Enough capital (Money) is one of
the vital elements required for success of starting A Photography Business IN
Nigeria . Money is not only required for the startup of the business but it is
also essential for staying in business begins to make profits. Therefore, to
play down the place of finance in business success is tantamount to planning
for business failure.
The working capital is very
fundamental to the existence of a fresh business until the business begins to
yield profits.
This could the reason the most important consideration in any
venture’s feasibility study is the financial aspects of the proposed venture.
Without this, the success of the business is in doubt. Most times, would be
photography business owners fail to take this into account and therefore the
businesses cannot survive till they see their first turn around. It is a mere
waste of time and resources to start a business that cannot survive till
business begins to make profits. After all, nobody enters business for fun.’ It
is imperative to ensure that adequate finance is in place before the take
-off of the business. The presence of
finance is a vital ingredient to business growth. This is more so as every
activity geared toward growth and expansion of
businesses required financial involvement . while a properly documented
business plan has the potential to stimulate the growth of small businesses,
however inability to access the requisite funds can hamper the realization of
such plan should be able to attract investors to generate finance for the
business.
Sequel to this, Entrepreneurial
and business management skills is an important parameter in photography business
growth. However , most of the businesses have very low management skills.
Entrepreneurial and business management skills can be acquired but not without
a financial cost. Therefore for businesses to grow and expand, more money must
also be invested in training programs that can catalyze their growth. It is also
through such training that photography business owners can learn how to conceptualize and
draw up viable business plans which can attract investors.
At the start up, business owners
have no alternative than to manage very lean resources. Most times they cannot
but play multiple roles to reduce cost. A business owner can serve as chief executive
officer, marketing and sales director, sales assistant, chief operating
officer, finance manager, human resource officer, IT manager, graphics designer
etc. while this can serve the cost of operating the business, it can also
affect the productivity of the business. There is an old saying “two good heads
are better than one”. This also applies to the business environment. A ‘one
man’ business would always assume the size and capabilities of one person. This
does not anchor well for the growth and expansion of the business unless the vision of the business is to
remain . To employ more people that can
help speed up the growth of the business, more finance is also required.
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