Katibi Islamiyyah.

It is very common to have ideas but ideas do not transform into a business until the conceiver breathes life into it by actually starting.
However, starting needs an organised idea.

Hence, today we'll be discussing about Conceiving and Organizing our Business ideas. Before we dive in...
I'd love to correct a notion
"Oh, my friend is doing a business, making money and I'm not doing anything" Or "Everyone is selling something and I'm here just with this job".
As much as I love being an entrepreneur and it seems  "Entrepreneurship"  is the way, I do not share the opinion that everyone should dive into a business.

The best business ideas are those that merge both passion and needs.
Passion with respect to what you love, what you understand, what excites you, what you find easy to do, what you enjoy...
And need with respect to what your target market expects.

I for instance, I was born into jewellery business. So, When I came to Ilorin in 2014, I realised people hardly get durable jewelleries around. Hence, Kat'is Adornmix, my business, was conceived.
For some people, business is like quick money. But with this kind of orientation, for most of them, that business will be just temporary.
I won't sugarcoat us that money is not everything. Money is a big motivation behind businesses but it goes beyond the money you want to make. It is something that has to do with your entire being, your mental state, financial state, emotional state, even your spiritual state because you will pray for it.
It can't always be passion, passion, passion. It might be a skill you acquire
Something you developed along the line. Something you learnt etc

About business Ideas, some might sound ridiculous.
You know Instagram? People actually pay to know how to use it.
And Zoom? Yes people do.
I know someone who makes money from teaching people  how to use Instagram for their businesses.
Now, this person is not just teaching you the same thing every other person does on instagram, which includes the normal posting, captions, hashtag, tagging etc...
This person teaches you the rudiments of instagram usage for business.
How to attract more traffic to your business
Paid advertisements
Profile organisation etc.

This is to show that so far you give value, meet people's needs and you understand what you have. No idea is ridiculous. Basically, conceiving a business idea revolves  around
Selling your passion/skill
Understanding what you're giving out
Meeting people's need value over money.
Yup... No idea is ridiculous, all you need is a very good package for it.

Organising your Business Idea
Organizing a business idea basically means you should draw a business Plan.
A business plan is a written document that describes in detail, how a new business is going to achieve its goals.
A business plan is a fundamental tool a start up have prior to commencement of operation.

For anyone who wants to start a business, it is very important you make sure that your business plan is aimed at convincing your potential investor to invest. That's if you're looking for investors.
Usually, most organizations and firms that invest in businesses for profit, look towards  how good your business plan is. Is it obtainable?
You just don't write a business plan because you need to write a business plan. You need to do your homework.
Your business plan should be clear and concise.
Your audience should be clearly carried along.
The location you want to serve should be specified. etc.

Another thing your business plan should include is the executive summary: the employees, operations and your locations.

It should also outline the products and services offered by your company, the product lifespan and benefit. Because consumers are mostly interested in how best your company can benefit them. Your consumer won't patronize you because you're a friend or family or your advertisement is great. They want benefit, so it should include how best you can benefit them.
Now note it's not every consumer that'll get to read your plan, NO. However, having a clear cut vision and mission helps you work in line of what you want to offer. It gives a sense of direction.

Your market analysis shouldn't be left out. This outlines the competition and how it factors in the industry along with how you can play around its strengths and weaknesses.

There is Marketing strategy also.
This is just how your company will attract and keep it's customer base and how it intends to broaden its reach to the consumers. A clear distribution channel must be outlined.

One beautiful analogy I love about Market analysis and Marketing Strategy is DSTV and Startime.
 Startimes was launched in Nigeria in 2010.
Before then, the satellite provider that was dominant was DSTV. Startimes came and it was super affordable.
Almost everyone could get one.

Multichoice realised this and birthed Gotv in 2011, reduced the subscription fee for DSTV and created an avenue for a limited number of audience to give that feel of DSTV ownership.

Now I want us to pay attention to this;
Market analysis from Startimes was that the only available cable was expensive for everyone to afford. They played with the weakness and launched theirs.
Multichoice Marketing strategy was to bring something that could compete with it and that they had to do swiftly.

Now, they could have reduced the subscription fee for DSTV to compete with Startimes but they didn't.
Why?
Because they have a target audience.
People of a particular class and because of a competition,  they didn't bring their standard down.
Today, when we think about cables, we know DSTV is still premium compared to the Gotv and Startimes

 Lastly!
Financial planning: Should include any financial planning and/or projections.
Financial statements, balance sheets and other financial information may be included for already established businesses.
New businesses may include targets for the first few years of the business and any potential investors.

I remember when I started my business, I didn't have any direction or guidance.
Just get stocks and sell.
I didn't find it easy.
Then I started taking business courses, mapped out a plan, not very detailed though but something close though. It's funny how little actions can give clearer picture
 Having a business plan and guide can therefore never be over emphasized.

Katibi Islamiyyah is a graduate of statistics from the University of Ilorin. She is the founder and Executive Director of Kati's Adornmix: An online Jewellery Store.