Sunday, January 1, 2017

Things To Consider Before Starting A Business In Nigeria And Beyond in 2017

 Many Nigerians would have plans to start a business, but many cannot express it, while others may not know what it is like to run a business, but in this guide I would be showing you the things to consider before starting a business in Nigeria.

 In a country like Nigeria where the economy is not so good, many people would rather prefer to attend to their needs rather than their wants, so you can pick up an inspiration from there and create a product or service that is irresistible.

 Here are some things to consider before starting  a business in Nigeria.

8 Things To Consider Before Starting A Business In Nigeria And Beyond

1. You Should Have A Business Plan.
2. Ensure Your Business Is Able To Solve A Problem.
3. Don’t Give Up Your Day Yet.
4. Find Your Target Audience/Market.
5. Ensure You Have Enough Resources.
6. Find Out If There Is Competition.
7. You Need An Online Presence.
8. You May Need Employees/Partners.

1. You Should Have A Business Plan:

This is one step many aspiring entrepreneurs in Nigeria skip. They would have the idea of starting up a business and yet they would not clearly state how the business would be handled right in a business plan.
 If you are about starting a business in Nigeria, having a business plan would be important for you to clearly state the activities of your business.

2. Ensure Your Business Is Able To Solve A Problem:

Another thing to consider before starting a business in Nigeria is that you should ensure your business is able to solve a problem.
 There should be a good reason why you wanted to start the business, because if your business is not really solving a problem, you may find it hard to succeed and move. Your business is expected to be a solution to people’s problem.

3. Don’t Give Up Your Day Job Yet:

One thing you should consider before starting your business in Nigeria is for you not to give up your day job. This applies mainly when your business just started. Your business should be in full functionality before you think of quitting your day job.

4. Find Your Target Audience/Market:

In business, if you have no market or audiences then you have no business, this is because they are the ones who are expected to consume your product or service.
 You need to research about your audience or market before starting your business.

5. Ensure You Have Enough Resources:

This is one truth many Nigerians refuse to believe. They would have a wonderful business idea, without the ability to fund it. How then do you expect the business to function?
 There has to be enough resources put in place in order for your business to start, so you should take your finance as an important before starting your business.

6. Find Out If there Is Competition:

Before you start a business in Nigeria, you should make proper research to know the level of competition in your business.
 When you know the competition, you will now be presented with the option whether to continue or bring up strategies that would get your product or service to the market or even quit to do something better.

7. You Need An Online Presence:

In today’s world where the internet is the order of the day, your business should unfailingly have an online presence. You can create a simple and responsive website for your business, because this may be the platform your potentials customers would get to know about your business.
 Your business also needs to be on social media, because that is where most people spend time on and it would be a good place to find your target audience and market your product or service.

8. You May Need Employees/Partners:

In business, you hardly find an entrepreneur working alone, there has to be people working with you in one way or the other.
 It would now be your decision to choose partners that would join you in the business or hire employees that would perform some specific task.

I hope these tips would help you start a business successfully in Nigeria and even in other countries

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