Before I share the five steps to starting a business in Nigeria, here’s something I want you to remember every day…
Not every business is profitable!
The facts are everywhere… broke businessmen, behind on their bills, hiding from their creditors… and even their employees!
I don’t want this to be you.
So if you’re looking for the steps to start a business in Nigeria, pay attention to every word I’ll share in this article, hidden within it is one of the root causes of business failures.
Let’s get started right away.
So you’ve found that it’s not exactly as easy as you imagined to get a job in Nigeria or you’ve realized that salary alone will NOT do so much for you… or you’re just like me… you’ve always wanted to run your own business.
Step One 1: List Out Your Ideas
Take out a paper and pen or simply use a note taking app on your phone to write down all the business ideas you have in mind. It’s important that you outline them, don’t just think about it in your mind… write it down. If you don’t have any, I’ve written a guide on How to Generate Business Ideas that you can use.
Step Two: Choose The One That Suits You
In my last post, I shared one of my experience to show you that it’s not enough to have business ideas, you must be sure that any idea you’re looking at suits you, else you could wear yourself out doing something that frustrates you.
So after making a list of the business ideas you have in mind, eliminate all the ideas in areas that you have no interest in. Ideas in areas that you have no passion or interest in.
This is because running a business can be a tedious thing. It will demand a lot of your time, energy and resources… especially at the initial stages. But if you enjoy it, it will be an adventure that you’re delighted to embark upon.
Step Three: Guage Market Demand
This is where many entrepreneurs miss it.
Never pour your hard earned resources into a business without gauging the demand to see if there is enough demand to turn in a profit. Don’t do it.
One of the ways to gauge market demand is to look out for other people doing what you plan to do. Competition. This is an indicator that there’s a demand in that area. Don’t let competition scare you but rather point you in the way to go.
Step Four: Identify Your Ideal Customer
Who is going to pay you money?
Who exactly needs your product or service?
Don’t make the mistake of thinking your product or service is for everyone. You’ll be disappointed. Do your homework. Identify in as much detail as possible who you’re going to serve with your product or service. This will save you a lot of money in advertising.
Step Five: Get Started
Now that you know who your ideal customer is, don’t wait any longer – get started. Take baby steps. Make efforts to acquire your first customer.
There’s nothing pleasant about making all the plans and taking no action. Knowledge alone is not enough.
One key to business success is taking massive action.
So there you have it, 5 practical steps to start a business in Nigeria and increase your chance of success.
Click here to download my eBook titled “3 Questions to Ask Before You Invest In Any Business Idea” for Free.