Tips for Small Businesses
Starting a business can be overwhelming, as it requires one to leave their comfort zones and take risks, not fearing the consequence. Most business ideas remain ideas, because of the fear of crashing, they never take off. Just like any other thing, businesses have risk factors, it is important to eradicate fear, but this does not mean that a careless approach should be adopted, as there is a difference between fear and thoughtfulness. A famous quote by Irene Rosenfeld, CEO of Mondelez international says ‘I talk a lot about risk, and then I follow that up very quickly by saying, take prudent risks’.
The buildup of the negative effects of the Covid-19 pandemic can also serve as both a deterrent and a propellant to those looking to go into business, considering that 42% of Nigerians lost their jobs (NBS), it is sensible to expect new businesses springing up. With the after effect of the pandemic, starting and running a business would be a more difficult feat. With all that said, below are tips to help you set up and manage your business, post Covid.
- Pay Attention to The Economy: The Corona pandemic, no doubt has weighed heavily on the Nigerian economy. Considering the state of the economy and currency at the moment, it would be difficult engaging in any business, that requires buying goods in foreign currencies as this endeavor will be on the high side, cost wise. On the other hand, selling in foreign currencies has no better time than now. Evaluate the economic sphere at hand, to know what business to venture into per time.
- Count the cost: before venturing into any business, count the cost, factor in the risks, make sure you have all the possible outcomes figured out, check if it is something you are capable of doing and sustaining over a period of time, are you willing to commit, are you willing to bear the consequences of your decision, by doing this, nothing takes you by surprise. Counting the cost, helps you plan, it also helps you plan accordingly.
- Start simple: it is important to keep your endeavor simple. Start with one idea, as time goes on, more would fit in. Do not try to engage in everything at ones, as this disturbs your concentration, and makes it difficult for you to focus and understand the dynamics of one business at a time, with this understanding, comes diversification. Set tasks little by little and strive to achieve them.
- Listen: it is dangerous to assume that you know it all. No matter how professional you might be in the given field, try to pay attention to feedback. In a world where everyone is talking and trying to air their opinion, it is quite difficult to listen, this shouldn’t be the case for one trying to progress, as no knowledge is waste. Try listening to your customers, friends, partners, their ideas might save your business.
- Know your competition: it is important to know your competition in the market, as this helps you understand what you are up against. Knowing your competition, gives you a head start in your chosen industry, as you do not have to start understanding the specific business terrain from scratch. By doing this, you would be up to date with trends, you would know what is lacking in your competition that you can incorporate in your own business, this would help you up your game and get ahead of your competition.
- Be a solution: do not just start a business because it sounds fancy, the goal of every business, should be to solve problems. Once a business exists to meet a specific, people with such needs would pay to have their needs met. If the need does not exist, there is no way the business would flourish If your business is not a solution to a particular problem, it is likely that no one would patronize you.