Before you start a business, consider this things. I have come to realize the reason why so many businesses fail in Nigeria within the first three years. Doing business anywhere in the world is not easy but the challenges differ country by country. In Nigeria in particular, our problem lies with overhead. These new businesses are not able to carry all of the burden we put on it, e.g; rent for home and office, salaries, utility bills for home and office, logistics, just to mention a few. I will really not blame us but give advise just as i have advised myself as an entrepreneur. Let's take a look at this two example:Salary Earners vs Business Owners 1) Salary earners run the above expenses in one way 2) A business owner run such expenses in two ways (home and office) What we can do, is to have another source of revenue that can take care of the other expenses for the next 2years. As a business owner, for the next 2years, do not earn salary from the company let alone pay other expenses from it. It will crumble if you do except your income is really high every month. Another key area to look at is MARKETING. you must advertise this company on a daily basis. Start the company with a marketing department even if it is just one staff. TO BE CONTINUE... WATCH OUT!
Nicely said. But like u pointed out.. It depends on were one is.for example. If u are in ibadan were having a house and office falls under 400,000 naira. In lagos dat is just ur rent alone!
ReplyDeleteWell noted.
DeleteBut if you do start your own business avoid the pit holes!