Strategies for New Business Owners to avoid Failure. By; Adebayo Damilola Ifeoluwa

    Strategies for New Business owners to                        avoid Failure. 

By; Adebayo Damilola Ifeoluwa 


Starting a business is a great task with a rewarding end. However,not everyone succeeds in their first attempt of starting up a business, some have failed, while others still struggle with the business. Although we have a huge number of successful new businesses in our world today.

Here are few helpful tips on how new business owners or entrepreneurs can avoid failure.

1. Make up your mind to withstand every challenge the business throws at you: life in general come with its own challenge and you should not except things to be a bed of roses. Every new business owner must have a strong foundation of determination. That means no matter what they face they will be willing to continue to grow the business. Great business empires we have around us today have had their own share of challenges and at some point still face some challenges. A new business owner and entrepreneurs should not hope to have it all rosy in building up their own business. Build up your mind towards this, it will create a resistant in your mind and keep you focused on building up your business.

2.Adequate knowledge of the business: According to Benjamin Franklin "An investment in knowledge pays the best interest". New business owners and entrepreneur who want their business to thrive must equip themselves with enough information and necessary details of the business. They can get information from books, learn from those who are already in the business and are willing to mentor them. Also make use of the internet to access useful information, online are various search engine you can get educated on your new business.

3. Offer quality and not quantity: A new business owner should be aware that there are competitions everywhere and other business owners of the same market. You can be tempted to offer your customers cheap products of less or no quality to have gain large number of sales. Do not forget that your customers referral goes farther than your own self advert. Offer them quality and affordable products and watch your business succeed instead of fail.

4. Stay out of Debt: Financial challenges could have prompt you starting a new business and becoming an entrepreneur but sure, you don't want to fail in this your business. Avoid putting the burden of your accrued debt on your business if you truly want to be financially free. Try not to raise your expenses as soon as you make sales from your business. Build your capital to a reasonable extent and make sure you give detailed account of your sales and profit. Endeavor to have idea about accounting no matter how little, it will make you succeed in your business.

5. Consistency: A new business owner should know that the business is new to the market and people in general. You must be consistent in with your business plan while you continue to edit and rearrange priorities, be it production, sales or rendering services. Your availability is important to your customers, the ability to get your products whenever they want it tells your customer that you are reliable and it won't make your customer source for your product type elsewhere.

6. Honesty: It is a success virtue no business should destroy. Am sure you will never go back to a product that lied to you, that same thing applies to you and your business. "Never lie about your product, goods and services you render" it kills business and failure is inevitable.
Tell your customers the truth about your products or goods that will help you earn their trust and your customer will always defend your product even in your absence.

My dear new business owner stay true to your business, feed your mental and physical wellbeing because you need inner strength to go about your daily activities, don't get discouraged  no matter how strong the wave of the  discouragement seems to be, do the needful as you grow your business to a successful height.