Why Small Businesses Struggle in Nigeria
Here’s a simple truth why Small businesses Struggle in Nigeria: Written by Tiana Coker
1) Oga Mentality Gang: Boom, any small traction like this, they will start flaunting their titles(CEO, Founder, Co-founder), jumping from one webinar to another.
One speaking engagement to another. Making TV appearances Instead of rolling their sleeves and continue working on the business.
Roll your sleeves and work on your business. Webinars, TV appearances and speaking engagement can be done later. Never expend your energy on anything that doesn’t bring meaningful value, growth or sales to your business.
2) The pepper Dem Gang: They don’t separate their business account from their personal account. Any money the business generates, they are quick to use it for personal use, take bae out, hang out with da men. Instead of reinvesting it back into the business, they want to show us that they have arrive.
There is a reason why we have corporate account and personal account.
Never, I repeat never ever use the money meant for your business to take care of personal needs. You can place yourself on a monthly or weekly salary if need be.
3) The Omnipresent and Omniscience Gang: They are every where, selling everything. Today they are selling copy writing services, tomorrow web designing, day after tomorrow beard oil. You often hear them say, we are multifaceted, or multi business…they are doing everything.
Have you heard of the word “Niche”?
Have you heard of the word “FOCUS”?
Focus on one course until it is successful before branching out other services or product.
Let your business be the go to place for a particular product. Don’t be a jack of all trades.
You are in the fashion business, you make suits, trad. wears, wedding gowns, shirts, jackets.
Pick one first and be successful at it.
4) The Inventor Gang: They assume they know what we want without asking us what we truly want. They are always trying to shove their product or service down our throats every f*cking time.
They are the ones that will be shouting we have over 100 million people in Nigeria yen yen yen, forgetting that POPULATION is different from PURCHASING POWER.
We know your business is trying to disrupt the market place. Did you ask us whether we want it now?
Let your business be a solution to our problems. We are not interested in what makes up your product or services. Neither are we interested in what makes it a disruptor. Tell us how your business is going to solve our problems in simple terms not jargon. Keep educating us and we will beg you to accept our money.
5) The Branding Gang: First to buy T-shirts in bulk, assemble a team of 10, take studio photos and distributing team photos of shirt wearers on social media.
In their mind, their dope ass logo,website, brochure and business card is their focal point.
6) The I am not Understanding Gang: They don’t know shit about the business. No foundational knowledge, nada.
They read and heard from someone somewhere, that a line of business is booming, they jump on it hoping to make a kill.
They are the ones that listen to what people say instead of watching what they do.
Starting a business without understanding the ins and out spells doom. Never run your business based on what you think or on someone else’s information. Do your market research very well and validate your product or services.
7) Buy and Go Gang: after a customer purchases their product or service, the relationship is over. No follow-up, no phone number, No up selling…nada.
It is easier to sell to existing customers than acquiring new customers. Phone Numbers, emails, even birthdays are important data you MUST extract from your customers.
Create a relationship, make them feel like you’re part of their life even after buying or using your services. Our experience with your business is what makes us come back for more.
Never ever listen to what we say, instead watch where we spend our money.
People say they don’t watch p*rn, yet it is the most visited site on the internet.
Sometimes, you need to watch what your customers buy, where they are spending their money not what they say.
Becoming a successful CEO/Brand is not a day Job, You need to be honest and transparent with your customers about what you’re doing and what you still need to work on. Review this list and see which one of these challenges is most pressing for your business then work on it.
Sales is the lifeblood of any business. Do everything to get it. Without sales your business will continue to struggle and eventually die.