Do you know why online business fail in Nigeria? Maybe you don’t. That is why I have put together this guide to open your eyes to the 20 mistakes why online business fail in Nigeria and how to avoid them.
Truth is, about 80% of most online business in Nigeria fails to achieve a milestone due to the common mistakes from the founders/operators of the business. Some of their actions and mistakes they do when starting a business contributes to their own ills because they lack knowledge or strong will to pursue their dreams.
The advent of blogging, app development, online marketing, affiliate marketing, social media, YouTube partner, e- commerce, online services and a lot of other ways to start a business online in Nigeria has changed the way young Nigerians approach internet. Most people started doing business online because of the success stories of some successful Nigerian bloggers or digital marketers without a careful study on how these individuals become successful, they needed to really know the ins and outs of how they managed to be successful. For example, what type of web hosting they used. Would they have used something like this Certa reseller hosting site to sort their blog out or would they have used something completely different to make sure that their blog was perfect for their business.
Some Nigerians, rush into the online business only to be frustrated after few months or a year because it is not a ” Get rich Syndrome” that some people preach about and wrongly those preaching of making money easily online causes more issues than solve problems. It is one major mistakes people should avoid while starting an online business in Nigeria. Every business requires careful planning and thoroughly research to better understand your market target through segmentation and analyses of the concept of being in business.
I have come across many Nigerian bloggers and digital marketers whose business has failed and they just decide to sell their blogs or stop everything about online business. A friend who contacted me few months ago wants to sell all his blogs and I asked him, how many blogs do you have and why do you want to sell it?. He said “he has over 3 Entertainments and News blogs and one Niche blog and he is selling it because none of them has actually achieved success.
He was operating 4 blogs at same time with little effort and almost no capital then I wonder how he wanted to achieve success. I have to tell him to focus on one blog that you are very passionate about and drive it to success then if you wish to have more blogs in the future, the revenue you have earned from your one blog can make you purchase or start any blog immediately and begin to record huge success.
The advice I gave him reminds me of one popular financial analyst who will always say FOCUS ” Follow one course until successful” and this explains many things on how many and thousands of online businesses fail in Nigeria and other parts of Africa. They want to do many things at a time without much careful planning or organizing and these leads to immense failure. Now I will share with you the common mistakes you should avoid when starting an online business in Nigeria.
Mistakes to avoid when starting an online business in Nigeria.
1. Lack of Understanding
The No.1 thing one has to know about any business is to understand the business not just by the name of it or how to start but why you should start it and best forms of starting. Understanding your mission in online business will strengthen your thoughts and focus on why you actually want to be in business and your purpose. Understand this will make you to stay afloat anytime you are confused as it gives you a direction of what you really want to achieve through the business. Understanding your business is a key thing for success. So for example, if you have a tree care business then the first thing you will want to have is something like this landscaping software to help you know your business perfectly.
2. No detailed plans
Nigerians tends to fall to this always both in online business and off-line business. A flight without direction and map looses direction and tends to result in a crash and the same thing happens in business. People often have a sketchy plan in their heads than writing it down which they mostly forget. They plan how to operate the business for 6 months or a year and after one year…their sketchy plan has no room to improve their business because they never carefully have a detailed plan.
Planning how to start, run and grow your online business in Nigeria from the start to at least next 5 years gives you an edge over many other competitors because it will direct you to achieve your objectives. When there is a challenge along the way in your business, your plan will guide you not to lose direction and mastering other ways can eliminate the challenge.
3. Going the wrong way
People go into the wrong business because their friends or mentors are doing it. They want to do it exactly the same way others are doing it and this will be bad for you because even Google will not index such to be seen on its search engines. Do not try to copy others, even though you may wish to spy your competitors, but do not copy them. Find something that you have passion and more knowledge about and focus on that. Gain knowledge from others but do your own things differently with a decent approach.
4. No marketing strategy
Advertising and marketing is like the soul of modern online business. When you start an online business in Nigeria, its very difficult to begin to get noticed or visitors to your website or buy through your affiliate link. The foremost thing to do is to advertise your business using different platforms. It is good to also inform your friends that you have started an online business and know people that pick interest in either visiting your webpage or becoming your customers. It is also not good to press them so much because they may be buying your product just to satisfy your curiosity rather than because the product offers value to them.
5. Avoiding email list
Once you start an online business in Nigeria, begin to build your subscribers email lists as they are the most people who will always re-visit your site and have build a relationship with your business. They sign up as subscribers because they found your content or business interesting and will love to join the community. It is essential to start building your email lists from the very first day you started your online business.