Fashion entrepreneur, Aderonke Enoabasi, during an Instagram question and answer session talked about the things to know before starting and running an online business.
Many times, we tend to think that doing business on social media is quite easy but Ronke disagrees, noting that doing business on social media is no different from doing business offline.
Below are the three things to note before you start an online business
We all know funding is one of the major challenges an entrepreneur will face once you have an idea. By the grace of God, I didn’t borrow, I didn’t prostitute , but I will say I am favored to have a mother who is willing to take loan on my behalf to start my business and a partner (BOY FRIEND) who also supported my idea of running a fashion company!
A lot of people wouldn’t want to admit where they got money from, reason best known to them. It is those two people God used to bless me.
Do your findings
Before you get money from anyone or even borrow for any project make sure you do your findings. 50 percent of IG business owners will lie to you or act like business is a GET RICH QUICK SCHEME.
Find someone who will genuinely tell you their challenges and how they overcame it. The days of low sales, what did they do? How many pieces do they produce? Ask for numbers, for statistics, it’s important.
In business, person no dey know finish. Nobody is a genius I tell you. But it’s pertinent to be acquainted with other people’s struggle for knowledge. Although you will also experience your own demons but when you know some certain things, little mistakes will be avoided!
Before, I used to say follow your passion but even passion isn’t strong enough when the storm hit you. Sometimes, it takes more than passion for you to sustain your business!
Be sure about your business
Before you start selling anything, please be very clear about it. Be sure there is a demand for that product, or go to a place where there is a demand for it and supply. Not only that, don’t venture into a business because it is popular or because you see people dancing on the GRAM! So it seems easy!
Be very clear about your purpose because when things get tough you will always have to reflect back on why you started and then get it together again. So if your reason isn’t genuine you may fail.