Business
Seven mistakes to avoid when starting online business
Starting your own online business can be exhilarating, offering endless possibilities for growth and success. However, this path is also filled with challenges and obstacles.
Studies have also shown that 90% of online businesses fail within the first four months of operation. So it is important to navigate this entrepreneurial journey with caution and foresight.
Without further ado, here are common pitfalls to avoid while launching an online business.
- Not having a clear business plan
Most people might think a business plan is not needed because it is an online business. That is not true. You need a plan for every type of business.
Not just a business plan but a clear and realistic one. Having a clear business plan gives you something to work with as a guide. It tells you what to do, why you’re doing it, how to do it, and when to do what you have to do.
With a business plan in place, it becomes easier and you will not get lost in setting up the business.
However, make the plan flexible and subject to changes just as you adjust your strategies as a newbie. Over time it’ll become well defined.
- Neglecting market research
One of the most crucial steps in starting an online business is conducting thorough market research.
There are a lot of businesses in the social media space already so if you are not clear about your goals and target audience you might get lost.
So do thorough research to fully understand your target audience, competition, and market trends.
- Neglecting financial needs
Online business owners might neglect financial plans because they do not need to pay for physical stores.
However, neglecting financial planning can make your business fail faster than expected. So be sure to prepare financial projections for your business, at least for the first 12 months.
You should also identify your business’ major funding sources and ensure there is an alternate source as well.
- Not seeking help when needed
The earlier you accept you can not do all that is needed to start your business alone, the better.
You are a new entrepreneur so you may lack the expertise in certain areas critical to running a successful online business, such as marketing, finance, or technology. So why not seek help from experts or your older colleagues?
Failing to seek help from experts or mentors with the knowledge and experience can hinder your ability to make informed decisions and overcome challenges effectively.
Remember to network. Talk to people already in the business, attend workshops, and be open to partnerships.
Also, be open to learning. Learn from your initial missteps, and learn from experts and fellow entrepreneurs.
- Ignoring the importance of Search Engine Optimization (SEO)
Search Engine Optimization (SEO) plays a vital role in driving organic traffic to your page and improving your visibility in search engine results.
Many online entrepreneurs just post their products and fail to implement effective strategies to optimize the content.
However, making use of the best SEO practices will improve your visibility in search engine results, online visibility, and potential customer reach.
- Believing more followers is more sales
When starting your online business, focus on more sales than followers.
Many online business owners focus heavily on getting new followers thinking when they have a large audience, sales will come.
However, having more followers does not mean you get more customers, especially when you do not have any market strategy to attract potential customers.
Instead of spending your time, energy, and money on getting followers, focus on nurturing relationships, boosting engagement with the right audience, and making them want to buy what you sell.
- Poor customer service
Remember you are an online business owner so you need to make people trust you.
So, provide exceptional customer service that will enhance loyalty. One of the excuses most small business entrepreneurs give is that they are still small so they don’t need any serious customer service. Believing customer service is for bigger businesses.
However, this is a costly online business mistake you should avoid. So, enhance to provide good and seamless customer service if you want your business to be successful.
Business
31 electricity towers affected as vandals destroy transmission lines in Edo communities
The Transmission Company of Nigeria (TCN) says vandals in Benin, Edo state, have destroyed 31 transmission towers.
In a statement on Friday, Ndidi Mbah, TCN’s director of public affairs, confirmed that vandals attacked transmission towers in Okada and Ofosu communities along the 330kV Benin-Egbin and Benin-Omotosho transmission lines.
Mbah said the vandalised towers, which suffered significant damage with critical components removed earlier in November, were discovered by TCN linesmen during a routine patrol.
“A total of 31 towers were affected in this incident,” she said.
“TCN engineers from the Benin Sub-Region have initiated repairs to prevent the collapse of the affected towers and to avoid disruption of bulk power supply.”
‘AHOADA-YENAGOA LINE UNDER REPAIR TARGETED BY VANDALS’
Mbah also said its Ahoada-Yenagoa 132kV line, which was under repair following a previous attack, was once again targeted by vandals.
The TCN spokesperson confirmed that the attack, which occurred on November 19, affected towers 29 to 31 and resulted in the theft of approximately one-third of the conductor.
On August 14, TCN announced that Bayelsa state would face a prolonged power outage following the destruction of 13 transmission towers along the Ahoada-Yenagoa 132kV double circuit transmission line by vandals.
The transmission company, on October 29, reported that 65 percent of the damaged transmission towers had been repaired.
The company said 17 transmission towers had been successfully erected, with work continuing on the remaining three.
“A team of TCN engineers, led by Engr. Emmanuel Akpa, General Manager of the Port Harcourt Region, has conducted an inspection of the site,” the statement reads.
“Preliminary findings indicate that the incident occurred at night. In an attempt to prevent further theft while repair arrangements are being made, local security has been engaged at Ula Ikata in Ahoada East LGA to secure the site until repairs are completed.
“Additionally, the line will be energized from the Ahoada end as a preventive measure.”
Mbah added that efforts are underway to replace the stolen 250mm conductor.
