10 things to know before starting a business in Nigeria
So many people out there dream of starting up their own business to be their own boss. I know it’s cool to want this, but you should also be aware of its drawbacks.
If you’re an individual that’s so comfortable with the idea of a steady paycheck, then you probably should not start your own business.
I know that the thoughts of not being fired, or being queried by anyone and sitting in an office all day just to make ends meet can be very comforting.
At the same time, being honest with you, starting a new business in Nigeria is not just as easy as it seems.
This shouldn’t scare you or send chills down your spine. Most brands fail in their first year, but they became successful over the years. As an intending business person, see failure as an opportunity to start again more intelligently.
No matter what happens, don’t get tired of trying, but try again with a good strategy.
Things to know before starting a business in Nigeria
Below are the things you should know before starting a business in Nigeria.
1. Search for a business you’re passionate about
The main goal behind launching any business is definitely what will keep you going in the long run.
Being able to set your priorities right, will always give you a reason to keep going even when things are not going on smoothly and this is normal in every business.
I know that money-making is one of the reasons most people start up a business, but if you make your business all about this, you might not be as encouraged as you should be. Especially when things don’t pick up fast.
Allow your passion to drive you in whatever kind of business you finally choose, this will make the entire process of starting the business really fun and quite enjoyable rather than stressful for you.
2. Have an audience for your business
Honesty is an important attribute in business. Moreover, being honest with yourself will undoubtedly make you a better business person.
For you to be successful in any business, you have to know the people’s problems and make efforts to solve that problem.
Ask yourself if people are really in need of your service. The increased number of customers will certainly give way for larger business potential. Don’t lie to yourself.
Make researches and quick surveys. This is just one of the ways you can take away ignorance on your path. These researches can’t be a waste of time, it’ll rather be a stepping stone to your business growth.
3. Start with what you have
Your greatest fear shouldn’t be starting small, but not starting at all. Almost all great businesses we have today all started from somewhere. There’s also no harm in starting big.
Don’t just limit yourself because you think you’re not ready. Starting small actually gives you more time to learn and become more dynamic, while viewing the market structure and securing your finances as well.
It doesn’t matter if you have only four customers in a week, and no customers on some days. See it as a process and keep learning. Someday, you’ll look back and share the story.
4. Have a good business name and logo
An outstanding business name and logo really go a long way to launch your brand in an exceptional way.
Your logo and brand name will make you stand out amongst your competitors.
Being able to come up with a good name might not be so easy for everyone.
Whichever name you finally pick, keep it simple and easy to pronounce.
5. Develop yourself with the necessary skills
The ability to remain versatile even as a boss is just one of the secrets to your successful business. Good management skills are also necessary for any business to thrive and stand on its own.
Even though you can always get your workers to help you out with a few things, it’s also advisable to participate in all branches of your business and this will make you independent and also increase your experiences.
Developing new skills will definitely help you as an individual and also the growth of your business in numerous ways. You should always know that whatever business you are going into, you still need to learn skills.
Some of these skills include communication skills, leadership skills, marketing skills, time management, amongst others.
6. The marketing game
The easiest way to put yourself out there is by advertising. There are numerous ways to advertise your business and this depends on the kind of business you are into.
Some methods will unarguably be better than others. You just need to keep trying them out, and then go for the one that works best for you. Be ready to market your business.
7. Know your target audience
Knowing your target audience is very important. This is why the business research process is really necessary before you start a new business. Take out time to know your target audience.
You could also know your competitors while you are at this. There will be no need to rush into business when you don’t know the kind of people you will be dealing with.
You need to know them first, their needs, and how you can solve their problems. Offer a solution to these problems, and that is business.
8. Location matters
You might be doing the right thing but if you’re not rightly placed, you might end up with little or no results. The advantages of being at the right place at the right time cannot be overemphasized.
The kind of business you are into does not really matter at this point. What is of more importance is being able to target the right people at the right places.
You might get every other thing right but if you are not positioned in the right place, you might end up targeting customers that are not interested in what you are into and you definitely will be running at a loss.
9. Give it your time
I don’t think there has ever been a part-time billionaire. Being successful in your business requires putting your all into it.
Once you’re able to be loyal and devote your time to your business, you will understand the areas that are working and the areas that are not, this will help you realign your strategies and you will be on your way to success. You can never achieve this by running your business as a part-time business especially when it is a new one.
10. Learn to always execute your ideas
You should not let the excitement of a new idea cloud your sense of judgment.
No matter how amazing your ideas are, you have to make sure the numbers add up, otherwise, it’ll end up a failure.
The right team with the real plan and proper funding to execute your idea will enhance your business growth. You shouldn’t be scared of wasted money, but wasted time.
The idea of starting a business might be really exciting, but knowing the basic things about starting a business in Nigeria is extremely important to avoid a waste of time and resources.
Being able to birth an idea is not equal to owning a successful business.
Use the right strategies and you’ll be on track.
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