Economics • Entrepreneurs

The 3 basic business challenges

16 May, 2018 • by Fashionomics Africa
The 3 basic business challenges
Fashionomics Africa

If there is one thing successful business owners are aware of it’s the fact that in order to have a growing start up, it has to be efficient in the long term. A common mistake young entrepreneurs make is believing that they have their business set for life just because they landed their first client or first big paycheck. A business is like a roller coaster, and just as you have great months, you will struggle with some others. blog likes to compare it with the roof of a house. “Are there problems you've been patching up instead of completely repairing? It's time to invest the time and resources, replace the roof and address your problems head-on. It may not be easy or cheap, but in the long run it will help you be successful.” They say.


There are three possible situations that will constantly need your supervision, and we want you to be best prepared to face them:


First, always remember that marketing will retain and grow you customer base. You may feel like it’s way too must economic risk to use on something you are not absolutely sure of, but believe us, it’s worth it. How else can you attract new customers? Look into options such as social media, advertising on local newspapers and influencers. Remember that you must also be careful to not lose existing customers, and this is achieved by giving excellent customer service.


Second, be extremely picky with employers and partners, but DO recruit a bigger team. Never be afraid to ask for help or think that you can handle everything on your own. It is impossible for a single person to manage every aspect a business includes so start of by choosing people that click with you and fit in with the exact profile you are looking for. Once you have a good team, you will undoubtedly be unstoppable.


The third obstacle that can likely present itself in the future is the option to invest in the online word. Perhaps you don’t fully understand how it works or personally don’t even use it it however, it is no doubt essential in the world we live in. The first thing that young customers will do when they hear from you is search for your pages online so make sure your website and blogs are trusty, quality images are included, and that they set a clear explanation of what your business consists of. Spending in this aspect doesn’t have to be very expensive but remember it is a MUST in order to grow!

email Newsletter

Business Opportunities

View All

Latest Jobs

View All
language An initiative of
African Development Bank Group