MUST READ|| MONEY MANAGEMENT|| HOW MUCH DO I NEED.

When I saw the topic, How much do you want, I smiled cause I know one fact about money. it's not about how much you get but how well you use it. That's where we talk about money management.

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My name is Maduabuchi Anointed Chidera, AKA Chiddy, and today we talk about Money Management before we fall back to our great topic, How much do you want.

Firstly, let's me define Money management; This is the ability to organize finances and channel them in the right proportions such that it generates revenue for you with out tampering with the start up funds, Also known as Capital. This involves a well designed strategy for a personal business idea or a popular business idea. It doesn't matter what business you decide on, strategizing is what makes you stand out of the crowd.

HOW TO STRATEGIZE PROPERLY BEFORE STARTING A BUSINESS...

1. DO A SURVEY, MAKE PROPER ENQUIRY.... Before you start a business, make sure you research about that business
   Now, I don't mean only your regular web browsing alone, web browsing is good but it's has 40% chance of failure, because it's someone theory and it's not applicable everywhere, that research is probably based on a specific location or a couple of them, and 70% of the time your location isn't part of the researched places.
   My own personal advice is for you to get out there, visit random people who do the same thing you want to start doing, ask them questions, and ask relevant questions. For example, find out how they started out, ask them what inspired them, find out their struggles, ask them how lucrative the business is and where they see there selves in the next 3-5 years.

After you've done this in one location, move to other locations and do the same too, gather all the information and do a review, find out the common problem, that is the one problems almost every one mentioned about the business, then find a solution that you thin might work, make sure yor theory has at least 50-70% chance of solving the problem, then test run it by trying it on a very small scale. Get your review, if it isn't accurate or it has a major flaw in it, then you find ways to fix it or you regenarate another solution as the case may be, make sure you aim for excellence, if you don't find a solution, I recommend you find something else to do or else you suffer the same fate as others who are already in the business.

1. FIND RIGHT LOCATION AND THE RIGHT SPOT FOR YOUR BUSINESS...
   Make sure you pick the right location, it spices up the whole thing. In the right location, you don't need much advertising, you find a free flow of traffic.

2. DO YOUR ANALYSIS...
   Before you start, do an analysis of how and what it'll take you to start up and grow the business.
   Invision and give your self a target for every month, then make sure you complete 3% of your target daily, that way your business will survive and wax strong.

LASTLY, Start small, generate good traffic then expand slowly but steadily.
Here is an experienced tip, do not employ staffs on your first 3-6 months, build your business by yourself, be available because only you knows the ethics of your own business and how to execute it effectively.
If you require assistant, get someone you trust to assist you the slowly expand.

HOW MUCH DO I NEED...
At this point in my life, if I can get my hand on a capital fund of at least million naira, I will set up two unisex salon in two different locations within Nigeria, generate traffic, then start from there.
I so believe in the potential I have when it comes to barbing and beauty at large, I know I have what it takes, all I need is a capital good enough for at least one start up.

Thank you for reading, feel free to leave your comments on the comment section, tell what you think about my analysis.

Signing out, Chiddy
Peace ✌️
#beinformed #ChIddY #reach-out #Hive #Reachout