paper 2 how to start your own money spinning business - ronald olusegun olaiya
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By
Ronald Olusegun Olaiya
Managing Consultant/Chief Executive
Bestride Consulting Limited
Bestride Consulting Limited: How to Start Your Own Money Spinning Business
The idea here is to provide a useful insights
to enable us start, improve and expand a
small and medium businesses.
The information should be able to assist us
in finding or generating opportunities and
learning how to analyse our business
environment to make it work to our
advantage.
Bestride Consulting Limited: How to Start Your Own Money Spinning Business
• Buy an existing business
• Buy a franchise
• Franchise your business
• Identify opportunities arising from your
current business
• Identify the full scope of your business
Bestride Consulting Limited: How to Start Your Own Money Spinning Business
• Take advantage of a market switch
• Capitalize on a growth trend
• Take advantage of new fashions or fads
• Cover market gaps or shortages
• Imitate a successful product or idea
• Find a good product that has failed
• Transfer a concept from one industry to another
• Invent a new product or service
• Create a market demand
• Serve unique client groups
• Take advantage of circumstances
• Find people with under-used skills
Bestride Consulting Limited: How to Start Your Own Money Spinning Business
• Locate a patent opportunity
• Manufacture and market under licence
• Improve an existing product or service
• Assemble a product
• Recycle an existing product
• Become a supplier
• Replace imports
• Cater to discarded markets
• Target a small part of a large market
• Add value to existing products
• Substitute materials in existing products
• Find uses for waste materials
• Combine components
• Package or unpackage existing products
Bestride Consulting Limited: How to Start Your Own Money Spinning Business
• Become an agent
• Become a distributor
• Become an import distributor or agent
• Become an export distributor
• Market someone else's product
• Expand market areas
Bestride Consulting Limited: How to Start Your Own Money Spinning Business
• Offer discount goods for resale
• Plan and promote events
• Provide a consultation or information service
Bestride Consulting Limited: How to Start Your Own Money Spinning Business
• When you buy an existing business, you are assuming
responsibility for an existing customer base, asset and liability
• You may buy a business that is not doing well, believing that
you can use your knowledge and talents to make it succeed.
• Buy a business and resell it quickly. The success would
depend on ability to identify businesses that can be turned
around quickly and resold at a profit.
Bestride Consulting Limited: How to Start Your Own Money Spinning Business
1. To find businesses available for purchase:
• Check newspapers for classified ads under Business
Opportunities or similar headings.
• Contact commercial real estate agents.
• Read ads in trade publications.
• Attend trade shows.
• Talk to people in the trade, and visit businesses of interest to
observe their operations.
• Talk to business professionals (lawyers, accountants and
bankers) to see if they know of any firms for sale.
Bestride Consulting Limited: How to Start Your Own Money Spinning Business
2. Check out businesses you would like to operate looking for
owners who want to retire or sell for other reasons such as
boredom, partnership disagreements, divorce or poor health.
3. Look for businesses that are not doing well, and that your
talents, knowledge and energy could make successful. Beware
of businesses in a shrinking marketplace (e.g. typesetting
printer businesses).
4. Identify and talk with potential customers to determine their
need for your product.
5. Before entering into negotiations to purchase a business, talk
to your banker, accountant and lawyer.
Bestride Consulting Limited: How to Start Your Own Money Spinning Business
Visit & registration with the following links are strongly
recommended:
http://www.sfi4.com/12058229/FREE
http://www.tripleclicks.com/12058229/wave
http://www.profitclicking.com/?r=56cKwzXTq0&p=opp
https://www.profitablesunrise.com/?upline=olusegunolaiya1
Bestride Consulting Limited: How to Start Your Own Money Spinning Business
Ronald Olusegun Olaiya is a Management
Consultant, Online Marketer & Entrepreneur. For enquiries on this write up and other business interests, please contact him via [email protected]; [email protected] or mobile phone +2348184559437
Bestride Consulting Limited: How to Start Your Own Money Spinning Business