It is no longer news that the standard of living condition in Nigeria is on a declining trend. Nigerians now living in extreme poverty represents nearly 87 million of its estimated 195 million population. Hence, eating a three-square meal in these times is highly unlikely for an average Nigerian as multiple responsibilities stumble headlong. Owing a business in these times seems like an impossible task but this post discusses the capital account of a new business owner, how to start off as an amateur in business with as little as a four-figured paycheck, how it would work for you, and the decreases and increases your capital would bring.
Have you ever stumbled on a business that didn’t sprout from capital no matter the kind? not necessarily a specific amount. Nah! I doubt so. Businesses are legit built on profitability. It’s a simple game of investing money to make more money. And continuously, the money keeps growing, being watered with the right ideas and strategies, capital gains and losses allowed.
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Starting a business with minimal capital can be seen as impossible for most people because they believe if a business is not setup with huge capital it can’t succeed but that’s not true. Research shows that most corporations you hear of today started small, so you can start small and build an empire from it. For instance; Amazon, Dell, Starbucks, Apple, Coscharis Group, Dangote, etc.
Establishing a business takes Commitment, Determination and Consistency. Tricks to starting a business includes knowing exactly what you want to go into, write down a plan, know your target market and market size. Note that your product may not necessarily be for everyone. Ensure that your product meets the needs of people and give your best at what you do. Advertise to potential customers and ensure to have an account containing your costs and benefits. Treat your business as a separate entity, In other words, keep your personal expenses from the business expenses and opening a separate account for your business is advisable. Also, you can run a trial for your product or services and get feedbacks from people which will enable you improve your product or service where necessary.
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