Saturday, August 28, 2021

6 Common Mistakes to Avoid When Starting a Business in Nigeria

 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

common business mistakes


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!

Bio

Taiwo Sotikare is an outstanding freelance copywriter and editor with over five years of experience. He has written hundreds of articles on Freelancing, Entrepreneurship, Career Development, and Writing Tips. He is a content creator at insight.ng and experts.ng.

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