February 8, 2023

We know starting a business is not an easy task as there are a lot of factors that business owners need to consider before starting a business. Having just a business idea that has the potential of earning you money is not enough. Maybe you are a business owner and you are already frustrated and on the verge of closing your business or an intending business owner. This article will be of great help to you

You are desperate about making money: 

The sole aim of every business indeed is to make money but a lot of business owners are just focused on the money. They calculate every profit they will make on their investment and when they are eventually not making much money as they should they become frustrated. They say do not count your chickens before they are hatched. 

You should do these things instead of focusing on money:

Ensure that your priority is giving out value:

 When you give provide value to your customers, you are ensuring that your customers get satisfaction for the things they are paying for. The value you provide will go a long way in helping your business, this is because when you offer satisfaction your customers will keep returning and also offer referrals. 

Be passionate about your business: Your passion for what you do will help you as a business owner. Your love for what you do will be fuel to your engine on days when you feel tired. Your passion for what you do is what will make you persistent and consistent with what you do because the truth is that money doesn’t come so easily especially when you are just starting a business. This is why it is important for you to love what you do.

Identify a problem and proffer a solution: An entrepreneur is not just someone who wants to make money, an entrepreneur is someone who has a solution for a problem. This is what sets an entrepreneur apart from every other person because everybody wants to make money. 

As an entrepreneur you need to identify a problem and provide a solution, when you do this, people will be willing to pay for your service.

You do not have a Business Plan: A business owner without a business plan is like a farmer going to the farm without a cutlass. A business plan is like a map that guides you on your business journey. You should have a written plan that describes how to achieve your business goals and objectives.

A business plan is what gives an estimation of the price you need to start your business and also provides a market evaluation for your product.

Not having a business plan is like not making any preparation for your business, to fail to prepare is to prepare to fail.

Do not make the mistake of starting a business because you have the money to start and you just want to start. You should make your business plan.

You do not have a separate business account: Your personal account is also your business account. This is a mistake you should avoid making as a serious business owner. It will be hard for you to separate your earnings from that of your business. You will end up not being able to account for your business earnings.

You should make sure you have a business account. This will help you give an account of your business income and expenditure. You will be able to know if you are running a loss or profit and help you restrategize on how to make your business profitable.

You do not have a good customer relationship: Attitude they say is everything. Your attitude will either get you on the way or get in your way. You must treat your customers politely. You should be mindful of your behavior as a business owner because even if you offer a good service and you have no good customer relationship your customers will not return, they will end up being hijacked by your competitors who have a good customer relationship.

You should not be rude to your customers even when they provoke you as a business owner. You have to learn how to be patient as a business owner. 

You are not Up-to-date: As a business owner, you need to stay updated in your industry. Learn new trends and make sure you upskill. Make sure that you are not backward and keep learning new things that can help you stay relevant so that you will not be referred to as ‘old school’

Finally, make sure you avoid making these mistakes as an entrepreneur if you want to be successful in your business. Remember the things emphasized above; 

Be passionate about what you do 

Create value 

Solve a problem

Have a business plan

Have a separate account for your business

Have a good customer relationship

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