Nairaway Forum

Welcome, Guest: Join NairaWay / Login / Trending / Recent / New
Stats: 237 members, 2,752 topics. Date:  June 21, 2018, 1:50 am

6 Ways To Minimise Risks In Your New Business - Business - NAIRAWAY

NAIRAWAY Forum / Business / 6 Ways To Minimise Risks In Your New Business (1 Post | 187 Views)

HOW TO START RECHARGE CARD PRINTING BUSINESS IN NIGERIA / How to make N10,000 & more daily by betting without loss / How True? CBN Illegally Funnels Huge Cash To FG /

(1) (Reply) (Go Down)

6 Ways To Minimise Risks In Your New Business by nairaway(m) : 11:36 am On Aug 31, 2017



If you are the owner of a startup, you are definitely a risk-taker. The danger is that you may become comfortable with taking a risk that you can sometimes ignore smart and simple ways to minimise the impact of any potential failure.

In line with this, Jumia Travel highlights seven ways to reduce startup risks. Applying this will lessen the chances of your business failing.

Diversify your income
You must not depend on one source of income as a business man. The reason for having multiple sources is to cushion the effect of business failure.

Save more money
When you build a business, there is nothing more comforting than having a savings account. This will come handy when times are tough. Importantly, you should never go on a spending spree especially when your business is booming.

Do a market research
You must never start a business without doing a market research. This is will give you an idea of your target users/audience as well as determine the sustainability of your product.

Business forecast
You do not need superpowers to make a business forecast. There are basic things you can predict including when you are going to run out of cash, periods when turnover will slow and when you have to cut cost. If you cannot do this, you can employ an expert.

Work hard
As an entrepreneur, you have to work round-the-clock. Despite this, you have to ensure that you do not only work hard but work smarter. In addition, you must find a work-life balance to prevent entrepreneurial burnout.

Insure against risks
As a startup, the last thing you will think of is insurance. This is because you are probably bootstrapping to run your enterprise. Regardless, you should still insure your properties in case the business fails. It will prevent you from losing everything.

HOW TO EARN $1 EVERY 2 MINUTES OR $55 DAILY ONLINE

CLICK HERE TO GET FREE TUTORIALS ON MAKING FREE CALLS, WATCHING DSTV FREE ETC

HOW TO MAKE N100,000 T0 N500,000 MONTHLY

LEARN HOW TO MAKE N250,000 MONTHLY ONLINE IN NIGERIA

How to Make Huge money From Expired Domain name click http://cashnaira.com

CLICK HERE TO DRIVE UP TO 20,000 REAL NIGERIAN TRAFFIC DAILY TO YOUR SITE

A NEW INTERNET COMMUNITY IS LAUNCHED! CHECK IN AND ENJOY FREE LESSONS

FREE GUIDE! BROWSE FREE, MAKE FREE CALLS, MAKE MONEY ONLINE ETC

CLICK HERE TO EARN $45 – $100 DAILY ONLINE WITH YOUR FACEBOOK ACCOUNT

(1) (Reply)

Customer Service Representatives Are Born Before Being Trained / HOW TO EXPORT LOCAL PRODUCTS AND MAKE A LOT OF PROFIT / Economy To Bounce Back With N3Trillion Saved By Buhari /

Viewing this topic: 1 guest viewing this topic


(Go Up)

NAIRAWAY - Copyright © 2016 Oluwasegun Adebayo. All rights reserved. Follow NairaWay on Facebook
Disclaimer: Every NAIRAWAY member is solely responsible for anything that he/she posts or uploads on NAIRAWAY.