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
their
business without determining their target audience, niche and demography first.
As a matter of fact, marketing should be one of your top priorities to have a successful
business. For the business to generate more clients, you need to devise a
marketing plan that will help you determine how to promote your products or
services and create a system that will best suit your clients needs.
To solve
this problem, dedicate a good fraction of your time and power to working on and
implementing your marketing plan. Set up a meeting with yourself once a week to
work on your marketing plan and whatever happens never cancel this meeting; it
is essential for your business.
See also http://hollalaycan.blogspot.com.ng/2015/10/9-secret-traits-of-effective.html
Error Number 8 - Losing focus on the business
A person who
is overly optimistic and pursues too many goals and directions at once typically
ends up with mediocre results. It is better to define your business’ mission as
concise and narrowly as possible. When you move in too many directions at once,
especially in the first few years of your business, you are likely to fail to
execute anything correctly; so you end up working “on the business” instead of
“in the business.” In other words, you will spend all your time operating each
task on your own. You won’t have the time to sit back, and decide on the best
way to develop your own marketing plan, create new products, or improve your
services.
The solution
is to know you objectives. Put them to task and make sure they are realistic,
specific and measurable and that you set yourself a deadline to achieve them.
Related http://hollalaycan.blogspot.com.ng/2015/11/how-peasant-farmer-built-hyundai-brand.html
Error Number 9 – Issue Of Excessive-marketing
You may be thinking
that your offering is the best in your marketplace because you have developed
your product or service and have perfected your offering; however, to be efficient
and sell to everyone, you need to select a specific target market and stick to
it. By doing this you will have a more efficient message and will more likely
achieve success much sooner. One clear cut measure to tackle this problem is to
cautiously determine your niche, your demography, your ideal clients, where
they go, what they read, what their hobbies are, etc. Once you have a clear knowledge
of your client’s profile you will then have a full understanding of how and
where to find more of them.
Error Number 10 – Issue of feedback and follow-up
with clients
Scores of
new entrepreneurs have ended up losing clients they already have due to neglect
and as a result of desperation to constantly find new clients. Statistics prove
that it takes seven more interactions to secure a new client than to sell more
to a repeated client. Hence, develop and maintain a useful and organized
follow-up system to offer new services to your clients and don’t let them slip
out of your client list. The solution is to constantly and over and over again
communicate with your current clients.
Start a
newsletter, offer special/discount sales, loyalty reward packages, and create
new products to sell. People who have already bought from you will appreciate
it when you recommend other products. Statistics show that up to one out of
three clients will take advantage of this new offer. Your clients became your best audience when you
build a very special relationship with them.
Feel free to
share this as somebody out there might appreciate it.
For your
Business Registration, Business Plan, Brand Marketing, Business Proposals,
Strategic Business Development, Content Management, SMS and E-mail Marketing,
Expatriate Quota/Work Permits, SMEs start-up.
Contact
us at:
Prospective
Ideas Nig Ent
5,
Atunwa Street Off Unity Rd,
By
Custom Training School
Ikeja.
Lagos
- State.
+2348034201291;
+2348170327317
ideasandprospects@gmail.com;
lekanolanite@gmail.com
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