Tips Before Quitting Your Job For A New Venture!!

Whatever reason for wanting to quit your job may be, you need some careful planning that will help you financially and mentally to leave that employment and make the process less stressful. Being reckless could be your big mistake, you should develop a list of pros and cons of quitting your job. If leaving your employment is still your decision; to help you get ready before your freedom day, here are some important things that you need to realize before quitting your job and starting your own company.

1.       Do your homework

Leaving your employment is not generally something you should do precipitately or in the heat of the moment when you are frustrated. Since your interest is launching an own company, a good plan is very crucial. The best way for you to smoothen your transition period is to grow your business while you are still employed. It is indispensable to learn everything about your product or service, know your audience and buyers, know your competitors, and most of all know whether you really have something unique to offer the industry. Figure how this knowledge will fit into your financial outlook and your overall life and business plan. Doing your research, getting your finances in order, and setting target dates can help you answer those questions so that you can start moving forward.

2.       Develop a business plan.

Once you have completed your home work, it is time to put everything in writing. Developing a business plan can be the key to your success. A business plan will help you work out the goals you want to achieve, and the strategies to achieve them. This means you can focus your resources and energy on what you need to do, rather than spreading yourself too thin. You can use a plan to establish the right steps to starting a new business, including what you need to do, what resources will be required, and what you expect to happen. Also a business plan can be used to back up a business loan application. Investors, lenders and the likes want to see the plan; and are expecting the plan to cover the main points which includes an overview, executive summary, company description, objectives, vision and mission statement, information about the market and industry, the strategy, the management, a marketing plan, an operational plan, financial plan and an appendix.

3.       Establish a Financial Plan

Your personal finances need to be just right before you allow your main line of sustainable income to disappear, therefore it is a good idea to develop a budget to determine how long you can survive on your own. Before looking at funding for your company, you need to have your own personal finances in check. You need to asses exactly the amount of money you need to continue with your current lifestyle, the amount of money at your disposal, and the backup options you have in case you run out of money. In addition to planning your personal finances, you will need to have a financial plan for your startup capital which includes investor(s), personal savings, loan and grants or award. All weather, you need to plan in advance because if you cannot afford getting the capital, your company will not takeoff.

4.       Legal Consideration

You have to consider the legal point of view of your business. For example, are there legal considerations like permits or licenses? One of the main points is about business structure, because it will dictate the process of registration for permits or licenses and tax purpose. You need to have the structure for your startup in place, specifically your legal structure. There are various types of businesses entities you can establish, these include; sole proprietorship, a corporation, a limited liability company, and a partnership company.  

5.       Assemble Your Team.

Before launching your business, consider whether you will need a mentor, partners and/or employees. The idea of business might be yours and attractive, but you may find yourself in a situation where you some degree of help to start and run your new venture. Seek out and reconnect with individuals in your network who can help with your transition and provide valuable insights as you create and grow your new business. You have to reach all of your co-workers, managers, suppliers, and customers. Since you will be starting a new business, it is not a bad idea to let people know how they can support you in your new venture.  Normally, you don’t have to spend money if you can avoid it; you need to look at the resources that are currently available to you.

7. Be focused

As a business person you have to stay focused on your plan. No matter how the details small are, if you do not focus on the small details, you will not be able to form the ideal business. Planning is the key, and little things such as choosing the right social media channels or filling your taxes returns are vital to your success.

6.       Choose a Business Place.

It is not necessarily an office from which to run your business; however, it is important to stay organized as a business person. You can start by working from home until your business takes off in the short term, while looking for the best option for the long run. Regardless of the place, whether at home or somewhere else; make sure everything about your business is well documented and organized.

7.       Compose and improve your portfolio or resume.

Why do you need resume? Because an in-depth and polished resume is vital for convincing your potential clients, team and investors that you possess the talent, knowledge, skills and expertise to be successful. Though you are planning to be your own boss, it is a good idea to have an updated resume.

8.       Provide Your Notice as per Contract

When everything is in place and you are ready to launch your business, it is time to quit your job and start your own business. Usually people say don’t burn the bridges, quitting without resignation notice period, gossiping across the office, not completing your final assignments etc could be the worst decision of your life. You cannot be sure that it will be of a success or that your old company won't come in handy one day; it is better to keep doing your best so that your former employer can be a reference, refer you to prospective investors or customers, and it leaves the door open if your company folds and you have to come back.

