Generally, when you are starting a new thing, be it business, program, or schooling, the process is filled with enthusiasm and unexpected experiences that make you feel exhausted. It is very normal. And you should know how to cope with it.
Starting a new business in Nigeria generally attracts a lot of mistakes. It seems so natural that many successful entrepreneurs have concluded that mistakes come with the business. You must have heard that popular expression, "let's go and make more mistakes." And as real as this statement is, some business mistakes can actually be avoided. And fortunately, that is the aim of this article, to walk you through 10 common business mistakes you should avoid when starting a business.
6 Common Mistakes You Should Avoid When Starting a Business in Nigeria
1. Lack of Adequate Market Research
At times, the
enthusiasm that comes with starting a new business makes many Nigerians ignore
the aspect of carrying out adequate marketing research. They look at the market
from their end and conclude it is easy. They refuse to check out their
competitions and know what they are getting right or getting wrong. They don't
define their targeted audience and figure out what strategy to try out. Rather
they delve into it with the intention that they will figure it out as they
progress. Would you mind avoiding this mistake in your chosen business? It will
cost you more than you think.
2. Ignoring the Planning Phase
Many business owners make
the mistake of jumping to business without making a business plan for their business.
This often costs them many challenges just within the first or second months of
starting the business. This should be.
Planning is an
essential aspect of business you shouldn't take with levity. It decides how far
you can go in your chosen industry. It helps you foresee what will work and
what won't work. Please avoid this business mistake at every opportunity you
get.
3. Neglecting the Goldmine in Marketing
A popular business
quote says, "doing a business without advertising is like winking to a
girl in the dark, you know what you are doing, but she doesn't." This is
the case for many small business owners when starting their
desired business. They refuse to give it adequate outreach, but instead, they
depend on the company to market itself. It is a bad mistake, and you should
ensure you avoid it. Check out the different kinds of marketing and know what works
best for you.
4. Planning Only for Success
It is great if what
drives you to business is the success story of other Nigerian businessmen. It
is great. However, no matter how this drives you, always have it at the back of
your mind that failure is possible. While this may sound like a bit of
pessimist advice, the truth is, it is not. Knowing that there is a tendency
that you will fail in your new business will help you to plan on how to
mitigate this failure and create extra pathways to scribe your name on the wall
of successful business owners in Nigeria.
5. Neglecting the Legal Aspect of Your Business
Many Nigerian business
owners, both small and big, even forget there is anything like litigation and
in the safe hand of the law. All they want to do is commence their business and
start winning. However, it can be detrimental at a time when legal documents
start floating on their office table. To avoid this, consult your friends and
family in the legal field and let them help you review if the legal threat that
may come against your bossiness. This includes your copyrights, tax, trademark,
etc.
6. Doing Everything Alone
While I will heavily
commend your entrepreneurs' skill for taking tapes to start your business, it
is also important to make you understand that your business will lag if you
plan to do it alone. I know you have the vibe to learn all skills and execute
all aspects of the industry with your good brain. However, as humans, we all
have some natural limitations where it will be best to consult other people's
help and services. Would you mind not making the mistake of doing everything
alone in your new business? Learn to outsource.
Conclusion
The
enthusiasm that comes with starting a new business, as good as it is, can make
you ignore some important things you should consider. Fortunately for you, you
have come across this excellent list of 6 common mistakes to avoid when
starting a business in Nigeria. However, other than just reading this awesome
piece, it is essential you put it into action. Bring yourself together and
check if you have put this factor into consideration. If yes, congratulation.
If no, please start work on it now. Shalom!
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