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234Finance: Starting a New Venture in 2017? 5 Important Things to Consider

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You have a great idea and thought of starting a business out of it years ago. In 2016, you vowed to beat your procrastination and launch with a bang, but that never happened. How do you make it happen in 2017?

What’s your passion?
Managing a business is difficult. Besides packaging your products or services, you need to hire the right hands, raise funds, invest time and resources to meet your customers’ demands. Managing a venture is tasking; however if you are passionate about what you do, you won’t feel as exhausted. It’s easier to start and maintain a business you’re passionate about. You need to identify the one thing that you enjoy doing or something that comes naturally to you and think about how you can monetize it in 2017.

Come up with a solid business idea
When you discover your passion, you need to start thinking about how to make a business out of it. Don’t be afraid to make a move in the new year. Remember, Mark Zuckerberg loved coding, and that was why he built the Face Match in his dorm room. Years later, Zuckerberg coded the algorithm for Facebook. No matter how crazy your idea seems at first, if you keep working on it you can create a product or service out of it that will add value.

Research
Get serious in 2017. When you decide how to turn your passion into a business, you have taken the first step of your journey to launching your business. The next step is to conduct adequate research. At this stage, you will  critically examine your business idea and determine its viability. Conducting detailed research  allows you to improve on the idea and it also increases your chances of building a profitable brand from your passion.

Plan
Lack of adequate planning is a major hindrance for one to accomplish any goal. You may have a great idea,  resources, and people who can support you, but without a plan, nothing will get done. Before the end of January next year, ensure you have a thorough plan for your business idea. It shouldn’t have to be difficult; just outline the core elements of a business plan and they will serve as a blueprint for your new business.

Start
Set your plan in motion. You need confidence, courage, and brevity to get the ball rolling. Make 2017 The Year of Action. You don’t need to wait until you get that huge capital, the perfect location or an online presence. Just start something and with time, other things will fall in place.

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234Finance.com is an online hub that promotes African Entrepreneurship. We provide free resources, share opportunities and events that entrepreneurs can benefit from and thrive in Africa’s tough business landscape. Follow 234Finance: instagram.com/234finance facebook.com/234finance twitter.com/234finance

2 Comments

  1. Baby gurl

    December 21, 2016 at 6:52 pm

    Thanks so much 234Finance. 2017 will certainly not pass by without me starting my business. Your points are so in tune with today’s business climate. Very useful and timely. I’m so happy I stumbled upon it. Bookmarked this page already!

  2. Kay-Cee Inspires

    December 26, 2016 at 10:27 pm

    Great article. Action is what brings results #ActionHabit

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