAN

THIS CHAPTER COVERS:

Purpose of a business plan

Benefits of businessplan

Step by step guide ofhowto write a business plan

Essential factors that make a good business plan

Attributes of a good business plan

Business plan mistakes to avoid

Products and services

What type of business plan doI need?

Start with this:

CHAPTER FIVE

Sustaining, Growing and Exit plan

THIS CHAPTER COVERS:

Key to the reputation of your business

Key to the future of your business

Ten tips for hiring an employee?

1. ​Carefully define the job before posting it and recruiting

2. ​Plan your employee recruiting strategy

3. ​Use a checklist for hiring an employee

4. ​Recruit the right candidates when hiring an employee

5. ​Review credentials and applications carefully

6. ​Pre-screen candidates by phone when hiring an employee

7. ​Ask the right job interviewquestions

8. ​Performrigorousbackgroundcheckswhenhiringan employee

9. ​Critical factors to consider before hiring an employee

Extend a Job Offer

10. ​Use effective employment letters when hiring an employee

Marketing and Growing the Business

Developing a Marketing Plan that will grow the Business

Bend Your Budget When Necessary and Keep an Eye on ROI

Branding

Recordkeeping

What kinds of records should I keep?

How long should I keep records?

How should I record my business transactions?

What isthe burden of proof?

How long should I keep employment tax records?

Building a Network

The exit plans

Transferring the business to the next generation What it takes

Planning the people

Planning the Systems and Strategies

The Steps and How: Succession of Your Business

Inheritance

The Stand of Law to Inheritance

Dealing with Family Discord

Preparing the Next Generation

CHAPTER SIX

THE THINGS TO AVOID

Things to avoid when running a business

9. ​Puttingonlinemarketingonthebackburner.Ignoring

CHAPTER SEVEN

CASH FLOW

THIS CHAPTER COVERS:

The effect of CashFlow in business

Credit Damage

Considerations

Components of Cash Flow

Cash FlowAnalysis

Case study:

Symptoms of cash flow problems

CONCLUSION

Final thoughts

APPENDIX

26 principles for business success

REFERENCES

BOOKS BY THE AUTHOR

INTRODUCTION

Success is not partial.No matter your location, race, religion, age,size, or color. If you want to succeed, you must make the choice tosucceed; itisa decision. All the successful people on earth followthesameprinciplesandpracticestosucceed.Successispredictable, it is based on principles and if you follow the principles you willsucceed. Do what successfulpeople do and you will succeed.

Wearelivinginthebesttimesnowbecauseofinformationtechnology.Informationandknowledgearevery,veryeasytoaccess.Behind them lays an explosive competition where people are trying tomoveforward,further,faster. Thecompetitionismorecreative and aggressive than ever before. It is like a business war; the dog eat dog era. You cannot afford to be ignorant in the 21st Century or itwill costyou greatly.

Everyfailurecanbelinkedtoalackofknowledgeandunderstanding.Mostbusinessesthatfaileddosobecausetheyengaged in the samepractices thatmade them fail.

Running your own business has become more necessary in the 21stcentury due to the economic down turn in 2010 and unsecure jobs.There are not enough jobs for people anymore and in many cases,mass unemployment is everywhere. In the BRIC nations and MINTnations the economic growth rate is up to 7% – but it is between 1 to3% throughoutthe rest of the world.

Large companies have collapsed or downsized – this has encouragedgovernments to set policies that encourage the establishment of small businesses. All of the above factors have made starting your ownsmall business very necessary. It is one of the best ways to employyourself and create jobs.

You must be open minded, and know that your success depends onyou and no one else. You must also be willing to work hard, learnnew principles and unlearn others, you must be willing to embraceadvancements in technology, and realise that your successdependson you.

What are principles?

The Business Dictionary defines principles as:

Fundamental norms, rules, or values that represent what is desirableandpositiveforaperson,group,organization,andhelpin determining the rightfulness or wrongfulness of its action.

Principles can also be defined as: Elementary assumption, concept,doctrine, maxim, or proposition generally held to be fundamental ortrueforabodyofknowledge,conduct,procedureorsystemofreasoning.

Principles are more basic than policy and objective – they are meantto govern both. Principles have been tested and proven right, andonce you abideby them, you won’tgo wrong.

Inthisbook,youwilldiscovertheprinciplesthat successfulbusinesses are built on. Most successful businesses, and people, arewheretheyaretodaybecausetheychoosetoabidetotheseprinciples.So, if you want to succeed all you have to do is continuereading.

My story

My background is not what you would call inspiring. I was born inWarri in 1955 and my parents were petty traders. My father wasalways in-and-out of menial jobs and we never had any money. Istarted fending for myself from the age of 8. Once I left primaryschool,therewasnomoneytosendmetocollegebutIeventually managed to get into a college as a house boy. After college, I startedworking. With little education, I worked my way up and eventuallysecuredapositioninKanowithPanalpinaWorldTransport.InMarch1983,IleftforLondontostudytobecomeCharteredAccountant became a Tax Adviser 1991 and by June 1992, I openedmy own practice, Peter Osalor& Co.

My practiceattracted only MSMEs which were okay;I had someplc. clients but not really large ones. Since 1992, I have had over3000 clients and most of them have ceased trading. Some went intoliquidation and some just seemed to disappear into the thin air. Ibecame worried and started asking questions and researching thepossible