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The Young Exec's Playbook: Starting A Business (II)

we continue from where we stopped in yesterday's discussion on starting small businesses.

Trustworthiness
Seriously nobody wants to do business with a perceived crook not to talk of a real crook, maintain a healthy image. An image of a cheating, win-at-all-cost, dishonest businessman will keep genuine customers and investors away. Never get greedy, cheat or do some behind-the-back dealings on your partner. Do not deal in fake products or substandard goods, let your yes be yes do not shift collection/delivery dates unnecessarily. Long and short of the matter is this : maintain a clean image.

PS. Stay away from people with bad rep who will paint you guilty by association in the eyes of customers and investors.

Look the Part
As a young Exec, you should look the part. I’d advice you get a suit (I hear that’s the key to closing deals in Abuja). While a suit may not be really really important, it is important you dress smart whenever you go for an engagement, especially as you as the image of the business.

Apart from looking the part, also speak the part especially when you go out to meet customers and investors. Speaking and writing using the accepted register for the field you are engaged in gives your customers and investors the confidence that you know your field.

Advertise
As soon as-even before, your business starts, you can begin advertising your goods and services. The cheapest and easiest form of advertisement has been and will remain by word of mouth. Tell your friends to tell their friends about your products and services. Offer free samples and free services as a way of advertising also.
Never underestimate the power of social media, if possible open facebook, twitter, g+ pages for your business, especially if you are into service provision. From there you can launch larger media campaigns as your business grows.

Network
As your business grows, you’ll discover that you cannot do everything on your own. That is the reason you need to network, networking with professionals in industries allied to yours will make things a lot easier. Networking is like a professional friendship between two businessmen, build alliances at every opportunity, introduce yourself and your business whenever the chance. From your networks you will be able to find suppliers and service providers for business at costs comfortable to you. Other businesses within your networks will find it easy to recommend customers to you.
For instance as an emerging fashion designer having makeup artists, Photographers, modeling agencies, Stylists, and PR people in you networks saves you some money in form of discounts when it comes to organizing a photo shoot.

Manage resources properly
Manage your resources properly such that you can derive optimum value for your investments. Be austere in your expenditure and maximize value for everything you pay for. Cut all unnecessary weights and operate as slim and flexible as possible.
When your business stabilizes and you begin to get returns on your investments, be sure you manage it properly. Do not rush to get the latest Beamer or take on a chieftaincy title and injure your business in the process. Neither should you let debts, employee trouble run you aground.
In case you have troubles with management get books on it and read up.
Best wishes in your business!



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