10 Most Noticeable Errors Of Start-up Business AND Ways To Overcome Them

Work load and Time factor has been a major challenge to sizeable number of people who start their own business. They become quickly overwhelmed due to their failure to conduct a careful feasibility study and detailed research on the line of business they intend to float. I have been lucky enough to have delivered at least 7 feasibility reports to different clients since the beginning of 2016. The latest request from a client in USA is a feasibility report on the EXPORT OF NIGERIAN CHARCOAL AND AGRO PRODUCTS.

Related article http://hollalaycan.blogspot.com.ng/2015/08/5-questions-to-ask-before-starting-your.html

Ø Let us begin with the first set of questions for an aspiring entrepreneur:

Ø Am I ready to start my own business?

Ø Do I possess the mindset of an entrepreneur? 

Ø Am I dedicated to spend all the time needed to be successful?

Ø Perhaps, are you ready to take enormous risks?

Ø And lastly, do I have a Plan B?

In the early days, the overall task of running the business lies on your shoulder as you are the overall boss, the General-Manager/Admin, the accountant, the salesperson, the computer technician, the secretary, the receptionist. It is imperative to get ready for challenges as there will be days when you are disenchanted, down in the dumps, or discouraged. To achieve your anticipated results may take some time as real entrepreneurial success doesn’t come suddenly.

In order to circumvent these frustrations, I have highlighted ‘The 10 Most Noticeable Errors Of Start-up Business & How to Overcome Them’:

Error Number 1 - Failure to conduct extensive feasibility, viability and profitability study of proposed business idea.

It has been reported oftentimes that new business or start-ups failed in the first few year of take offs because most entrepreneurs were not truly interested in the business; they were more interested in making money. For the fact that you will be spending a lot of time and resources on your new business it is advisable to venture into a business driven by passion.

Therefore, expend all the time you need working on your feasibility study and business plan, which should include: your mission statement, your business strategy, research on your target market (demographics), your marketing plan, your financial projections and sales, industry analysis (size, economics, trends, success factors, challenges, etc.)

See also http://hollalaycan.blogspot.com.ng/2015/10/9-sure-steps-to-set-up-your-own.html

Error Number 2 - Failure to establish whether the business truly adds value.

If your business can provide value by offering a service or products that people need it is most likely going to stand the test of time and become sustainable over a period of time. To overcome this blunder, ensure your products or services provide value and benefit to your target audience. Always provide pre-sale and after sale services to your clients.

See related http://hollalaycan.blogspot.com.ng/2016/03/how-to-start-your-own-profitable.html

Error Number 3 – Shortsightedness in the area of understanding the business dynamics.

Inability to identify the tools essential for every business is an error that must be avoided when starting a new business. Numerous business leaders, business consultants and management executives are of the opinion that paying attention to detail is a panacea for business success. The magic potion here is to recognize all the aspects of your business that are germane to the vision and mission of your corporate existence.

http://hollalaycan.blogspot.com.ng/2014/12/details-of-40-small-businesses-you-can.html

Error Number 4 – Being Jack Of All Trade And Master Of None

Any startup business which failed to describe its business in only one or two sentences will seriously make it complex for prospective clients to comprehend the purpose of the business and identify the value or benefits your business offer. To overcome this barrier, you must have a spontaneous brand statement and identity that instantly introduces your business, its mission and values that will make it unforgettable.

Error Number 5 - Failure to get in touch with experts who can help you get started.

The problem with new entrepreneurs starting a business is that they seldom ask experts on how to go about it, instead, they solicit advice from people mostly family and friends who have never started a business; so in reality, these people are not in a position to offer sound advice.

In order to avoid such pitfall, look for a mentor or surround yourself with experts who possess dexterity and proficiency that you may be deficient in. Team up with professionals who can harmonize your strengths and cover for your limitations.

http://hollalaycan.blogspot.com.ng/2014/04/a-business-plan-for-set-up-of-nylon-and.html

Error Number 6 – Underestimating Your financial requirements.

How much capital do you need to start your business? Do you know the market well enough, have you calculated your cost, what is your sales projection, do you know the number of customers you need? Do you know how long it will take before you get your first benefits or before you will run out of money? Failure to invest your time to work on all financial aspects, especially the major ones, of your business before you start could spell doom for new startups.

http://hollalaycan.blogspot.com.ng/2015/06/no-capital-or-fund-7-ways-to-earn-money.html

Error Number 7 - Failure to make marketing of utmost importance

A lot of new businesses have failed to attract any clients because entrepreneurs start

Read More »

MY ANNIVERSARY FREEBIES: HOW TO BE SUCCESSFUL IN BUSINESS AND LIFE

I AM CELEBRATING MY ANNIVERSARIES WITH A LOT OF FREEBIES AND GOODIES!

