LOCATION: Before sitting out any business, you have to know “who are the likely people that will need your services/products”. This is where the issue of audience comes in. Approaching the right people will help you make more money with lesser work. For instance, you have a new beautiful computer mouse to be sold and you begin to go to public schools for teachers to buy. You ma make sales but it will be the hard way. Instead, you can target business centers, cyber cafés, private schools where they have computers in much.

PREPARE FOR COMPETITON: Some businesses had failed because they can not withstand the pressure of competition. You have to really study things like (1). Who are the people in the business already? (2). Are they doing the business the right way? (3). Is there anything they are supposed to add and they are not adding e.g. customer service. I will prefer someone who will attend to me very well and ready to take both relevant and irrelevant question from me with smile.
You have to study where you can improve on what others are lacking and make this known to you audience.

BRANDING & PACKAGING: If you really want o stay much in business without thinking much of competition, then you have to make you service different brand. You can offer the same service but branding it in a different way will (1). Make you less border about competition. (2). Add more value to your services despite it is the same result with others. (3) Fetch you more money.

EXPERIENCE: This is a very important issue in the course o doing a successful business. Experience will help you to handle so many issues and problem that money cannot solve. It will also help you to reduce your expenses. One of the ways to go about this is to have a good consultant or interview people that know about the business either directly or indirectly.

PASSION: Please if you want to do business, my advice for you is to do a business that you have passion for. This will enable you to keep your head high even when things are not going well especially at the start of the business. 2 people started printing business. Mr. A had no money to set up the business but he has passion for it since a very long time. Mr. B had enough money and he agreed to finance the business. Shortly after the business took off, unexpected competition started and Mr. B decided to withdraw. Because of the passion that Mr. A have, he had been able to go extra mile and the business is about to change gear as he had almost paid the millions to Mr. B back to him. This is a true life story.

MANAGEMENT: Never misuse fund when you are beginning to make profit. This should sink well to everybody’s mind without much explanation. At least 40% of your profit should be in reserve to expand the business.

START SMALL: If you able to discipline yourself very well which is a must even if you have big money, then you should be able to start small. Never attempt to buy the best, the most expensive and etc at the start of the business. For instance, employing the best man in the field at the beginning of the business will make you pay high salary at the beginning which may affect a new business. THIS IS OVER INVESTMENT
NOTE: you can do this when you are sure the business had grown.

CAPITAL: This is equally important. But I want to tell you today that this is the list important. A new business that lacks capital but has all the above intact will survive, though, it may take time. A business that have capital but lacks the above quality will fail.

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Nice one,  any tips on how to start a small scale poultry or fishery business