Do this Before You Start a Business

We plan even the smallest parties; there are wedding planners, event planners everywhere in Nigeria these days. If there is need to plan a one day event, there is need to plan a business that could go on for generations.  Every business no matter how small should have a plan, a good plan.

A business plan that will always work starts from a different place with a different set of operating assumptions. What are your dreams? What do you want to change? Which innovative ideal are you planning to bring on board? How do you want to challenge the status quo? You have the opportunity to put all of your dreams and vision in black and white - a business plan.

Ask yourself why you want to build a business? Who will benefit? What will it mean to the world? What are the pros, the cons, the risks of your business idea? It is when you understand all these that you can write a tactical plan that will truly get you far. A business plan helps the entrepreneur to have a clear idea of the business, to think about the risks, numbers and how to deal with them, also to shape and get constructive feedback from the people or from other entrepreneurs that clearly understand business in itself. Business plans are to capture the attention of investors and sponsors, to keep the idea in their mind and to think about investing in a project or not.

The best business plan is the one that deposits a curiosity seed in the mind of investors. Your business plan should be captivating, compelling, and precise and be easy to understand. It must speak clearly to its readers; business executives, accountants etc. It must be kept simple, clear and straight to the point. It is a road map to success. A business plan should be a “living document”, an evolving representation of your brands goal, future milestones, and ongoing tactical analysis of market trends and development. Once you have your dream on paper, make the document come alive.

Your dreams and aspirations should not be left it on the shelf to gather dust. Let your dream be up most in your mind and bring the plan to life remember he who fails to plan, plans to fail. No plan will work unless you practice it. You need to be realistic and not overly optimistic financially. The first few years of business could be rough and uncertain but with persistence, focus and drive, a well planned business that meets a need will always succeed. Also remember to constantly update your business plan as the business evolves and current reality changes.

The only constant in life is change; people change, the society changes, thinking changes, you as a person and as an entrepreneur will evolve and change and business also changes. A business plan should ideally be an exploratory process. You need to learn and modify your assumptions based on information obtained through the business planning process.

In all of these, do istikhara before starting any business venture and constantly pray and seek Allah’s direction in taking any major decision.

Salam alaikum waramatulahi wabarakatu.

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