Today 17^th August marks the Wedding Anniversary to my friend now my wife and also exactly six years I left the banking system for an entrepreneurship, Myself and my wife initially planned to go out to a fun place and enjoy the day while thanking God for bringing us to this stage of our union, however, my wife decided to enroll for further training in her business where she would be learning how to use 3D and other sophisticated measuring and cutting edge instruments to improve her business and today coincidentally happens to be the first day of the training course, so we postponed our honeymoon till next weekend for her to start the training. In case you don’t know what my does, find out on her page here……………

https://www.facebook.com/bazzancouture?ref=hl.

Likewise, in order to put a mark to the celebration of my six years sojourn in self-employment, I also decided to share this FREE REPORTS on how to successfully start your own business with little or NO Capital.

Are you thinking about setting up your own business? Have you an idea for a new business but are unsure about how to proceed? If you have answered yes to either of these questions, this article could be of benefit to you. I am going to write about how to plan and create a successful small business. Do you need a second job while still in paid employment? Read on to gain a better insight….

Working two jobs is quickly becoming the norm instead of the exception.  Many people even work three jobs. Getting a Second Job for the Short Term is an essential ingredients to starting a business of your own……Related…..http://bit.ly/1JcxRNG

Many people are looking at ways in which they can become self-employed as they have had enough of being dictated to and fed up of long and frustrating commutes to work. They want the freedom of being their own boss and to be able to choose their own hours of work. I had this unpleasant feeling when I was working with Guaranty Trust Bank plc as a marketing personnel, it was fun at the beginning but as time went by it became a nightmare going to work every blessed day. I had to put in my resignation to avoid the pitfall of regrets that comes with JOB not driven by passion.

See related article.. http://bit.ly/1MwLeuL

Leaving a full time career can be quite a scary prospect however. The security of having a regular income and other benefits such as a pension and a Loan, Health and Housing schemes can seem hard to let go. I am sure many people whether rightly or wrongly have opted to stick with this security and to merely keep their business plan as an idea, which they never see through or use.

Other people are willing and happy to take the risk and see it as a way of getting out of the rat race. When I took the decision in August 2009 to resign my appointment with Gtbank plc, I almost was crucified by my parent, colleagues, family and friends for leaving Certainty for Uncertainty, going from Known to Unknown and leaving a Paid Job to a Self-employed business ventures whose success has not been tested. However, the odds seem unfavorable at first, but it has become more passionate as time passes. I have fallen, failed, rises, succeed and had better experience in managing business, I have equally grown thick skin to the challenges of business, all these I wouldn’t have achieved if I am still in paid employment.

See related article http://bit.ly/1TNm5jD

It has been 6 years down the line and I have not had any cause to apply for a job anywhere apart from my own small business venture which I have been managing after my resignation. In between this little period of transition from employee to an entrepreneur, I have achieved a quantum of experience, knowledge, goodwill and connections that comes with driving your true passion to attain success in life. I cannot begin to count my blessings or mention by numbers how much I have achieved since taking the decision to quit paid job but I can confidently reveal that I have set the stage for the BIG BANG! about to happen very soon. It’s been awesome seeing my humble

Read More »

DO YOU KNOW THIS?

The Federal Institute of Industrial Research, Oshodi (FIIRO) is a parastatal under the agency of the Federal Ministry of Science and Technology. FIIRO was the idea of an economic mission sent to Nigeria in 1953 by the World Bank. The mission's observation was that industrial research activities in Nigeria were diffused and uncoordinated with no definite direction. Consequently, a decision was reached to set the Institute in 1956.

VISION STATEMENT
To be the foremost centre for Science and Technology-based research and development for the industrialization and socio-economic advancement of the nation.

MISSION STATEMENT
To conduct and promote market-driven research and development (R&D) for the industrialization and socio-economic development of the country.

MANDATE

To assist in accelerating the industrialization of the Nigerian economy through finding utilization for the country’s raw materials and upgrading indigenous production technologies specifically to:-

1. Identifing & Characterizing local raw materials for use in industries
2. Develop appropriate technologies; upgrading indigenous technologies in the area of food and agro-allied processing and in various non-food us
3. Develop Pilot scale operations
4. Assists in the transfer, adaptation and utilization of these technologies by local enterprises
5. Undertake economic evaluation of Projects and consultancy services
6. To undertake the preparation, publication and Dissemination of useful technical information to industries and researchers.

 CURRENT AREA OF FOCUS

•  Research and Development of Food and Agro – Allied Processing Technologies.
•  Research and Development into Pulp and Paper Processing.
•  Research and Development into Packaging and Product Design
•  Design and Fabrication of Equipment Prototype.

LOCATION:
The institute is located at FIIRO road, off Agege Motor road, Cappa Bus Stop, Oshodi Lagos Nigeria.

