The more technology continues to advance, the more job security becomes less assured, business will continue to find ways to cut off expenses and automate things. Thousands of jobs will be obsolete, but there is one thing that isn’t going anywhere, that one thing is ENTREPRENEURSHIP.
Don’t forget in the words of Virgil “Fortune sides with him who dares.” Don’t you wonder why foreign investors leave their counties where they have all the comforts we want, to come to our country where the weather is hot and scorching to start-up their business?
I’ve come to realize that our country is a place that sustains businesses. So, Nigeria is actually not as bad as most of us think it is, we are still the “giant of Africa”.
Therefore there are things you have to consider before starting a business in Nigeria.
(1) You need to have a good business plan – before any business in Nigeria can flourish, you must have a very good business plan. If you fail to plan, you plan to fail.
(2) You need to know the market – Before going into a business, you need to know the competition on ground; you need to know what gap you are going to fill with this idea. Your idea must be potentially backed up with a good feasibility study that will highlight what your targeted audience stands to gain if your business comes to fruition.
(3) You need to figure out how the capital (which doesn’t have to be a lot) will come about, you can start small and later expand – Starting a good business in Nigeria goes beyond the availability of a huge amount of capital. It will surprise you to note that, some businesses that have a huge turnover in terms of profit started with little or no capital. Business is the activity of making money by producing or buying and selling goods or providing services. If you have a good business plan and have done the feasibility study and it seems positive, then you’re good to go.
(4) You will need to secure a good location – This is a very essential thing to consider, you can’t say you want to go into the selling of luxury clothes and you get a place in a slum where your target audience isn’t present at all, be rest assured that you won’t get any client even if you do it will be once in a long while. In other to avoid this you need to get a location where you have your targeted audience all around.
(5) An alternative source of power supply is highly recommended – We all know Nigeria is a developing country where power is not stable, therefore an alternative is needed. Imagine you are running a spa or salon and power goes out while you’re attending to a client, would you rather lose that customer because you are waiting for power to be restored? Trust me if you wait you will definitely end up agitating the client and losing any chance of getting referrals. In other to avoid bad publicity for your business, an alternative source of power is highly important.
If you consider all these things before starting a business in Nigeria, trust me it will be a successful one. Don’t forget, you don’t have to start big, you can start small and later expand if you get good results. The biggest risk you can take is not trying.