Tony Igweh: The Lies We Tell Ourselves When Starting A New Business
–Igweh Tony | IOA DIGITAL CONSULT
I have a client who wants to start a food business, she plans to get a shop and open a restaurant.
Nice idea, I love the idea I think food business is good business.
She plans to invest at least 800,000 and at most 1.5million Bucks if she adds all the unforeseen exigencies. I asked her, how long does she think it will take for her to hit her ROI (Return on Investment), she said “6 months”.
I almost died from laughter, 1.5 million in 6 months for a new business nobody knows. If you can make enough money to keep the business running then you are in Huge luck.
You see the lies we tell our selves when we are about to start a business, we make all these positive projections and throw around unrealistic numbers, you then try to compare your self with people who have been in the business for 3 years, or more.
Its good to be optimistic, very good in business to be positive to see the bright side but what is most important is, be honest to your self in all things.
I think she may not make 1.5million in 1 year, I think it is not wise to tie down 1.5million in a business that you can not determine the outcome.
This is 2020, business modules have changed there are channels which are less capital intensive and will guarantee you your investment if equally hard work is put into it.
Since she came to consult with me, I devised a more economical, futuristic and attainable strategy.
I would have loved to highlight each detail but that will take a whole textbook.
But let’s say she is satisfied with the solutions we proferred and she is currently running with it.
I think I would like to keep up with this one.
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