Everyone has resolutions for the year, if your resolution is to start a business this year, then you must read this.
I will be as brief as possible, know that business world is like an ocean, there is no limit to where you can swim but you can be forgotten if you lose your course, certainly, many businesses have come and gone without any trace, some left leaving their memory behind.
Surely, it is the desire of every entrepreneur to remain relevant in the business world.
Sustaining your business requires you to cross every “T” and dot every “i” in the business world, ignoring the small dot might just show you the way to extinction.
Now let’s consider things you must avoid
- Avoid going into a business you don’t understand: Many ventures into businesses they don’t know, this will just make you a prey to those who understands. Take time to learn about it, understand it fully, then you can proceed.
- Not conducting market research: Assumption is number one step to failure in business, your idea may be great, but your location may not be right, kindly ensure you conduct market research for your business, know the acceptance rate, the age range, location and preferred mode of delivery.
- Not having a business plan: Your business plan is your business structure, it usually a critical and objective forecast of the business including, capital needed, number of staff, expenses and revenue forecast, you need an airplane approach, not a kick and start or helicopter approach.
Read Also: 9 Business Ideas You Can Start With N50,000 in 2019
- Taking wrong loans: Loans are great for business, although not advisable for startups, the incubation stage of a business has a challenge that is different from other stages of business which is acceptability, nobody can tell if the new idea or service will be accepted or not, some loans have terms that are dangerous for startups, you need to understand the loan terms, if you must take a loan.
- Not separating business from personal money: this will just help you drain your business, friends, and family will help you drain your business if you do not separate your business funds from your personal money.