Despite challenges posed by difficult terrain and flooding, she said the restringing of the Ahoada-Yenagoa 132kV line is approximately 85 percent complete.
The public relations officer stressed that the incidents underscore the urgent need to address the growing problem of vandalism and theft, which continue to affect Nigeria’s power infrastructure.
She urged the public to support efforts to tackle such criminal acts, which have hindered the expansion and stability of the national grid.
Mbah also called on security operatives and local communities to remain vigilant in protecting power infrastructure in their areas as TCN intensifies its efforts to safeguard its installations.
Business
NCAA issues aerodrome certification for Lagos, Abuja international airports
The Nigeria Civil Aviation Authority (NCAA) has issued Aerodrome Certification for Murtala Muhammed International Airport in Lagos and Nnamdi Azikiwe International Airport in Abuja.
This recertification is a significant achievement, highlighting the ongoing improvements in the safety standards of Nigeria’s international airports.
The announcement was conveyed via a post on the official X (formerly Twitter) account of the Federal Airports Authority of Nigeria (FAAN) on Friday.
The Aerodrome Certificates were formally presented to the Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, by the Acting Director General of the NCAA, Capt. Chris Najomo.
“@NigeriaCAA just issued Aerodrome Certification for the Murtala Muhammed International Airport Lagos and the Nnamdi Azikiwe Airport Abuja. The recertification is a major boost and attestation to the continued improvements of the safety standard of our Airports,” the tweet read in part.
The certification confirms that Lagos and Abuja airports adhere to the strict safety, operational, and technical standards of the International Civil Aviation Organization (ICAO). This milestone is anticipated to enhance trust among domestic and international airlines, strengthening Nigeria’s standing in global aviation.
Business
Lagos state government plans traffic diversion in Ikeja for 10km Capital City Race today
The Lagos State Government has announced plans for a traffic diversion to accommodate the 10km Capital City Race scheduled for Saturday, November 23, 2024.
The race, which runs between 5:00 AM and 11:00 AM, will affect several major roads in the Ikeja axis, requiring motorists to explore alternative routes during the event.
A statement published on the official X (formerly Twitter) account of the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, on Friday, highlighted the affected routes.
These include Shoprite Alausa, Billings Way, Kudirat Abiola Way, Opebi Link Bridge, Allen Avenue, Adeniyi Jones, and Oba Akran Avenue.
The race will conclude at the Police College Sports Secretariat/Gym. Junctions and intersections along these roads will be temporarily blocked and manned by officials from the Lagos State Traffic Management Authority (LASTMA), the Nigeria Police Force (NPF), the Federal Road Safety Corps (FRSC), and the Lagos State Neighborhood Corps (LSNC) to ensure a smooth event.
“The Lagos State Government has announced that traffic will be diverted to accommodate the maiden edition of the 10-kilometer Capital City Race between 5:00 am and 11.00 am tomorrow Saturday, 23rd November, 2024.
“To this end, the following route starting from; Shoprite Alausa Ikeja inwards Billings Way to Kudirat Abiola Way, Opebi Link Bridge, Opebi Glo Tower inward Allen Avenue, Allen Junction, GTBank on Adeniyi Jones, AP Filling Station on Oba Akran Avenue, Samsung Authorized Service Centre to Police College Sports Secretariat/Gym will be partially closed off to vehicular movement.
“Consequently, all junctions and intersections from Shoprite Alausa Ikeja to the destination (Police College Sports Secretariat/Gym) will be blocked with barriers, manned by LASTMA, NPF, FRSC, and LSNC to prevent other road users access to the main race corridor,” the statement read in part.
The Lagos State Commissioner for Transportation urged motorists to remain patient as the road closures are part of the traffic management plan for the event. He added that intersections will be intermittently reopened as the race progresses to minimize inconvenience for road users.
Motorists are advised to plan their movements accordingly and cooperate with traffic officials to ensure the success of the inaugural Capital City Race.
In addition to the planned traffic diversion in Ikeja for the 10km Capital City Race, other traffic diversions are currently in effect across Lagos to accommodate critical infrastructure projects.
The Lagos State Government recently announced a 15-month traffic diversion at Mile 2, which began on November 11, 2024, to facilitate the construction of the new Transport Interchange Terminal. This project aims to integrate rail, bus, water, and non-motorized transport, addressing the city’s growing transportation needs.
The diversion affects Loop 1 on the Apapa-bound lane and Loop 4 on the Badagry-bound lane and will last until February 16, 2026. Motorists are advised to use alternative routes, such as Akinwande Road for Badagry-bound traffic and Durban Road for Apapa-bound traffic, to ease congestion.
Additionally, a three-month traffic diversion on the Marine Bridge, outbound Apapa, commenced on Monday, November 18, 2024. This diversion, set to run until February 25, 2025, is to allow for urgent asphalt repairs overseen by the Federal Ministry of Works.
Motorists heading toward Lagos Island are advised to use the Eko Bridge via Costain Roundabout, while those heading to Ijora Causeway or Iddo can navigate through Ijora 7up or other designated routes.
These diversions are part of ongoing efforts by the Lagos State Government to improve transportation infrastructure while minimizing disruption for road users.
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