What should you avoid before starting a business? Continue reading to know what to avoid for your new business to flourish.
With the current economy of Nigeria and, of course, the global inflation caused by COVID-19, pretty much everyone now explores the idea of a “side hustle” to make extra income. This has become a thing, and almost everyone you know is selling something, right? And you have been thinking maybe you should too, and that is absolutely great.
However, if you are planning to start a business or you have one but things are not going so well, then this article is for you as it will address things to avoid as a potential or new business owner.
What to Avoid Before Starting a Business
If you are planning to start a business, there are certain things you must avoid. This section will show you some things to avoid before starting a business.
Not having a business plan
The first mistake we believe a lot of potential and new business owners make is going forward without a business plan. Any business without a plan is most likely to fail sooner or later, so it is important to come up with a business plan, and it can be temporary before you get a better detailed, and professional plan.
Inadequate financial resources
I know you have heard about “Start a business with whatever you have now.” While this might sound convincing, it is equally important to take into consideration your financial strength before starting a business.
The essence of starting a business is to add value and also make money, right? So, if you are not quite there yet financially, do not burden yourself with unnecessary pressure.
However, you must make sure you have enough money to get the business up and running for at least the first 6 months or even a year.
Not passionate about your product/service
Do not start to sell a product or service because everyone seems to be selling it. Avoid venturing into a business because, at the time, people keep saying it is lucrative.
As a potential business owner, find your niche and make sure it is something you enjoy or will enjoy selling. This makes marketing seamless.
Some will argue that this is not important, but I beg to differ. This is because, in many instances, people have opted out of their businesses because of a lack of passion for it.
Not being specific
This brings us to the SMART analysis in business, which is Specific, Measurable, Achievable, Relevant, and Time-bound or Timely. If you start a business without being specific about how much time you’ll spend on it in a day, then it will be difficult to measure or track the time you spend each day.
Make sure to set goals for yourself. That way, it is easier to know if your business is progressing or needs new strategies to keep it alive.
Not setting the right price
As a potential business owner, it is important to learn pricing. You might think you know what you are doing, but you may have been doing it wrong.
Don’t set your price based on your competitors. If you have been pricing your products or services without a professional guide, then this is your cue to talk to an expert for guidance.
Not taking online marketing seriously
The world is now global, and with the shift from physical store visits to shopping online businesses. Many physical stores are beginning to explore the digital space to get engagement and drive more sales.
Social media marketing goes beyond just coming online to post your products. Using social media marketing tools should not be neglected as it has become a big deal in society. Almost everyone is buying online, and that is why businesses are taking advantage of the online space.
Not asking for help
As a potential or new business owner, you will need to ask for help from people who have been in business, and there is absolutely nothing wrong with asking for help. You can have a mentor or speak to a business consultant for support and ideas for growth.
Starting a business is never easy. However, this post has revealed some things to watch out for when starting a business. Do you have any others? Share them with us in the comments section. Meanwhile, you can visit our blog to learn more about starting and running a business.