10 Mistakes Entrepreneurs Make When Starting Online Business In Nigeria
The 21st century is characterized by the internet of things. It is an era of online marketing otherwise known as internet marketing. People out of necessity must involve in online businesses. Unfortunately, there are so many mistakes entrepreneurs make in this sector.
It is unfortunate because some of those mistakes could be avoided. Most of them have figured this perfect business idea, formulated a nice business plan but they make unnecessary mistakes when it comes to dealing with the online aspect of the business.
Related: 9 common mistakes new entrepreneurs make in Nigeria
Whether you decide to follow the social media platform or other online marketing platforms to do your online business, you will still need to get a lot of things right for it to work.
I cannot begin to tell you the importance of taking your business online. If you don’t know that by now, you are not supposed to run that business.
Related: 10 common challenges faced by African Entrepreneurs
What I do want to tell you is much more than that. It goes to prepare you for the things you should do or you should avoid when taking your business online. In specific terms, it tells you the mistakes entrepreneurs make when starting online businesses and how to avoid them.
Top Mistakes Entrepreneurs Make And How To Avoid Them
1. Delaying your launch
Waiting too long to launch a product or service is one of the mistakes entrepreneurs make. There are always a lot of reasons you could give for the delays but it kills the business. It could be that you are waiting for the perfect time to launch that will achieve maximum results, or you are waiting for feedback or getting a certain number of visitors on your blog or podcast for a certain number of months.
It could be any of the above reasons or more. What is factual is that staying at that state of indecision will affect your chances of making it when you eventually launch. You need to stay on course with your plan if you are going to succeed.
Whether you’re waiting for feedback, the perfect time for a release or achieving a certain number of visitors or subscribers to your blog or podcast for months or years without ever offering something for sale is one of the worst mistakes an entrepreneur can make.
I want to assure you that no matter how long you wait, you will still make mistakes. That is the fact. You need to understand and get this over with.
2. Doing it Alone
You can’t do it alone. Thinking that you can is foolishness redefined and it is one of the mistakes entrepreneurs make when going online. It is practically impossible to start and run a business successfully on the internet alone.
You are expected to get many other people into the business along the line. People with other skills that can help fast-track the process are needed. You will need a web developer, a social media manager, an SEO expert and other skills.
3. Joining the bandwagon
People are moved by the thought of having a new way of doing things. Don’t get it wrong, the new way has to be a better way or you will just be wasting your time. Don’t bother about your competitors. It will better if you focus on customer’s needs and preferences.
Try to be different from others while also maintaining a quality product or service for your customers. That will put you in the limelight.
4. Solving an Unimportant Problem
Not considering the fact that you need to solve an important problem in the society is one of the major mistakes entrepreneurs make. Business is all about bringing solutions to important problems. This is the reason many people will buy your product in the first place.
You have to rethink your business plan if your product or service does not solve problems because you will definitely not make profits with it.
5. Not Listening to Customers
The heart of your business is the customers. Remember, they are always right. It is only through the understanding of the customers that you will be able to provide their needs so that they in return can provide your needs.
You are advised to listen to your customers whether through research or through social media monitoring. Either way, you just have to have a platform through which you can fathom the needs and requirements of customers.
6. Targeting Too Small a Market
The market is where the buying and selling go down. Targeting a small market is one of the mistakes entrepreneurs make. When you are going online, you have almost the whole world to sell your products to. It is, therefore, a high level of foolishness to target a hamlet out of the whole world. Remember, target the sun and if you fall on the moon, you will be alright.
7. Having Unrealistic Expectations
Dream big but have a realistic expectation. Online businesses require consistency and belief. You don’t sit there thinking everything will happen overnight. That won’t work. If you are doing that, it is high time you had a reality check. Wake up from your illusions and put your ass to work. Thank me later shaa.
8. Not Caring About Your Topic/Product
One of the many mistakes entrepreneurs make is that don’t about their products. When you are detached from the product you are creating, you are likely going to lose the passion to work to a maximum point. Please, always care about the product.
9. No Distribution Partnerships
This closely related to doing it alone. Here, however, we are talking about the distribution pattern. If you don’t have an established network of agents, brokers, manufacturers’ reps or other third-party resellers, you are going to find it very difficult. Bear that in mind. You will need referral sources and you will need promoters. Reach out to them.
10. Not Having the Right Amount of Capital
There is no substitute for them in business. Lack of capital is one of the mistakes entrepreneurs make. Before you launch, take into consideration the expenses needed and try to be ready. There are so many things needed to be bought and paid for. the domain name, the hosting and web designing. Just get ready.