Do you still want to resign?

Starting a new business can be more challenging than you initially thought. Take your time to conduct research, reviewing your finances, and start building your brand so that you smoothen your business transition period for success. Despite the hardships involved, freelancing may offers you a number of great paybacks. With these tips, you can make your business the best and most profitable adventure.

Profitable Business Ideas in Tanzania 2017

PROFITABLE BUSINESS IN TANZANIA 2017

Tanzania to large extent has completed its transition period from state economy to a market economy; however, the government retains the ownership in some sectors such as telecommunications, banking, energy, and mining. Policy makers in Tanzania have tried to improve the country’s economy regulatory environment for business. Also, the economy of the country has been sustainable in 2017 by achieving an impressive high growth rates in-terms of GDP averaging 6-7%. You can make profits by building profitable businesses in Tanzania in many sectors and with any amount of money you have.

If you have got capital and you are looking to investing in the Tanzania, the following are 8 areas where you should consider investing and make a profit; 

1.    Leather Industry

There are few finished leather products and footwear manufacturers in the country who most of them focus on tourists market thereby making the product more scarce and hence sold at high price.  For example, the currently leather processing plants total capacity is estimated to be 73.9 million square feet that produces only 34.3 million square feet which is equal to 46.4% of the installed capacity. So investing on this business could be a good venture.

2.    Recruitment Agency

Tanzania like any other developing country, unemployment has been a big problem and its ratio is increasing. And one of the biggest issue facing investors who are start businesses in Tanzania is how to find the best employees who has required competencies, experience, and who can be relied for business performance. To most of companies, the employee turnover rate has been high as they have been failing to hire the right employees due to few professional head hunters and job agencies with specialized skills available. If you have the required skills, this could be one of the best opportunity to pursue in Tanzania as recruitment agency does not require huge investment.

3.    Agribusiness

The economy of Tanzania depends on agriculture; which accounts for an average of 29 percent of GDP, provides 85% of exports, employs about 65% of the work force, and accounts for almost 7% of government expenditures. Industrialization in Tanzania is mainly focused in the processing of agricultural foods. Tanzania has a vision 2025, which aims at having at least 40% of the GDP contributed by the manufacturing sector by 2025. The country’s agriculture sector is notable for the cultivation of crops like corn, cassava, sweet potatoes, beans, bananas, millet, tobacco, coffee, tea and cotton etc. According to the United Nations Food & Agriculture Organization (FAO), 70 percent of caloric intake requirements of low and middle-income households are met by street food. Tanzania is blessed with diverse climate zones, fertile land, and water to support its agriculture. However, Tanzania’s commercial-scale farming cannot keep up with growing demand. Agribusiness in Tanzania could be untapped goldmine.

4.    Education

Access of education at primary level in Tanzania is almost universal and the primary completion rate is around 90%. The fee free primary and secondary education policy has had a positive impact by boosting both access and retention. However, the education sector in Tanzania is facing some challenges which include poor access to quality education and low access to secondary and higher education which makes Tanzania’s human talents to be one of its underexplored assets. Currently, a couple of interesting businesses and initiatives are achieving remarkable successes as they tackle Tanzania’s education problems uncompromisingly. If you have a good model, this could be an interesting business.

5.    IT support services

Currently IT services is a booming business and if you are an expert in IT you can start you own business of providing IT support and services.

6.    Apps and Online Services

In Tanzania like any other developing country in Africa, there is a digital revolution taking over. The digital economy is growing very fast and there is almost an app or online service for anything you want. These days many services in Tanzania have an app or are going online; for example, if you are looking for a taxi in Dar es Salaam there is UBER, JUMIA for shopping, also there is NMB, EQUITY, CRDB etc for mobile money. This could be one of the top Tanzania business Opportunities.

