Owning your own business would always be a good thing, many times it would have its ups and downs just like some other things in our lives. The truth is that many small business owners at various points are prone to making mistakes. I mean mistakes are part of life, right?

That is why materials like this are made available to you, to reduce your exposure to these mistakes. Some of which can be very costly to your business. StatisticBrain in a widely cited statistic, reports that over 71% of startups die out or churn within 10 years.

Noteworthy is the fact that small businesses are vulnerable to failure the moment the correct measures are not taken. Failure is part of the journey but we do not always have to learn from experience. I put it to you that experience is not always the best teacher. Imagine how many F’s a lazy student could have avoided if only he studied hard? Imagine how many mistakes you can avoid if you read this article attentively?

Hence, this article is necessary for small business owners as I will be letting you in on top mistakes that could affect your business.

1. LACK OF PREPARATION

It is often said that “if you fail to plan then you plan to fail” as cliché as it sounds, it is completely true. Many small business owners make the mistake of not planning adequately before jumping into the market, only to discover how unprepared they were. Every research that can be possibly done about the business you want to get into should be done! Researches that have to do with how your prospective consumers will accept your business and what performance you should expect within a particular period of time must not be overlooked.

Starting out your business without adequately preparing in terms of a good business plan, financial plan and marketing plan is a way to downhill as fast as you started.

Hence, plan as much as you can; take surveys making considering the location and the nature of your business.

2. BAD BUSINESS NAME IDEAS

A lot of people say that a business name has nothing to do with the success of a business. Let me debunk that notion. The type of business you plan to go into should affect your choice of the business name. For instance, we all love how Chicken Republic and Shoprite sound and it is so easy to relate to them because they are catchy and represent appropriately the brand they stand for.

3. BAD MONEY MANAGEMENT

As a small business owner who spends money without caution, please be equally prepared to stay in business as long as your money management skills. The money gotten from a growing business is supposed to be used to boost and bring more returns. However, most new business owners who begin to make money get overly excited by their returns and spend lavishly.

You should be put your business revenue to good use.

4. POOR MARKETING

For any business to thrive and be widely accepted, marketing is paramount. Not just marketing, but well-strategized marketing. Why is this important? You don’t market, no one knows you, no one knows you, no one buys from you, no one buys from you, your business dies.

Therefore, you cannot be slack or just plan your marketing strategy shabbily. There are various platforms that are great for marketing, do yourself good to utilize such platforms for advertisement. Funny thing, social media is there for you. Facebook, Instagram and Twitter amongst others can be used to amplify your business, create awareness today!!!

For instance; have a social media presence, get a website – take advantage of technology to its fullest! Don’t complain about the cost; just as I stated in the previous point; your returns should be used to boost the business so go all the way with it!

Continue reading at... https://www.sme360.ng/2020/06/23/7-mistakes-small-business-owners-make-in-nigeria/

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Survey for Business Owners (incentive within)

Hello smiley
My team is building tools to help grow your business! This 2 minutes survey seeks your insights based on your day to day experience as a store owner/operator. If you have any questions, please reach me- kedoxadesanya@yahoo.co.uk. Thanks.

The survey link: https://forms.gle/6X9gtnjTLdNKY5ao6