• Monday, March 04, 2024
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How to get started for financial turnaround

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I was recently in a conversation with a young friend of mine. She and her family have been having it tough under the current economic crisis. After we’d finished speaking, I began to wonder how families can come to grips with the current financial crisis plaguing everywhere.

I understand this is a global thing. But life is about looking for solutions, especially ones to help your immediate family deal with the financial crisis at hand.

An average educated family in Nigeria are no better off than the masses now. You can hardly tell the difference between someone who spent years in the educational system and someone who didn’t. Most people are struggling to put food on the table, the second basic need of man after water.

You see, when food becomes an issue, it simply means everything else is already challenging the family. It has become common place to see parents running from pillar to post when term time comes around. Many begging family and friends for money to pay their children’s school fees. Or those who dread to see the landlord when their rents are due.

Those who run their own businesses are finding that competition has become steep with at least five other people competing for the customers around them. It is surely a gloomy picture.

So, how can one find a solution to the predicament that has fallen on the people of Nigeria? especially, the middle class, who make up the working sector of the economy, they are supposed to be the backbone of a country. The middle class are the drivers of the public and private sector. Once this group feel the pinch of an economic crisis, every other group will also feel the pain. People selling in the market place need the middle class to spend large sums of money to keep them profitable. The market people rely on this group more than their own kind. The masses always buy in small quantities but the middle class make bulk purchases. So you can see, once this group of people begin to suffer, the economy begins to suffer.

Back to my question, what is the solution, how can people find a lasting answer to the challenge of providing for the needs of their families?

I’m going to increase my tone from this point on and be upfront, I do ask for your forgiveness. I had lived in Nigeria for many years and ran three hugely successful businesses. This has given me first-hand knowledge of how things can go right or wrong when it comes to providing for the needs of oneself and family.

When you are down and out financially it is almost impossible to see opportunities but the only sure way to overcome one’s situation is to start a business. Now I did say there is heavy competition out there but running your own business is the sure way to change your financialcondition.

Starting a business for financial turnaround

Finding gaps in the market

Finding gaps in the market is one of the main ways people have changed their financial situation. What is lacking in your community or what is being offered at low standard that you can improve upon? In the western world people have found financial breakthrough from filling a gap in the market.

Opportunities

What opportunities are around you? Many take very little money to start. Say to yourself, I must present it differently?”Opportunities are in abundance where there are people. Many times the real challenge people face is not as much a money problem as it is a mind-set problem. Many believe they need money to start a business. Unfortunately money is the least of your worries to begin with. Do not get me wrong money is an important part of the equation but it is not the main part and in some cases it turns out to be the very hindrance in setting up a business. You might wonder why I said this, when people have money at their disposal, there tends to be a lot of wastage. Then when they really need the money,it’s all gone.

Be Creative

We all have a sense of imagination. And from time to time we encounter some form of inspiration. For your business to stand out you must develop a creative mind. Look through magazines, buy books on successful people, read what they did to build their business.

Be innovative

Think outside the box. How can I make this the best product or service out there? Put a twist to your business.

Become a niche

Start a business where people know you are the ‘go to person’ in that field. Niches are becoming the life of any business today. Think of something that will make you unique.

Model a successful person’s beginnings

Look for successful people and ask them how they got started. Or get books on successful people and model their beginnings.

These are a few ways you can start up your own business for a lasting financial turnaround.