Hey StartupsVibers,
I’ve got good news for you. I was finally able to sync with Kelvin of Workareholic. You know what that means guys? Your Startups just got a wider reach. So why not come onboard and let us talk about you and your initiative.
Yesterday, I told you about Nigeria’s pioneering digital publishing startup, Okada Books Leaving Nigeria. If you missed it, Click “Here” for the full gist.
I know, it’s been hard for some startups under this new administration, with everyone crying over inflation.
When times are tough financially, you’ve got to make some tough choices for your small business or startup. Here are a few simple strategies to help you navigate through the challenges brought on by the inflation.
2023 Inflation: 7 Things To Do So Your Business Doesn’t Die
Adjust Prices: It’s pretty straightforward but can be tricky, especially in a place with lots of poverty like Nigeria. However, it’s crucial. Even though it might be necessary to raise prices, the goal is to strike a balance between making a profit and keeping things affordable for your customers. Make sure the quality of your products or services stays top-notch.
Cut Expenses: Take a good look at where your money is going and see if there are ways to spend less. This could mean moving your business to a cheaper location, cutting unnecessary subscriptions, or finding cheaper suppliers. Small savings can add up.
Prioritize Cashflow: Cash is king. If you can’t pay your bills or invest in your business, it could be in trouble. Instead of selling things on credit, try to get customers to pay upfront. This keeps your business running smoothly, especially during challenging times.
Explore Funding Options: Getting some extra money can really help your business grow. Loans with good rates or grants that you don’t have to pay back are out there. Don’t be afraid to explore these options if you need a financial boost.
Market Your Business: Shout about your business from the rooftops! Even if you don’t have a big budget for traditional ads, social media is a powerful and affordable tool. Spread the word about the great things your business is doing.
Diversify Your Income: Get creative about making money. You could invest in other businesses or start something new. For example, if you sell food, you might teach cooking classes. Social media can help you reach a bigger audience and attract bigger deals with customers and brands that could pay you more for your services. I’ll recommend XDeputy if you need a Social Media Marketing Agency.
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Yaay!!! It’s TGIF StartupsVibers. What are your plans for the weekend?
Before I zoom off, let me quickly remind you that the Nigerian Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, recently launched a Portal For Startup Ecosystem Players to come together. Get onboard while you can.
