Five things you need to consider before starting.
People who work and live in the diaspora are some of the hardest working people in the world. Sometimes they work on more than one job at a time. Many of them like to save money and start something at home, whilst others are simply looking for an investment opportunity, which can give them a good return.
If you are thinking of either starting a business back home, or investing in an existing business.
1. Be clear about your motive:
The first thing you must be clear about in your mind, is the motive behind your decision. Some of the motives behind a decision to invest back home include the following:
# the need to reduce the burden of constantly sending money home,
# creating an opportunity for you to return home.
# creating a “nest egg” for when you retire, and return home.
# getting a better return than what you think you can get where you are.
Hey, I’m not here to judge your motive. All that I want you to know is that understanding your own motive, and being honest about it, will have a big role in the strategy you adopt and can be the difference between success and failure, along with so many other things, I have spoken about before.
Not every motive requires the same strategy for success.
Some motives can lead to serious problems, if you are not careful.
2. How much time, do you have to spend on it?
It is extremely important for you have an honest assessment, from the very beginning about how much time you can spend tending to the business back home. You have to always bear in mind that your current job or jobs demand a lot of time. You might also be far away in a country with different time zones, or where it is very difficult to travel from at short notice, if there is a crisis in the business.
Knowing how much time you are able to spend, will help you evaluate the timing of the decision to start a business and most importantly, the type of business you should do.
3.Do your homework about the business environment back home:
Prepare a proper business plan.
Study the market carefully.
Don’t rush, be methodical. Remember, you worked hard for the money.
4. It always pays to get advice from others:
Talk to others in the diaspora who are in business. Ask deep searching, well researched questions. Talk to other business people back home.
Don’t rush. Be methodical…. Remember, you worked hard for this money.
5 Who is going to look after the business.
You have worked hard for the money so be careful and diligent about who you give responsibility for running the day to day affairs of the business.
Don’t mix up, the need to have someone loyal with the need to have someone competent. Handing over your hard earned money to an unemployed cousin, simply because you trust him, has left many people in tears. Its important to be professional about how you go about choosing someone to look after the venture, even if it is a relative.
Should you start a business, or just buy shares, in an existing business?
This is something you must decide first. I will talk about it in the next post.
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