Top Mistakes When Starting A Business


 

Grow your business with JiJi


 

It’s no secret that a lot of people are unhappy with their careers. Low pay, long working hours, unreasonable demands from your boss, financial uncertainty and too much hard work sometimes make you wonder if a personal business is your way to go. However, even if starting your own business seems like a great idea, and you think you’ve already planned everything, there are still a lot of things you can miss. Make sure to avoid those common mistakes businessmen make, and you’re guaranteed to achieve success!

1. Not focusing on your goals

Always keep your eyes on a target!”

When you start a business, there are so many distractions surrounding you in every aspect of life. Your family, financial situation, house, friends all require your attention, so it’s very easy to get distracted and lose your objective. During the early period of your business all you have to focus on is achieving your goals. Of course, it doesn’t mean that you have to forget about your family and friends, but if they understand how important this business is to you, they’ll be fine with letting you do your own thing for several months. Always keep your eyes on a target!

 

2. Skipping the business plan

All around the world a business plan is considered to be something you cannot open a business without. Sure, there may be some examples of people achieving success in business with no business plan, but those occasions are very rare. If you want to stay in business for a long time, be sure to design a business plan first.

What does a good business plan consist of? Well, basically a plan is a thorough description of your future company. Start with describing the product or service you’re planning to sell. Then talk about the market for that product. Next include some information about your competitors – companies who produce and sell similar products. And finally create a detailed financial analysis of your future company. How much money will you have from the beginning? How much does it cost to buy the necessary equipment? How much will you spend on advertising? By answering those questions you will get the necessary information to include in your business plan.

3. Burning the bridges

When you leave your old job to start a personal business, it’s very easy to end all relationships with your old colleagues and your boss. However, it’s not a good strategy for anyone starting a new business. First, your old acquaintances can become your new customers. Second, they will spread the word about your product or service, sending more new customers over to you. And third, if your business fails, you will have to return to work, and it’s impossible to do if you’re not talking to anyone from your previous job. Try to remain friendly with your colleagues even if you’re leaving the company – who knows when you can go back?

4. Thinking you know everything

One of the key rules to people starting their own business is to remain humble. Even experienced businessmen who make millions know that there is something new to learn every day, which is especially true for people with no business experience at all, like you. Of course, you can plan everything in advance, read dozens of business-related books, but nothing can promise you won’t make mistakes.

What you need to do is to see every mistake you make as a chance to learn. Remember that it gets better as you get more experience. Learn something new every day, feel more comfortable in your role of a businessman, and you’ll notice how confident you become over time. Confidence needs to be earned, so don’t start your business thinking you know everything!

5. Not believing in marketing

Marketing is a huge industry that you need to take advantage of when you start a new business. Don’t think marketing is only for large corporations who need to spend thousands on advertising. Small businesses and beginners in business can benefit from marketing as well. In fact, marketing can help you even at the first stage of your business, which is designing the business plan.

Use some marketing research to determine what products and services are the most popular in Nigeria, and what kinds of people are most likely to buy your product. Then, when you’re ready to sell your products or services, use marketing to tell the world about your business. As soon as you use the correct marketing techniques, your business will start growing.

And don’t forget about the power of online marketing, which you can do almost for free! Advertise your products or services in every way you can: on Facebook, on JiJi, on other social networks (including Instagram). It won’t cost you almost anything, but the effect of online marketing can benefit any business.

Keep up the good work, avoid these 5 mistakes, and you’ll achieve success in no time!

My name is Inna. I am a content writer with an English and literature background. As a mother of a 2-year old son, I love learning about children’s health and development, as well as finding new interesting toys and activities for my little one. I am also in love with all things tech and always keep my finger on the pulse of new smartphone and gadget releases. Another big passion of mine is beauty and makeup – every day I read about new trends in skin care and makeup and always look forward to trying them. Plus, I love pop culture, travelling, crafts, and anything that can make our daily life more thrilling!