Paper 2 how to start your own money spinning business - ronald olusegun olaiya

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.


• Buy an existing business

• Buy a franchise

• Franchise your business

• Identify opportunities arising from your

current business

• Identify the full scope of your 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


• 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


• Become an agent

• Become a distributor

• Become an import distributor or agent

• Become an export distributor

• Market someone else's product

• Expand market areas


• Offer discount goods for resale

• Plan and promote events

• Provide a consultation or information service


• 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.


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.


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.


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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


mailto:[email protected]






