What Challenges Did You Experience When Starting A Business? - Business (5)

What Challenges Did You Experience When Starting A Business? - Business (5) - Nairaland

Nairaland Forum › Nairaland General › Business › What Challenges Did You Experience When Starting A Business? (21428 Views)

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Re: What Challenges Did You Experience When Starting A Business? by legallyminded: 7:52am On Apr 26, 2021

teegrams:
I will advice you as follows
1.Be mentally ready you will face challenges
2. If you are going to be hiring staff , do it right , hiring wrong would do your business more harm
3. Have at least enough cash for a 6 month flow to cover unseen
4. Your first customers are important treat them with satisfaction, they will give you good referral
5. If you are a Muslim or Christian your belief and trust on God is important now , am not saying you should go to the mountain , there are business principles hidden in those books , use them right
6. Innovate and network continuously
7. Don’t expect to blow over night , see your business as a baby nurture it
8. Know that most business don’t get profitable instantly no matter how much you make from inception , save for the raining days

I hope my points are valid
Best of luck in your new venture !

Kudos

Re: What Challenges Did You Experience When Starting A Business? by 9icest: 7:53am On Apr 26, 2021

Horrible location. Lack of mentor. Spiritual attack from smaller competitors. Poor management. Again lack of mentor, lack of mentor—I would be on a higher level now if I had a mentor back then, shame I never thought of that! But in all, we thank God for life and lessons learnt

3 Likes

Re: What Challenges Did You Experience When Starting A Business? by NamelessOGBENI(m): 7:56am On Apr 26, 2021

Niche; Onion business...

Problems; Short shelf life/Storage, Lack of Trust from the middle men, Delayed transport.

1 Like

Re: What Challenges Did You Experience When Starting A Business? by greatcrown: 8:04am On Apr 26, 2021

1. Make sure your business place has prepaid meter and be sure the prepaid meter is not obtained on credit.

2. Get insurance for your business. (My business place was robbed three times in less than six months). Get the insurance through a broker and request for draft contract. Read and understand it before signing.

3. Ensure all your staff have guarantor and keep their details safe and be serious about it.

4. I hope you did your preliminary work well .

I wish you all the very best.

1 Like

Re: What Challenges Did You Experience When Starting A Business? by legallyminded: 8:07am On Apr 26, 2021

Trustedpronet:
After acquiring the necessary knowledge needed to startup a business the challenges most Nigerians face is too enormous.
1. Funding
2. Fear of Failing
3. Multiple LGA and FG tax forces
4. Getting the right staffing
5. Insecurity
6. Exchange Rate
7. Local and international- (China) Competitor
8. Village people attacks
9. Pastors Collecting 10% out of every sales
10. Payment to juju lords that made you believed without them you will not succeed
11. Accessing the original anointing oil from men of God
12. Imams killing Ram to purify the land
13. Electricity
14. Fuel increase
15. Buying Data and Making Calls
16.
17.
18.
1000. Buhari & Pantami.

Re: What Challenges Did You Experience When Starting A Business? by waze63(m): 8:13am On Apr 26, 2021

slimthugchimee2:
Hello nairalanders

I having a business idea that I am about to startup, I have acquired the capital and skillset ready to start small, I also have a clear cut business plan for it.

Now I just want to hear from other nairalanders the challenges they experienced when they started their business.

Me too

Re: What Challenges Did You Experience When Starting A Business? by Adesuntim95(m): 8:18am On Apr 26, 2021

Kelvin30286063:
Unnecessary competition. You can be the inventor of the idea but as soon as 2 people enter your shop, you will see Iya ruka who has zero idea will open shop next to you. Iya bisi will open her own down the street and the competition will start. You will start selling lower than you should and your buyers will get confused.

Competition will make you think on your feet. Besides, your customer service will set you apart. So, competition is a blessing sometimes.

2 Likes

Re: What Challenges Did You Experience When Starting A Business? by crisycent: 8:18am On Apr 26, 2021

Be ready for wahala with staffs.....they are ready to
Start stealing from day 1

2 Likes

Re: What Challenges Did You Experience When Starting A Business? by GOOOGLE504(m): 8:24am On Apr 26, 2021

Originalsly:
A clear cut business plan.... all good to hear of challenges you may not have thought of... to fail to prepare is to prepare to fail... but why would you not say what line of business so you can get relevant feedback? You wouldn't even say if it is a storefront business... an online business ... transportation or services business. I can imagine you opening a restaurant with no sign to show it is a restaurant.... no menu and expecting people to walk in to find out what kind of business ....what you have....what is the price. When the business fails blame is shared all around except you. Only you know what kind of business you have .... with this kind mentality.... I can tell you right now it is either you're catching cruise.... if not.. your business has already failed.

People just dey throw advices for wind. He couldn't even state the business category so the right people will give the right advices.

2 Likes

Re: What Challenges Did You Experience When Starting A Business? by KingAlayinde(m): 8:36am On Apr 26, 2021

slimthugchimee2:
Hello nairalanders

I having a business idea that I am about to startup, I have acquired the capital and skillset ready to start small, I also have a clear cut business plan for it.