7.    Tour or Travel planning

If you have a good geographical knowledge and contacts, this could be another great business idea for you and you should consider starting your own Travels and Tourism Company. Tanzania is a major tourist destination in Africa is the leading sector in terms of foreign exchange earnings. It is estimated to be responsible for more than 10 percent of the country’s labor force. The industry contributes more than US$2billion to the Tanzania’s economy from 1,284,279 tourists who visited the country in 2016. Presently, the travel and tourism industry is considered to be the fastest growing sector in Tanzania, in 2017 the revenues from the tourism industry are projected to be at US$ 2.69billion which goes hand in hand with the estimated increase in the absolute arrival numbers of 1.39m tourists. The industry is still very much open to investors.

8.    African Art

In Tanzania there is inadequate access to arts and cultural activities for young people. However, both antique and contemporary works of African art are attracting high prices in the markets.

The writer is a business planner, writer and consultant found through email:  vtconsult17@gmail.com, Mobile: +255683517251.

7 Tips to Grow Your Business

GROWING YOUR BUSINESS

It takes a lot of hard work, failure, beating limiting beliefs and strategy to grow your business to the level you want. There are many times when giving up feels easier than dealing with difficult circumstances. You must push through and continue doing what you feel affection for. If you are business is stuck and is not growing, see how the following tips that can be applied to help you grow your business.

1. Develop Creative and Comprehensive marketing plan

Everywhere you will be told that social media marketing is the key to your business' marketing efforts; however, Social media is not enough. The power of social media is eminent, but you need more than social media to excel your business. You should be able to develop a comprehensive marketing plan that will grow your potential customer base. The plan involved getting interviewed on podcasts, writing for large authority publications, paying for ads, and getting exposure through speaking and consulting activities. If this strategy is well combined and implemented; can improve your business' email list by more than 45,000 that in turn will lead to explosive revenue growth.

2.  Customer attraction

Make sure your products or services are as attractive as they were before. There is a belief that you can get more customers by lowering prices, but usually most of attracted clients will not be a good fit, so you will be working very hard for a modicum. You will have probably experienced this in your business; you work less for more money, you attract high-end clients and you get paid by the value you provide. The reality is that the lower end pricing will attract customers who are not satisfied and will always ask for more which will create unnecessary havoc. Always identify reasons for customers to like your product or service. Identify what makes you relevant, differentiated and credible and use the same to explain to other consumers why they should do business with you.

3. An entrepreneurial Decisions

Keep focusing on achieving your goals. There will be a lot of opinions and endless advice from family members, friends and more about what they think you should do to grow your business. Sometimes it may work, but a lot of times you will let it go. As a business person you need an entrepreneurial decision, you have to figure out what makes sense for your business. Do not ignore everyone all the time, but ignore advice that distracts you from doing what you believe to be possible. In business, there are all kinds of problems. You have to look for the good in every situation and look for the lesson in everything that goes wrong.

4.  Focus on your strengths

The best way to grow your business is by using your strengths to make the most of your opportunities. You need to establish a schedule that allows you to put your all into your business without burning yourself and start completing your tasks one-after-another, no matter how you feel. Forget about waiting for motivation because not all days you will feel the same like working, you can do the work that it takes to build your business without motivation.  Keep focusing on the work that gets you closer to accomplishing your business mission. There are a lot of ways and all kinds of endless opinion from different people to follow them; however, they will ultimately distract you and your business.

5. Go for the Whale Shark

Besides showing passion, as a business person you need to be optimistic. There are so many things that happen in our life that affect our ways of thinking and what we believe to be possible. Successful people always go for the bigger opportunities that are possible if they put a plan in place and take action. To grow your business, you have to set bigger goals and go after them without limiting your thinking capacity.  Focus on higher-end clients, large corporations, and get more exposure.

6. Evaluating market demand

You need to conduct a thorough research on your competitors to determine the best ways to differentiate your products or services offer from those of your competitors. Launching a new product may sound like an exciting way to grow income, but it can fail rapidly if the market is highly competitive or if there is little demand for the products or services you are offering.

7. Lean from Customers

Successful growth companies have a deep understanding of their customers’ problems. You should be able to invest your time to get out of the office and interact with customers. Doesn’t have to be very complex, just keep it simple to have feedback of your product or services. Customer insight is the foundation for the lean approach to product innovation.

The writer is a business writer, planner and consultant found through email:  vtconsult17@gmail.com, Mobile:+255683517251.