Entrepreneurship is one of the most challenging things anyone can do. Many entrepreneurs in developed countries are fortunate to have a government that makes policies that make doing business easier for them, and an audience with high purchasing power, however, entrepreneurs in Nigeria do not have the same luxury.
If you think about how hard entrepreneurship is, it is 10 times more difficult for Nigerians.
The policies made here are not favourable to entrepreneurs and a large percentage of the audience earn below minimum wage, which leaves them with little disposable income.
Even with all of these factors, Nigeria has thriving businesses, and there are a lot of them.
In spite of the challenging Nigerian market, there are ways to make your business stand out.
You're going to learn what to do when your business seems slow in this article. Please keep reading.
When business is slow or you are making little or no sales at all, it is natural to want to give up. Don't worry, these things happen and you'll make it through.
Let's have a quick look at some signs of a slow business before we address what to do when business is slow:
- Lower Revenue - Your revenue includes all your earnings before the cost of goods and other expenses are deducted. As soon as this figure starts to decline, it indicates that business is slow.
- Lower Profits - Profit is what is left after all expenses have been paid, including the cost of goods, salary, shipping, marketing, and any other expenses unique to your business. It is a figure that should keep rising if you want to stay in business. A reduction means something needs to be done.
- Traffic reduction - By traffic, we mean the number of visitors who inquire about and patronise your business. The revenue and profitability of your business are determined by this, and you remember the importance of making profits, right?
- More competition - You may have had a "first-mover advantage" when you began your business, which means that you were the only one offering the product. If others begin to enter the market, you may notice that business slows down.
Various factors cause slow business, and most of them are beyond your control. They include weather, season, economic conditions, and so on.
So what do you do to make sure you remain in business?
- Interview customers - Get feedback from your customers to help improve your business. In the event that you realize a number of your customers have stopped buying from you, reach out to them and ask them why and what you can do to serve them better.
- Introduce new products - An excellent way to get more sales from a single customer is to introduce new products that complement the existing ones. For example, if you sell scented candles, it makes sense to add reed diffusers and probably sell both as a bundle.
- Run paid ads - Slow business could mean that you are not selling to enough people because they don’t know about your business. Facebook/Instagram ad is a good place to start. Create a budget, set a goal, and run creative ads to sell your products.
- Ask for referrals - Many business owners think their customers would naturally refer them if they like their products. While this is true, only a few of them do this and it’s not even because they don’t like your product. It is important that you directly ask for referrals and go as far as offering incentives to get more people to refer your business.
- Cut your expenses - When business is slow, you want to reduce costs as much as possible to maximize your profit. Find tasks that you currently outsource and pay for that you can take on yourself till business picks up again.
- Collaborate with other businesses - Look for businesses that sell products that complement yours and collaborate with them. This gives you access to their customer base and vice versa.
Slow times are normal in business, keeping a positive spirit and applying the above tips will help you get through those times.
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