From a petty to large businesses, including a male-dominated one, you will find a Nigerian woman there. No wonder Nigeria has one of the highest female entrepreneurs in the world.
But many of these women just start their businesses with no training. Many times, making mistakes and failing till they get it right.
So, we decided to ask some women what they wish they knew before they started their business and 8 women share their experiences.
Numbers are important,creating a database of loyal customers and actually keeping them. I wish i know how to interact more and manage finances
That you understand the importance of patience as you grow and understanding customers behaviour over time. Being able to handle them to benefit your business. Also being knowledgeable about competition in the area of your of business.
I always knew that entrepreneurship is never a walk in the park but then I was shocked at how much you can actually invest and not get a dime back and no one actually cares. Also never accept payments in parts! Even from friends
Never trust anybody, your money is your money when you work with it. Nobody cares about your success like you do.
Keep your day job and start part time. And then transition to your business full time once it becomes sustainable.
I wish I had avoided part payments and debts. I wish I didn’t dwell so much on clients sending in pictures and desperately posting them regardless of if it was post worthy just because I wanted people to see that the business isn’t scam and “actual” people do patronise me. I wish I understood “proper” advertising.
The place of numbers against sales and profit. While some products need a large number to boost sales and accumulate profits, others just need the right target audience in lesser numbers for huge profit. Knowing your product and target audience in relation to market segmentation will help you understand who to sell to, how and where. I didn’t know about this earlier in my business and the effect already.
Strangers will support you more than family and friends. I then had to realise that there were family and friends before the business, so maybe I shouldn’t take it to heart as much. Our relationship shouldn’t be based on their support or lack thereof.