HOW NOT TO BUILD A BUSINESS

Have you ever given a second to think about how the many buildings around you came to be? I have. As someone who is constantly in the company of Civil Engineers, I am left with no choice but to learn that a lot actually goes into the construction of a building.

From my experience, I know that, as opposed to the belief of many that the most important part of a building is the foundation, it is first the desire to build that stands as the most crucial part of the entire construction process. If the client does not first take interest in undergoing a building project, there is going to be nothing to build.

Likewise, in building a business, your desire fueled by your vision gives you something to run with and hold on to at every phase of the building process. You must have heard severally, “Entrepreneurship is tough.” “Building a business is the real ghetto.” As much as these statements hold true, venturing into business without a flaming vision and unstoppable mission is tougher and the real ghetto.

Hence, the first way to not build a business is to run empty.

The next thing you want to look at from a building engineer’s point of view is the purpose of the project. This begs the question, what kind of building do you want to erect and for what use? A bungalow, a storey building, a tower, etc. and for what purpose? Residential, infrastructural, industrial, commercial, etc. Asking all of these questions inform the content of the building plan, which is a graphical representation of what the building is expected to look like after construction.

In the same vein, just before you start building that business and translate that magnificent business idea into reality, there are certain important questions to be asked. Like the builder, it is illogical to go to the land site with all your tools and begin to throw in the stones, sand, bricks and blocks. You must work with precision and this precision is preceded by clarity.

To achieve this clarity, you must first take a seat and truthfully answer these questions:

·??????? Why do I want to build this business?

·??????? Is this idea realistic and feasible?

·??????? What problem will this business solve?

·??????? Is there a demand for this product/service?

·??????? Who are my target audience?

·??????? Where are they and how can I reach them?

·??????? Will they be willing to pay for this product/service?

·??????? What is the cost of building this business? (Resource-wise)

·??????? What is the opportunity cost of building this business?

And the big elephant in the room- How profitable is this business?

The answers to these questions constitute the content of your business plan which serves as a guidebook in building your dream business. Your business plan is a comprehensive documentation of the answers to this question; and if you are unable to figure this out, it is best to seek the expertise of a Business Consultant, like we have at Pivot HQ. This expert will hold your hand through all of these processes.

Finally, it is important to note that building a business is costly. Asides the financial cost, you must take account of the time, energy, non-financial resources and even the opportunity cost (which is the cost of another venture you could have explored). Hence, you do not set out to build a business without your business plan in hand and at heart.

A successful business is one that was thoroughly thought through and adequately prepared for; not one with the most resources available. ???

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