Starting A Business In Nigeria
Entrepreneurship in Nigeria is not as easy as most people perceive it to be. We have glamourised entrepreneurship, especially on social media, such that a lot of people are tempted to leave their corporate jobs to join those who proudly wear the ‘entrepreneurship’ tag. But the truth is, it is not a walk in the park. Beyond the successful appeal it has, there is serious planning and work to be done behind the scene.
So, if you are considering starting a business in this beautiful country of ours, don’t just take that leap without being armed to the teeth with the knowledge and foresight you need to make your entrepreneurship journey worth it. Before starting a business in Nigeria, there are factors you must consider that will guide your decisions to become a successful business owner.
In this article, we have listed six things you need to consider before starting a business in Nigeria, and they are:
• Capital: forget the online motivational speech about ‘starting even when you have nothing’, that does not apply to business. You need money to translate the business idea into reality. And that money is your capital. Don’t start a business with capital, no matter how little. Before raising your capital, your first step should be creating a business plan that will cover the expenses that the business needs to be up and running.
• Business Knowledge: starting a business in Nigeria shouldn’t be a trial and error process for you. You must be well-grounded in the intricacies of your choice of business. It will be a disaster if you want to start a business because someone suggested it to you, or you think that business idea is a fast-moving market and you will make more money, or worse, you are doing it because you believe you have the money to finance it. Having money to start the business cannot trump knowing the business. So, before you start that business in Nigeria, you must have covered all that is to know about it.
• Location: if your choice of business requires a physical store where customers need to access, then you need to choose your business location meticulously. Your office/store needs to be strategically located in the right place where customers can easily find you and purchase what you have to offer. Do not set up a store in a neighbourhood with a high crime rate, inaccessible road, and distant from civilization. The location is essential before you start that business.
• Target customers: starting a business is not about making profits and enjoying the perks of being a business owner in Nigeria. Still, you need to know who your costumers. This can be done by creating a market survey to determine the age bracket, income level, location, and interests of your target market. This will help you to channel your marketing efforts to those that really need to see and hear from you.
• Online presence: Say, your business is targeted at millennials. I’m sure you know that word of mouth advertising is not enough. Social media has gone beyond a fun activity. As a prospective business owner, social media presents to you limitless opportunities of reaching millions of people and converting them to customers. By setting up an online store through a business page on varying social media platforms and promoting what you do, you are setting yourself up for a high probability of success. Don’t deprive yourself of the opportunity.
• Competition: if the competitors of your target market are intimidating, then that’s a good sign that you should go for the jugular. As part of your preliminary research before starting a business in Nigeria, you need to study your competitors’ strategies and creatively brainstorm ways of making your product or services better than theirs without copying their model. By shadowing your competitors, the innovation that will set you apart will come to you. Put it on paper, brand it, and market it as your business depends on it because it does.
Starting and sustaining a business may seem challenging, but you can ace it by applying the tips in this article. Do not be hasty to set the business running without putting all these factors into consideration, and you will do great in your business.
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