Having been in salaried employment without making any headway both morally and financially for quite some time do you think it is high time you set up your own business without tears but do not know how to go about it? Have you been nursing some kind of idea but without any iota of knowledge about implementing it? Have you ever tried much as you could to float a business but continues to meet undue challenges and failures to an extent that you want to give up the hope and return to your traditional 30 days-make-a-check work? Are you now at a crossroad as to what you can do to eke out a living from your personal business efforts? If you answer is yes to these questions then the following lines you are about to read are going to make a difference in the efforts you have previously been making so far without success.

There is no gainsaying the fact that setting up your own business without tears may not be as easy as you may think initially but with adequate planning, foresight and perseverance you may not be far from achieving your lofty aims and objectives so all you need now is to relax and come along on this piece. As it is often said, there is nothing life that is comparable to freedom but one thing with that phenomenon is its attachment to a price which, if not paid early enough, will leave one in a conundrum or rather a blind alley.

Leaving paid employment for self-employment or business rather is just like walking in a square blindfolded meaning that if extra care is not taken one might not be far from falling into a pit of drudgery and obscurity that might in the end, lead one to sorrow and this is the reason why many factors are to be taken into account before setting up properly. Since there is virtually no opportunity that does not come with a price all efforts must be geared at making sacrifices and overcoming challenges along the way.

After working all the pros and cons of what the entire set up is all about, the next step is to find an appropriate name to give to your new effort and no matter how, such name must be short and witty so that it will not be difficult for your prospective clients to remember . There is no point in setting up a business in an English speaking environment and giving it an obscured foreign name that will not easily stick to people’s psyche otherwise your case will be like that of musical band that goes to play for an association of deaf and dumb, the outcome, no doubt cannot be farfetched.

Once that is done, the next thing for you is how to source finance in keeping the business going come rain come shine if you do not want it to suffer a sudden extinction. This could be from your personal savings, loans from friends and family, cooperative society, mutual trust funds and other amicable open means but as a small scale entrepreneur, you should rule out the possibility of going to the bank for loan at least in the mean time unless you are sure that the business will yield a quick return on investment.

After injecting adequate fund into the business, the next approach is marketing which could be by newspaper advertisements, printing and distribution of leaflets and also by words of mouth.

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Author's Bio: 

Ade Adenekan is the Executive Director of Pan-African Reconciliation Centre in Lagos City Nigeria and a leader in the third sector of the global economy.

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