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Seven mistakes to avoid when starting online business

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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

Nigerians can now obtain UAE visas, says FG

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Mohammed Idris, minister of information and national orientation, says Nigerians can now apply for and obtain visas to the United Arab Emirates (UAE).

Idris said the federal government has reached an agreement with the UAE to allow Nigerian passport holders to obtain visas for travel to the Arab nation starting today, July 15.

The minister spoke with the State House correspondents in Abuja on Monday, shortly after the weekly federal executive council (FEC) meeting.

He said the agreement includes updated controls and conditions to be fulfilled before the issuance of a UAE visa.

On December 13, 2021, the UAE issued a travel restriction on passengers from Nigeria and the Democratic Republic of the Congo, citing a surge in the countries’ COVID-19 cases among passengers from the two African nations.

However, TheCable reported the travel ban might not be unconnected with the diplomatic row between Nigeria and the UAE over Air Peace’s flight frequency to the Arab country.

Air Peace had requested a slot of three weekly flights from Nigeria to Sharjah Airport in the UAE, but only one was granted by the country’s General Civil Aviation Authority (GCAA).

GCAA said Air Peace should not expect to retain its flight frequency after pulling out of Sharjah Airport; the Nigerian airline, however, denied the claim.

In retaliation for Air Peace’s treatment in the UAE, the federal government dropped Emirate’s slots from 21 to one, leading to the Dubai-based airline suspending all its flights to Nigeria.

In September 2023, the federal government said the airline would resume services in Nigeria, signaling a resolution of the dispute.

The assurance followed a meeting between President Bola Ahmed Tinubu and Mohamed bin Zayed, president of the United Arab Emirates.

But since the meeting and the federal government’s announcement, Emirates has yet to begin scheduled flight operations.

In April, Festus Keyamo, minister of aviation and aerospace development, said Emirates Airlines is prepared to resume flight operations to Nigeria.

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Lagos state government designates 5 operational parks for trucks in Lekki-Epe corridor ahead of e-call up system launch

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The Lagos State Government has designated five operational parks for trucks in the Lekki-Epe corridor in anticipation of the e-call-up system’s launch on August 1, 2024.

This strategic initiative aims to regulate truck movements and prevent the traffic congestion previously seen at Apapa and Tin Can Ports.

According to Lagos State Commissioner for Transportation Oluwaseun Osiyemi, the designated parks for articulated trucks in the Lekki-Epe corridor are Hog Marketing Limited in Okorisan, Epe; Nilmage Two4Seven in Poka, Epe; Goldspeed Freight Agency Ltd. opposite Dangote Refinery on Lekki Coastal Road; Diamond Star Ports and Terminal Ltd. in Abule Panu, Lekki-Epe; and Tal Concept Ltd. at HFP Brick Industry on Lekki-Epe Expressway.

“Five operational parks for trucks: Hog Marketing Limited (Okorisan, Epe), Nilmage two4seven (Poka, Epe), Goldspeed Freight Agency Ltd (Opp. Dangote Refinery, Lekki Coastal Road), Diamond Star Ports and Terminal Ltd. (Abule Panu, Lekki-Epe), Tal Concept Ltd (HFP Brick Industry, Lekki-Epe Expressway),” the statement read in part.

Furthermore, the Lagos State Government has mandated that all articulated trucks operating in the corridor must be equipped with Radio Frequency Identification (RFID) tags. This requirement aims to streamline and automate the management and tracking of truck movements once the system goes live next month.

Additional initiatives in the implementation plan include the separation of wet and dry cargo and the deployment of vehicle inspection services at parks for vehicle certification.

These measures are designed to eliminate traffic congestion, address environmental concerns, and reduce accidents caused by trucks along the corridor. They will also help manage the increased activity expected from the Dangote Refinery, Lekki Port, and other entities.

The Lagos State Government provided additional details on the e-call up system, clarifying that it will officially launch on August 1, 2024, through the platform mycallup.com, with full enforcement beginning on August 7, 2024.

Compliance with this system is mandatory, and trucks that fail to comply will be impounded to ensure strict adherence to the new regulations.

The government emphasized the necessity of cooperation from all stakeholders for the success of this initiative. This includes truckers, organizations, security agents, and local communities, all of whom must work together to prevent a recurrence of the severe traffic congestion and logistical issues previously experienced at Apapa and Tin Can Ports.

The active participation and commitment of these groups will be instrumental in ensuring a smoother and more efficient transportation process along the Lekki-Epe corridor.

The state government emphasizes that by adhering to these regulations and fully cooperating, stakeholders can contribute to a more organized, safer, and environmentally friendly transport environment in Lagos.

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Nigeria’s inflation rate increases to 34.19% amid rising food prices

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Nigeria’s inflation rate rose to 34.19 percent in June 2024 — up from 33.95 percent in May.

The data is captured in the National Bureau of Statistics (NBS) in its consumer price index (CPI) report for June, released on Monday.

The CPI measures the rate of change in prices of goods and services.

According to the bureau, food inflation also surged to 40.87 percent in the month under review as prices of food and non-alcoholic beverages continued to surge.

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