These Business Mistakes: A lot of people have great ideas for businesses, but they never get off the ground because they make some common mistakes. Let me go straight to the point so i don’t sound like a motivational speaker. Here are a few of the most common ones:
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DO YOUR HOMEWORK
This is a big one. Before you start a business, you need to do your homework and find out as much as you can about the industry you’re getting into. Google about the business and also visit business owners who have succeeded in that business or sector you are venturing into. Gain knowledge and secrets of the business. Every business has it’s secret.
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- HAVE A BUSINESS PLAN
You need to have a business plan and know what your goals are, and how you’re going to achieve them. Have a minimum of 5-years Financial Strategy in Your Business Plan and if you don’t know how to write a business plan, i have a blog on it. Click Here to read about that.
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- FINANCIAL RESEARCH ON YOUR NICHE
This is another big mistake and in fact one of the biggest mistakes in Africa, especially Ghana—you need to have a realistic idea of how much money you’ll need to start and run your business, and how long it will take you to BREAK EVEN.
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- HAVE A LEGAL COUNCIL
This can be costly in the long run, as it can lead to mistakes and unhappy customers. Have access to a Legal adviser, an Accountant and a Secretary. Kindly note that if you can’t afford any, start with what you can or you can play most of these roles till your business can afford. Don’t let social media pressure to do something you can’t afford.
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- KNOW YOUR COMPETITORS
It’s important to know who your competition is, and what they’re offering customers. You need to study them very well and if possible, have someone give you much information about them.
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Bonus POINT: –
- INVEST IN PROMOTION AND ADS
You need to be constantly promoting your business if you want to be successful. Alot of startups think posting on their social media is marketing and that is not true. Marketing means, paid ads, speaking with influencers to post your products and services, sharing etc. If you need a digital marketer to take you through how to scale your online marketing, you can contact Samuel Kwame Boadu via WhatsApp on wa.me/233274023509
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READ ALSO:
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5 Indispensable Sales Skills You Need To Turn Prospects To Customers
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