More than 56% of businesses in Nigeria are SMEs(small-medium enterprises), and new ones coming up daily.

Many of these businesses ended up closing or folding up within the first 2 years and the major reasons are:
1. They don't make a profit as they expected.
2. They can't scale up.
3. Too many competitors.
So many of these businesses ended up shutting their doors because of d following reasons:
1. No or low background research:

For every action, they say there is an equal and opposite reaction to it according to physics. B4 u embark on any buss, thorough research must b done, u need to establish a want for ur product or services in d market, but unfortunately, many business owners just start cos they here there is money in that business.

2. No buss plan: a business plan is like a guideline and skeleton to your buzz it shows
So many business owners don't have a blueprint they just start and hope for sales to drop in.
3. No online presence: 94% of people now access the internet via their mobile phones according to consumer barometer. D's is to tell us people have left the analog age and are now in the digital age, so if as a buss u re still wasting huge money on traditional ads, u might not have sales and quick ROI, u need to establish a strong online presence especially on social media.

4. No insight about your audience: How sad would it be to advertise a shower cap to a guy, instead of a lady. With proper audience insight, u will know Where, how and what your audience is before u even start any buss and target them, so u dont end up marketing to d wrong person.

5. Consistency: many businesses want fast results but don't keep up their pace. Imagine u re following a series on MNET every week and they show one episode D's week and show another one in 3weeks time, u will get discouraged and lose interest, that's how being consistent can help u scale and make money, people will see u as an authority in that field someone that is serious.


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