Starting a new business is one of the hardest
things to do in this life because you are not sure of what you are going into
thereby creating the least bit of security for yourself and money. That is why
many new businesses fail in the first year of its establishment,
especially in our part of the world where we have significant problems like
limited fund, corruption, etc.
Below therefore are some of the things that cause
the collapse of a new business, and that you as a new business owner should avoid.
No market need
The first thing that can cause the collapse of a business is when the owner offers services that does not meet any market need. All successful businesses
offer products and services that meet a particular need in the market. Once you
do not have what your customers are looking for, you will not be patronized and
that will cause the liquidation of the business.
In order to avoid this, try to conduct market
research to know if the need you want to meet really exists. Also be sure if your
customers will be willing to pay you to offer them such needs.
Poor Marketing
No matter how good and quality a product is, people will not know about it except you tell them about it. The only way people will know about your business and try to patronize you is when you market that business in the right way and to the right people. Many businesses today ignore the essence of marketing because they are busy with other things, waiting til they feel they have enough product before they start advertising.
No matter how good and quality a product is, people will not know about it except you tell them about it. The only way people will know about your business and try to patronize you is when you market that business in the right way and to the right people. Many businesses today ignore the essence of marketing because they are busy with other things, waiting til they feel they have enough product before they start advertising.
The best way to succeed in this area is to create awareness and buzz around your product before it arrives. The buzz will help you generate great sales when you launch and having great sales on launch will boost the morale of your team.
Ignoring Customers
There is an adage that says customers are always right. This means you should always treat your customers right in order for them to always patronize you. Many businesses are busy chasing money and other things that they forget the needs of the customers.
There is an adage that says customers are always right. This means you should always treat your customers right in order for them to always patronize you. Many businesses are busy chasing money and other things that they forget the needs of the customers.
Ignoring your customers mean leaving them to the mercy of a competition that cares a lot about them, and when this happens your products will be isolated. Pay attention to your customers and they'll be loyal to your brand. Paying attention to your customers will also provide you with valuable feedback for improving your product and services.
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