running a business in nigeria

Running a business in Nigeria

Running a business in Nigeria still remains a very big problem to newbie’s in the business world and also experienced business managers. How do I run a successful business? What are the things I need to put in place before I start a business? How do I run a business? These are intelligent questions asked by individuals new to the business world. You must know that running a business in nigeria is not as easy as it seems to look. You are going to be staying up at night to figure out different things that surround your business. You see all those successful entrepreneurs and business owners out there? They have really worked so hard, they have worked their ass off to get to where they are. Now, that is exactly what you are going to be doing. At the end of the day, you would reap the fruit of your labor. The rewards behind hard-work are numerous.

Not to waste much of your time, I would be outlining and discussing some things you have to do to run a business in Nigeria. Running a business in Nigeria is really interesting and challenging because of the unfriendly environment among others, Stay glued to this piece because you are going to actually learn one or two things that would make you a successful business owner. Who knows, what you read here might lead you to the Forbes list.

Start-up Capital: Of everything you need to start a business, this is the most important thing you need. No start-up capital, no business. Start-up capital is key in every business. Don’t get me wrong, I don’t really mean you need a huge capital before you can start a business. Getting a capital that will keep your business up and running for up to 6 months is what you want to do depending on the type of business you are running.  I am very sure you must have heard several times that it is wrong to take a bank loan when starting a business. This is false. Follow this link to go to this bank site (www.jaizbankplc.com) they do non-interest banking. Do not take loans that put in interest on money loaned, it is bad for business. How do you know how much capital you need for your business? You have to sit down and write out a business plan. Many entrepreneurs would tell you they never had a business plan, that is a fallacy. You need a startup capital, if you start your business without adequate capital your business would crash. There are a business that started with N50,000 as startup capital and they are now a multi-million dollar company. They started with that because that amount would run their business for a period till they start generating income.

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Business Plan: The popular saying goes, “if you fail to plan you have planned to fail”. Before you start a business you really need a good business plan to make your business a successful one. What is a business plan? A business plan is a mapped out document that describes your business idea. A business plan covers objectives, strategies, sales, marketing and financial forecasts. It gives your business idea clarification and spot potential problems. Your business plan should include how much you want to start with, how you want to start, your goals among others. Angel investors who want to invest in your business would request for this before investing. It is very essential to have a business plan because when you lose track of why you really started, you can always go back to your business plan which will always keep you in check. Read this article, how to write a business plan (https://www.entrepreneur.com/article/247575)

Good feasibility Study: You have to read this carefully. After conceiving a business idea that can make you millions after solving a problem, you have to do a feasibility study before launching your business. What is a feasibility study? In a simple definition, a feasibility study is carried out to test the viability of an idea, project or a new business. It is an analysis scheme employed before starting a business to determine how successful it would be. Feasibility studies determine both positive and negative outcome of a business before investing your money and time.

Startups running a business in Nigeria without doing a feasibility study would end up crashing like an airplane. This is to show how important a feasibility study is. Where is my market? Who are my customers? For how long would I stay in business? Are people going to be interested in my products and services? These are all questions that would crop up during a feasibility study.

Understand the market: Before starting out as a business, there is a must for you to understand your market and how it works. Survey showed that startups who rush into business are the ones who are mostly short-lived. Do you want to stay relevant in your market? You have to understand it. Going through the steps above would help you understand your market a little bit. There are people who are already in the market, meet and discuss with them and ask them the challenges they are facing. You would be offering products and services to different clients, you need all the help you can get. Understanding your market is very essential.

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A good team: Running a business in Nigeria is a very challenging and so you should be looking forward to working with smart, creative and diligent minds. I don’t have much capital, how do i pay those who would work with me? This is one of the questions asked by newbie’s in the world of business. To begin with, those around you are those you might want to be starting with, your friends and families. They might not collect anything for any help they render to you. Don’t jeopardize anything for your quality of service in the process. You can’t do everything on your own; you need people to become successful.

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