How to start a small scale business on campus /Home

There are no limitations on who can become a great entrepreneur.  You don’t need a lot of money in the bank or even business experience to start something that could become the next major triumph. To become one of the best, you need to do what successful people do/did and do that yourself slowly and steadily.

Starting a business can be compelling and complicated for first time entrepreneurs. There are many hats to wear, boxes to unbox and stuffs to do. What you do need  is a solid plan and the drive to see it through.

Again, starting a business entails understanding and dealing with multiple things .

In this piece, we will cover 8 must do Steps that will help you launch your own small scale business on campus or home and set up for future success.

1. Identify a business Idea 
2. Validate your business idea 
3. Get a memorable business Name & Logo
4. Develop a business plan 
5. Understand Business Finances 
6. Choose the Right Saving Firm/Bank for your small scale business
7. Choose the structure of your small scale business 
8. Get license and permit  

1. Identify a Business Idea ? 

This includes mining your interest. That’s finding out what you like to do in your leisure time. Are there products you can sell that elate to your hobbies or that would solve a common problem if you have identified in your community.

Also thoroughly research on existing products.

Find out from popular products in the market if there are common complaints and frustrations and if you can identify gaps in the market.

2. Validate your business Idea

Once you have narrowed down on a business idea, it is important to go through all the questions below to validate it.

a.How specific have you gone with your idea?

b. How would you measure your progress and success? 

c. Have you set landmarks or milestones and are they achievable?

d. Are you providing solution to customer’s needs?

e. What differentiates you from your competitors?

f. How much capital do you have to risk?

h. Are you fully invested in this?

Validating your small scale business might sound stressful and complicated, but it’s a matter of testing the hypothesis whether your client or customer is willing to pay for your product before you sink too much time and money into it. For instance, doing business on campus means most of your customers would probably be students so you need to go in for products that are budget friendly.

Remember, all you need is one solid idea to get started. Also bear in mind in  you are a student or perhaps have other tasks to do at home so it’s advisable to start with a signature product and expand into complementary goods from there. 

3.  Get a memorable Business Name or Logo 

One of the most interesting part of starting your own small business is the name and the logo. It might sound easy to come up with one however it must be a catchy great business name.

It must be short and simple. One that customers can easily recall. Perhaps getting one or two words is ideal and it must be you you unique.  Example Anidans Collections, Izzy bag outlets, Ak Dollar wrist watches, AJ juice etc.  Also, you must find out if the name is not in use by a competitor already. 

Short activity

From the 3 points above, I want you to get an exercise book and write down your business idea, and answer the validating questions as Well as the business name and logo.

In our next piece I would explain the other 5 tips in starting a small scale business on campus/ Home.

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Alexander Acheampong

Biochemist, writer, food content creator, entrepreneur

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