Now I just want to hear from other nairalanders the challenges they experienced when they started their business.

makes sure you open at the right spot and be strong to face the struggles, you shall surely get there

Re: What Challenges Did You Experience When Starting A Business? by BRATISLAVA: 8:45am On Apr 26, 2021

slimthugchimee2:
Hello nairalanders

I having a business idea that I am about to startup, I have acquired the capital and skillset ready to start small, I also have a clear cut business plan for it.

Now I just want to hear from other nairalanders the challenges they experienced when they started their business.

Your family and friends will be your biggest enemies, you will wonder why they can't patronize you or tell others about you.

Business can be seasonal at times, not because it depends on the weather but because of people's tastes for certain things. Sometimes the economy pushes them and other times they are left on their own to source you out. You need tough skin, perseverance.

And for the love of your business, don't leave it in the hands of anyone, unless you're ready to lick deep wounds.

3 Likes

Re: What Challenges Did You Experience When Starting A Business? by Nobody: 8:48am On Apr 26, 2021

GreaterFuture3:
You are in the business of Sugar?

Yes sir, but only for those who understand the market and are serious

Re: What Challenges Did You Experience When Starting A Business? by BRATISLAVA: 8:48am On Apr 26, 2021

Originalsly:
A clear cut business plan.... all good to hear of challenges you may not have thought of... to fail to prepare is to prepare to fail... but why would you not say what line of business so you can get relevant feedback? You wouldn't even say if it is a storefront business... an online business ... transportation or services business. I can imagine you opening a restaurant with no sign to show it is a restaurant.... no menu and expecting people to walk in to find out what kind of business ....what you have....what is the price. When the business fails blame is shared all around except you. Only you know what kind of business you have .... with this kind mentality.... I can tell you right now it is either you're catching cruise.... if not.. your business has already failed.

Even if you preach this one from now till next year, Nigerians don't believe in business plans. They are too stingy to know the benefit of one, let alone pay someone to do it.

They think all they should do is find a shop and stock. They cannot even understand the way their finances work. That is why if you ask them if their profit is good in their business, they don't have a real answer. They actually don't know.

3 Likes 2 Shares

Re: What Challenges Did You Experience When Starting A Business? by mhizv(f): 8:50am On Apr 26, 2021

When you first start, have in mind it won't he as you planned. There might be few losses, few customers nd all that.

Don't leave your business in he hands of someone else. You'd have to put in your 100% in the first few months.

don't sell on credit

Make sure your business is one that is flexible and can change along with people's taste/wants

Be disciplined enough to know the profits from your business isn't for personal use or for pleasure. Don't spend em on personal use. Be very strict when it comes to that.

4 Likes 1 Share

Re: What Challenges Did You Experience When Starting A Business? by BRATISLAVA: 8:50am On Apr 26, 2021

Adesuntim95:
Competition will make you think on your feet. Besides, your customer service will set you apart. So, competition is a blessing sometimes.

Not in all businesses. What that guy told you is true. Nigerians love to copy the next person out of covetousness , then spoil everything for everyone including themselves.

That's why some business people don't share what they do to make a living

4 Likes 2 Shares

Re: What Challenges Did You Experience When Starting A Business? by Nobody: 8:55am On Apr 26, 2021*

Judybash93:
Poultry business.. The chickens were fine until they started to drop dead right in front me due to many factors. I was a rookie then, now i know better

that thing dey usually confuse person eh, you go dey buy drugs plenty grin

are you a pro now?

1 Like

Re: What Challenges Did You Experience When Starting A Business? by colestephan86: 9:03am On Apr 26, 2021

slimthugchimee2:
Hello nairalanders

I having a business idea that I am about to startup, I have acquired the capital and skillset ready to start small, I also have a clear cut business plan for it.

Now I just want to hear from other nairalanders the challenges they experienced when they started their business.

Power ! Power! Power!
And space

Re: What Challenges Did You Experience When Starting A Business? by aycorporat(m): 9:06am On Apr 26, 2021

Olofin2:
The govt of Ondo state went after me.

At the end of my nysc year in Ondo state in 2013, I established a desktop publishing centre in the town where I served. My prices for publishing per page and photocopy were half of what the locals were charging. I was approached not to destroy their means of livelihood with my charges. I refused. Next thing was that the local government officials came and demanded for tax of 15k in a business that was less than 3 months old. I had not made 15k since when I started that business.

So, they seized my equipments until I was able to pay.

After that, Ondo state internal revenue came demanding for 27k tax. I flared up and they closed my shop and took my computers, generator and photocopy machine away. I got them back after payment and left Ondo state forever.

Haaaaaa. I feel for you as I read this.
Please what part of Ondo State did that happen because I am from the State.
So sorry about that bro.

Re: What Challenges Did You Experience When Starting A Business? by aycorporat(m): 9:13am On Apr 26, 2021

Trustedpronet:
After acquiring the necessary knowledge needed to startup a business the challenges most Nigerians face is too enormous.
1. Funding
2. Fear of Failing
3. Multiple LGA and FG tax forces
4. Getting the right staffing
5. Insecurity
6. Exchange Rate
7. Local and international- (China) Competitor
8. Village people attacks
9. Pastors Collecting 10% out of every sales
10. Payment to juju lords that made you believed without them you will not succeed
11. Accessing the original anointing oil from men of God
12. Imams killing Ram to purify the land
13. Electricity
14. Fuel increase
15. Buying Data and Making Calls
16.
17.
18.
1000. Buhari & Pantami.

