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Entrepreneurial Digest: Mistakes To Avoid

making some of the mistake which I did. In no particular order.

 

 1. Chose your niche - This is basically asking you to chose what business you want to start, e.g. fashion/retail, hospitality, or services etc. Once you've made that decision, you'll then decide what particular area of that industry should be your focus. If for example if you chose fashion/retail;  Should you concentrate on baby clothing or women's fashion only. Or should you start a mass production of all age and gender clothing. Who are your target market going to be? Do you want your product or services tailored to high income earners, or middle to low income earners. Where your target market shop, how much they like to spend etc.  In some industry you will have to decide the gender of your target market, so as to have a better focus of what your delivery will be.  All of these needs to be considered in what ever field or industry you want to enter, as that will help you narrow your focus to a more achievable goal in your endeavour.

 

 

 2. Improve your niche market 

- To achieve success in any niche market, you'll need to do some research on areas to improve on similar existing services. No business is new in the market, that we know. But there is always room for improvement, so if you choose a niche market and improve your service on it, and then go on to launch a product or business with added benefit to consumers, that will give you an edge over your competitors. Because you brought something new and different to the table, consumers will be attracted to it and hopefully embrace your business. Spending a little bit more time and resources to build a better brand or service will pay off in the long run.

 3. Create a business plan - Every business need a working plan. There has to be some form of reference material to keep you honest about your project, help you track your progress as well give you a clearer understanding of your entire business objective. Business plan is not limited to big cooperation's, or written for the sole purpose of bank loans, No. Every business need to have it, otherwise you're setting yourself up to fail.  like I mentioned earlier, business plan gives you a clearer objective of your business, what you stand to gain from your venture. Why your entered into the business, and what you'll require to get started. e.g. How much you need to spend to get started? How you'll carry out your business practices? How you're going to source for your products and service and so much more.  The need for business plan is endless, so endeavour to create one before you start, don't say '' my business is too small or local'' , and so I don't need a plan. You'll end up like me. When i started my clothing line I didn't have a business plan, and so I started with way too many products for a new online retail store, and I ended up losing thousands of dollars creating fashion items that wasn't selling. Because I didn't do my research nor have a business plan, as I thought that my designing skill and some revenue at my disposal was all I needed. Big mistake. So don't did it like me, instead create a business plan, start with one product and branch out as your business grows.

Join me next for the more on this topic. Share and comment, thanks.

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