"SEC-S20W1 | My Business Ideas | (Retail Business)

Many of us here are being gifted with the idea to start a business and get it monetized through the delivery of services or products, but our major concern which I think is a setback, is usually capital. This is why the rich keep getting richer, because a rich person has a small business idea he or she will just start the business immediately.

The foundation of entrepreneurial ventures starts with a business idea as it is essential for the growth, development, and success of new enterprises. Today, I this post, I am so pleased to take part in this challenge organized by @dove11, and @aviral123.

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Question #1- Are you planning to start a business or already in business?

Yes, I am planning to start a business. The business has always been on my mind to start because I love being a boss of my own, and want to provide people with quality products and services, also, the reason why I want to start a business is to create an employment opportunity for people and as well become wealthy.

There are many businesses that I planning to start. I have an idea in real estate business, hospitality, transportation business, and retail business. As someone who is still saving funds to start his business, it is retail business that I am planning to start first before venturing into others.

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The type of retail business that I am planning to start, is a supermarket where I will be selling all kinds of groceries, household goods, and other kinds of products. The good thing that I like in this business is how goods are organized into sections on shelves and aisles thatmakess easier for customers to locate and get what they want. It is a business that comes with less stress.

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Question #2- Keeping in mind that you can start your business alone or on a partnership basis, what is your idea of your business model? Describe in 200- 250 words

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The retailer business model is my business model idea that I have. Just like Amazon, Walmart, Jumia, and Aldi are operating is how I am planning my business model to be. There are several steps to building a business model, and there is no single way of building a business model.

In my business model, I will identify my customer, and understand the problem that I am trying to solve in my business. Also in my business model, I will determine how my clients and customers, will buy products in this case, I will create a website for my business so people can buy online and a means where whatever is bought online will be delivered to the customer.

Also, In my business model, I will determine the way my business will make money, which will not only be selling goods. In summary, I will review my plan from time to time and adjust my target audience, pricing, and product line to meet up with government policies.

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Question #3- Keeping in mind partnership businesses have both advantages and disadvantages, what is your idea of your business model? Describe in up to 200-250 words.

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A partnership business has both advantages and disadvantages one of the advantages is growth and large capital contribution, whereas its disadvantages are conflict and problems in sharing the ratio of profits generated. Since a partnership business model is the type of model that leverages the strength of multiple people, fostering collaboration, and sharing ideas and expertise, my ideal model would focus on complementary skills.

I will focus on skills where every partner will bring his or her unique capabilities such as operations, strategy planning, marketing, and decision-making to ensure work and every activity of the business is balanced. Decision-making is very important in a partnership business, as it fosters innovation while managing the risk of a business.

Also, I will adopt shared resources and capital to foster the growth of the business, which I will lay emphasis on clear roles, conflict resolution, and legal agreement, and set a clear means of avoiding disputes. In general, I would ensure there is trust and open communication for every partner.

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Question #4- You are in a business now and doing well; let's know what your plans are and what efforts you are making to expand your business for the long term. Will you do it on your own or hire professionals?

For me to ensure long-term business growth, my plan would involve a mix of professional expertise and growth strategies for the expansion of the business. Honestly, I would focus on strengthening the core (key) aspects of my business, like improving customer service, streamlining operations, and product offerings. Doing this and if I can achieve it, would help me to build a strong foundation for the future expansion of my business.

Also, I would hire professionals with specialized skills in finance, marketing, and technology to bring their wealth of expertise and innovation which would help me to scale through faster. Also, I will opt for partnership and collaboration to expand my business as doing such would open a new market for me. A balance of hands-on leadership and professional expertise is essential for the sustainable growth of a business which I will take seriously to expand my business.

I am inviting: @pelon53, @simonnwigwe, and @ruthjoe