Starting a business in Nigeria can be both exciting and overwhelming.
It’s easy to get carried away from the excitement of being your own boss that you forget to pay attention to the essentials. In this article, you will learn five things you need to consider before starting a business in Nigeria, if you want to succeed.
If you fail to get any of these in your arsenal – you might as well kiss success good bye. They are essential requirements for success.
Let’s get to it right away
Requirement #1. An Understanding of What a Business Really Is
If all you think of when you think of starting a business in Nigeria is the money you will make or the ability to call the shots, then you still have a steep learning curve to ascend.
What really is a business?
A business is a setup that solves a problem in exchange for a reward. It solves a problem.
If it does not solve a problem – it is not a business.
If it does not yield profit (a reward), it is not a business.
So if you want to start a business in Nigeria, you must identify what problem it is that you want to solve, this is why people will pay you. Once you understand this, the next thing is to package your solution – this is what people will pay you for.
The problem I’m out to solve is unemployment. But more specifically I’m out to guide fresh graduates who are on a journey to start their own business and help them out as we travel along. I’ll get paid byproviding premium products (eBooks, Video training, online courses etc) that solves specific problems for my readers at a fee.
Requirement #2. A Valid Business Idea
The next requirement you need to have to succeed in business in Nigeria is a valid business idea.
A business idea is a solution to a problem. A valid business idea solves a problem the people want to solve. This is a major difference between struggling businesses and profitable businesses.
It is not enough to identify a problem, you need to be sure there are people who not only have these problems but are actually looking for ways to solve them.
How do you find out?
Pay attention to what people are buying. Ask questions.
When I was going to start this blog, I knew unemployment was a real problem – the data speaks for itself. But that wasn’t enough, I also noticed the incredible rise in the popularity of Facebook groups centered around starting a business.
I carried out a keyword research and found out that people all over the world were looking out for information on how to start a business and when I narrowed my research to Nigeria, the data was the same. (I’d do a video on how to do this kind of research sometime).
Finally I setup a landing page to guage local interest and had 42 people sign up on my list.
That’s how I chose to settle with this.
Requirement #3. A Knowledge of Who Your Ideal Customer Is
Clearly define who your ideal customer is.
This is an important requirement to succeed in business in Nigeria because unless you know exactly who you want to sell your products and/or services to, you might just end up spending your limited advertising budget without getting any significant returns.
Imagine selling coke to a diabetic patient…
That’s why you need to sit down and clearly define who your ideal customer is. So that you can avoid wasting your limited resources and invest them in areas where you can get the most return.
Please don’t fall for that “everybody needs what I am offering” crap – it’s just plain ignorance. Do the hard work of finding out who your customer really is.
My case was a little peculiar in that I thought of my friends who had just finished their NYSC and simply extended it to all fresh graduates. 😉
Requirement #4. A Plan
When you understand what a business is, you have a valid business idea and you know who your ideal customer is, the next thing you need to have is a plan.
Unfortunately, this is where many people get stuck. They spend forever planning and never get to execution stage. This is a pitiful situation. I’ve been there.
Always “planning to”
Your plan does not need to be a 20 pages long. It’s not a textbook!
Just take a plain sheet of paper and write down what you’re out to accomplish and how you intend to accomplish this. Transfer that into your personal notebook, polish it a little.
This is an important requirement to fulfill if you want to start and succeed in business in Nigeria – especially for a young graduate with limited resources to play with.
Your plan will guide you.
Requirement #5. Faith
How can I not mention this?
If you really want to start and succeed in business right here in Nigeria, you need to have faith.
The entrepreneurial journey is not a speed lane, there are several bumps and bends along the journey that can make success seem like a a mere fantasy. In times when the journey seems impossible and quitting looks like the best option, only faith, a conviction about the end will see you through.
Faith will propel you to get back up after a failed attempt and get back in the game.
Faith will enable you to see the light at the end of the tunnel before you reach it.
That’ s it.
I was hoping this article will only be about 500 – 600 words but I just realized it’s over 900 words already. You must be really patient to have read this through – thank you.
What else do you think is a requirement to start a business in Nigeria? Let me know in the comment below.
God Bless You
PS: If you have not downloaded my free ebook titled “3 Questions to Ask Before You Invest In Any Business Idea“, click here to download it today.