I nearly fell from my chair while reading this.

Guy, you be bad man.

Re: What Challenges Did You Experience When Starting A Business? by Olofin2(m): 9:30am On Apr 26, 2021

aycorporat:
Haaaaaa. I feel for you as I read this.
Please what part of Ondo State did that happen because I am from the State.
So sorry about that bro.

OkeAgbe-Akoko

Re: What Challenges Did You Experience When Starting A Business? by sylve11: 9:31am On Apr 26, 2021

RapistOnBail:
What challenge did you experience starting a business was the question

Re: What Challenges Did You Experience When Starting A Business? by Nobody: 10:05am On Apr 26, 2021

buygala:
Have alternative power sources
Dont Sell on credit
Dont Sleep with your sales girl

what are the consequence of sleeping with ones sales girl.
just want some enlightenment

Re: What Challenges Did You Experience When Starting A Business? by aycorporat(m): 10:06am On Apr 26, 2021

Olofin2:
OkeAgbe-Akoko

Haaaàaaaaaaa!!!!!
You needed to see how I screamed on the phone.

That's my hometown!

Is your shop located at the market square near the Anglican Church or at Ogosi Or Ima?

Once again so sorry

1 Like

Re: What Challenges Did You Experience When Starting A Business? by Cybercop2002: 10:15am On Apr 26, 2021

slimthugchimee2:
Hello nairalanders

I having a business idea that I am about to startup, I have acquired the capital and skillset ready to start small, I also have a clear cut business plan for it.

Now I just want to hear from other nairalanders the challenges they experienced when they started their business.

pls how do u get capital i also have business idea and the skill with business plan but capital is only what is stopping me

Re: What Challenges Did You Experience When Starting A Business? by Olofin2(m): 10:16am On Apr 26, 2021

aycorporat:
Haaaàaaaaaaa!!!!!
You needed to see how I screamed on the phone.

That's my hometown!

Is your shop located at the market square near the Anglican Church or at Ogosi Or Ima?

Once again so sorry

Directly opposite enterprise bank , close to that junction to OyinAkoko and Oge

Re: What Challenges Did You Experience When Starting A Business? by Xilsbridalhouse(f): 10:17am On Apr 26, 2021

A lot o! When I just started, I cried like a baby and decided to close it down, but today story has changed. Glory be to God Almighty.

Always have another steady source of income, perhaps get a part time job.

2 Likes 1 Share

Re: What Challenges Did You Experience When Starting A Business? by aycorporat(m): 10:19am On Apr 26, 2021

Olofin2:
Directly opposite enterprise bank , close to that junction to OyinAkoko and Oge

Yeah I know there.
Funny thing is that they are good and accommodating people.

Probably some few snitches here and there.

Re: What Challenges Did You Experience When Starting A Business? by Abumuslim: 10:30am On Apr 26, 2021

GreaterFuture3:
Everything and anything was/is and could still be a challenge. The country we live in is a very crazy one.

You need Gardening, Flowering, Horticulture and Beautification Services or a Professional House Painter? Hit me Up
I also supply Supply of Grains, mainly Soya and Maize ��
I'm also Moving Up in the Logistics/Haulage and Currency/FX business.
I pray that God would have mercy on me, ahiwe Favor and Grace

Is supplying of grains business lucrative?

Re: What Challenges Did You Experience When Starting A Business? by GeneralKoko(m): 10:32am On Apr 26, 2021

Sheuns:
I started my current business with zero naira zero kobo. You don’t always need money to start a business. My business is actually service based, we render services, so there was no need for capital. All it started with was adequate knowledge of the area, my smartphone, PC and a customer.

That first customer (a friend) referred more customers and I decided to make it a business. We’ve been on for 3 years now and we’re growing gradually. It’s not been easy, but we’ve been relentless.

What we do is procurement and import from China to Lagos.

Hello I would need your assistance for an import later on . Can I get your number??

Re: What Challenges Did You Experience When Starting A Business? by Olayinka777(m): 10:33am On Apr 26, 2021

hucknall:
1. No funds. The brokes must remain broke.

2. NEPA aka certified/world class business killers. They will frustrate you till your frustration becomes frustrated.

3. Not asking for sound advice from experienced and successful business men in your line.

Others includes; bad location, poor customer service, motivational speakers.

My brother ,poor location is no 1 business killer.

1 Like

Re: What Challenges Did You Experience When Starting A Business? by Olayinka777(m): 10:55am On Apr 26, 2021

OmovuduTheBeast:
OPATA!

Haba! Wetin this man do u nah?
I even discover say u be babe, abi u toast am e no gree 4 u,nah him make u dey beef am?

Re: What Challenges Did You Experience When Starting A Business? by Olayinka777(m): 10:56am On Apr 26, 2021

AbujaAgent:
My workers were nothing to write home about

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