You don’t have an MBA or any business background and have just started a small business but you are facing certain challenges which you are clueless on to how to solve them. There is no need to panic. These are a few advice that will help a young entrepreneur deal with these challenges.
When you are starting a small business you don’t have to invest thousands of cedis in it. That is not what makes it successful. It is rather very risky to start a business with a huge upfront cost and minimal revenue trickling in over a long period. Remember you are only just starting. Start small, with a relatively wise investment. That way, management is easier and effective.
First of all familiarize yourself with the business law and marketing strategy that work in the locality you are establishing yourself.
A financial report is very essential. A cashflow statement doesn’t take time to prepare .It is simply a report with detailed information about the cash that went in and out of the business account. With a financial report you are able to track just exactly when your business starts making money. This way you are cautious not to run the business at a loss.
Never underestimate your business no matter how small it is. To stay motivated you can talk to people with a lot of experience in the business field. Look for people who have had a lot of success with their business and ask for their advice.
Networking is very important. Many great opportunities grows from your network with other business owners. So make friends. You can grow your network easily by attending social events for investors and entrepreneurs. Conversations you have in such places are filled with very valuable information. You also get the opportunity to share your challenges with them and get in-depth responses on how to rectify them.