Mistakes you shouldn’t make as a first time entrepreneur in Nigeria.
1. Don’t throw big parties in the name of a business launch. Open for a few months then consider a launch event to increase your visibility if necessary. Goal is “Revenue not popularity!”
2. Never borrow money from friends or family to start your business. If it fails you will become a bad friend and a debtor. Be honest upfront and communicate the risks if you must.
3. Your friends and relatives are not your actual customers
4. A repeat customer should be treated like a king. They pay your rent, new customers help you grow.
5. Good Customer service is cheaper than negative reviews
6. Referral is key to growth, be shameless and ask your customers to become your brand advocates
7. Taking your business revenues to church as seed offering. Don’t do it!
8. Location! Location! Location. If it didn’t dey, it didn’t dey! Don’t think you have the magic to bring customers to a bad location.
9. Don’t hire your relatives just because you are related. They must be more competent than a stranger who is also a candidate.
9. If you must take a bank loan, make sure you have an accountant that can keep you disciplined with repayments.
10. Trust is the lifeblood of your business. Make sure your staff are trained to demonstrate this always
11. Your friends and family are not haters because they don’t promote your business. It’s your job to promote your own business.
12. Nobody will build your dream for you. Sending money from diaspora or sitting at home for others to run or build your business for you is STUPIDITY! Be present…….
13. Don’t be clueless about any aspect of your business. Continuous learning is key!
14. First in, Last Out! Be the last one in the building as much as you can, you will discover a lot about your business.
15. Growth is the intrinsic value of every business. If you are not growing revenues, customers or your profit margins, you must re-strategize or exit!
16. Replicate organizational culture across locations. Every location must have employees and processes that are similar. Customers love consistency!
17. Always a have a lawyer on retainer.
18. A nice boss is a bad boss. Be a leader first but treat your staff like family. They will look out for you always!
19. Never accept an employee that resigns to return. It creates distrusts and weakens morale among loyal staff.
20. Develop your staff, always ask them to tell you their life goals and help them identify their strength. Growth in life is the number desire of most humans. You will get loyalty and value while they are employed.
I will be sharing more…..🙏🏾🙏🏾