PHYSICAL DESCRIPTION:
FIIRO occupies a five hectare land mass. It has organizations such as NITEL, NAFDAC, NAFRC and NIMET as her surrounding neighbours. The major buildings in the institute include, the Administrative building, which accommodates the office of the Director General, the Library, Accounts etc, the second wing of the Administrative building is exclusively for all the six Directors in the institute.

We also have the three storey buildings that we refer to as the Laboratory and the Engineering building. Between the Laboratory building and the Administrative building is the bakery and close to the bakery is FIIRO’s first ever Pilot Plant. Also within the premises are the multipurpose building, the foundry, the staff canteen, the fruit juice pilot plant, the staff quarters and the prototype machine building.

Please Go to http://www.fiiro.org/index.php/events  for upcoming events at the center.

Read More »

List of small business with little or no capital series continued................

21.INTERIOR DECORATION: Market your talents to building contractors. People purchasing new homes can often be overwhelmed with the choices and possibilities in home decorating. Design some questionnaires for each major element and each major room in the house. Find out how the homeowner will use the home--are there children? Pets? How will each room be used? Suggest color separations for the painting of the rooms, try and explore the use of wallpapers in room areas where traffic is high. Get hold of catalogs showing architectural masterpiece, develop an interior model that suites your client budget, give them options and freedom to express their views on what you intend to do. Referral will definitely come your way if you get it right. This business does not really requires much capital, with a good marketing skill and creativity you will succeed.

22.RECHARGE CARD PRINTING : If you have not heard of recharge card business before, perhaps you are still living in the cave of kuvuki land. A recent study shows that the average monthly money spent on voice and data in Nigeria amounts to N445Billion. Even the GSM companies attest to the fact that Nigeria is a Goldmine when it comes to Telecoms business. You can actually start with capital as low as N10k and make a profit of N2k if you do your network well. There are 3 categories of recharge card business anyway, you could either be a Retailer, wholesaler or Dealer. Whichever category you chose, it’s a good venture because as long as people still keeps subscribing and making phone calls you will never be out of business, also it is not a seasonal business.

23.BUSINESS PLAN SERVICES: Just this month alone I have received an Offer to develop a business plan for five clients in the area of NYLON BUSINESS,ICE BLOCK MAKING,CAR WASH BUSINESS; EVENT CENTER and TRAVELS AND TOUR PACKAGES. At least, I receive an incentive of N100K alone on the NYLON BUSINESS PLAN. Choose an area of business you have expertise on, include a market research on it, and write the business plan narrative and the financial statements. Plan your fee around the main one that the client will want and offer the others as add-on services. You can give clients an electronic file and allow them to take it from there, or you can keep the business plan on file and offer the service of fine-tuning it whenever necessary. Have business plan samples to show clients--and make sure to include your own!.You can also start with little or no capital as Google is always your friend on research.

24.A CYBER CAFE/BUSINESS CENTER: Prior to the era of Telecoms proliferation, the cybercafe cafe or business centers used to be the only place ordinary people could visit to carry out some task such as checking/sending emails,Fax,Internet calls(VOIP),Typing of documents,scanning,binding,graphic works,etc. But now,some of these tasks could be done in the comfort of your house,however, due to the economic growth and the competitive nature of modern day business the Cybercafe/business center has refused to go into oblivion. The fact remains that in a business center outfit,you could basically performs all I.T related functions at a glance and with precision. Therefore,it is not going to be a wild goose chase venturing into this line of business as it can be undertaken by anyone. I have a complete business plan for anyone who wish to go into this line of business. You can start with as little as N200K-N500K.

25.FOOTBALL VIEWING CENTER: In the contemporary African setting,having a satellite dish system at home used to be a luxury but with the emergence of DSTV, GOTV, STARTIMES, MYTV and other free-to air satellite stations,watching foreign Television programs has never eluded the Nigerian viewers again. Soccer being a unifying sport has created an avenue for prospect in viewing centers,people love to watch football where they could shout,argue and make fun or jests of other club supporters. Although it is not an everyday business but the weekly income from viewing center could take care of the basic necessities required in the family,all you need is space that can accommodate up to 50 viewers,get a DSTV Dish and decoder,set of TVs and speaker unit for public attention. You can add refreshments such as biscuits,gala,soft drinks to balance the equation. You can start with as low as N200K-N500K capital.

Follow this topic page for more updates

Read More »

IDEAS AND PROSPECTS

Do you know it is always good to start small and grow big in every business?Yes,the essence is to prepare for the uncertainties and the unforseen.While we all strive to make a very big profit from our small investments,we must also bear in mind business grows only if the owner grows and remain consistently focused by taking one step at a time.Never try to rush your investment to pay back,else you will ruin the business yourself.

Read More »