When an individual starts a business, a great deal of work and effort would have to be put in to ensure success but hard work is not enough. Living in Nigeria would mean that what works for entrepreneurs in the US may not work for you making it harder to follow just any tip on the internet so in addition to some of those, there are other factors necessary for business success in Nigeria.
Nigeria is currently in recession, though people still try to survive, things not deemed necessary will have to go off their budget which would mean some businesses will have to fold up from lack of patronage. This article will guide business people in Nigeria on what is needed for successful business.
1. Right Business Plan
A business plan helps to coordinate your moves during the course of the operation of that business, call it the blueprint. It is needed not just at the start but continually throughout the business for the sake of regular updates as the business changes. However drafting a business plan is not enough, it has to be the right
That idea should be sellable, it should be something that solves a problem, it should be what people need, what they demand highly for. Creating something that is in excess supply without adequate demand could turn that business into a poster sign for failure.
Read Also: 6 Tips to Writing Effective Business Plan
2. Passion For The Idea
Some Nigerians would say ‘who passion help’ but the truth is passion is everything. When it is hard and all seems to go down, it is passion to sell that idea that will motivate you to create a way out.
It is passion that would keep you awake at night gladly moving that business forward. Passion would push you to jump the hurdles that will come.
Imagine selling laptops in a remote village that has no access to electricity, that business regardless of time and effort put in will fail. Choosing the appropriate location is a determining factor for the success of that business.
Is it secure? Is it a appropriate for the services you are offering? Is the labor qualified? Are competitors too much there? Is it close to raw materials if needed? All these are key factors.
The economy of Nigeria is currently in a spot where a lot of big and small businesses are folding up. What would make yours stand is tailoring it to the economy.
I believe no one is surprised that agriculturists are the one making it now, why? Because currently people are cutting their needs to the essential things which includes food. The economy will always affect a business regardless of its scale. One reason why Dangote’s still flows is because even if you don’t buy cement, you will buy sugar.
4. Profit in That Idea
The major goal of every business person is to maximize profit. After mapping out everything, taking care of every expense and purchasing materials, there should still be adequate if not a lot of profit.
The reason for this is – apart from personal survival – that every business suffers a rainy day, at that time the previous excess profit of that business can be plunged in to ensure it remains on ground.
5. Business Marketing
One popular trait in Nigerians is purchasing things from people they know. A typical Nigerian woman knows the specific person she purchases meat from in the market and will not patronise another except hers runs out of stock or he/she is unavailable.
Know how to market that business, reach out to people and form bonds, satisfy their need sufficiently and those people would refer others. Remember it is not enough to just market it, market it to the right people.
6. A Qualified and Trustworthy Team
When recruiting, learn to get the roses and not the thorns. a large number of people are moving about with certificates that they cannot defend, the people you recruit should be people who knows what is needed and can be positively innovative.
It may not be easy but try to get trustworthy staff because when a member in your team sells a business secret to a competitor, it will be very dangerous to the survival of that venture.
Everything in Nigeria is unstable, talk about the value of the naira to dollar or the economy. One of the factors necessary for business success in Nigeria is its ability to adapt to change.
The world of business is never starving and neither is this country. Being able to adapt allows that business to stay on top in competitiveness and fast response to circumstances.
News travel fast and in Nigeria, bad news travel faster. I once had a bad experience with an electronic store and I found it from others that a lot of people did have such issues too, I decided not to patronise them again.
Be straightforward, honest and do not try to cheat or con your customers. You may not know it but Mr. Nwafor would spread the news to Mrs Ayodele and from these people, everyone around them will know and may not ever patronise you in the future.
9. Cost Control
Work continuously to reduce the cost of production, advertising, rent and other expenses needed to run the business. By doing this, extra cash can be invested into expanding the market and business.
For example, if an imported raw material is top expensive and there is a local producer that delivers same thing with optimum quality at a lower rate, patronise that dealer instead.
10. Access to Funds
Finance us a major factor necessary for business success in Nigeria and everywhere in the world. Money will be needed for utilities, paying of staff, equipment and so on. If there is no constant flow-in of cash with a rate of at least 70%, it will be hard to push forward.
The government would certainly not help, all they give is more taxes well that is except you play politics for example Aliko Dangote’s was exempted from paying taxes on imports for ten years, that saved him millions!
Banks are not very supportive either so it is a man to thy self thing, work out every legal means you can make use of to obtain constant funds to operate.
These are some of the important factors necessary for business success in Nigeria, in order to succeed, take care to handle all these factors diligently and in patience.Click here to see the latest Study Abroad Scholarships and Guides
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