Many new businesses fail in Nigeria and other countries on a yearly basis. Running your own business can completely take over your life and if you’re not careful, it can have adverse effects on your family, friends and even your health as all these would be neglected!
After studying all the pros and cons involved, if you’re still convinced you can be successful, there are 4 Golden Rules that we believe you need to follow:
Research Your Target Market Thoroughly
Regardless of the nature of your business, your management expertise etc, your business will fail unless you have customers. So your product or service should be tailored to meet the demands of your target market.
Plan Towards Attracting Future Investors
The measure of your success will be the potential of your business to attract investors in the near future. So ask yourself: Will anyone be willing to invest in my business in the next 5 years? If so, why?
Have Enough Finance To Start
Your initial setting up cost will be for your premises, equipment and working capital. It has been well researched that most businesses fail in the first three years because they’ve run out of working capital!
Take Qualified Advice
There are many skills needed for running and managing your business and you can’t possibly know it all. So take advice from your colleagues, trade magazines, etc. Moreso when you are considering placing your business online you need the advice of a qualified Internet Consultant.
If you are serious about establishing a professional web presence, the services of professional Internet Consultants should be considered. Web production is a fundamentally simple practice, yet the many ever-changing subtleties and finer points take years to master. This is why so many businesses that try to cut corners going in for DIY (do-it-yourself) online solutions often fail because they didn’t take advice from a professional Internet Consultant.