Every business venture looking to be established, must be thoroughly hinged on certain factors that makes for it’s continuous relevance in society.
Obviously, there are things that can not just be swept under the carpet, when it comes to starting a business in Nigeria. They may vary from business to business, may be upgraded from time, or may have diverse opinions, but principles remain unchanged and so for all time these factors will remain.
To spit it out in clear terms, you can’t over ride them when it comes to setting up a business in Nigeria. Any attempt to over ride may spell danger of the business folding up in no time. But I guess you wouldn’t want to be a part of that, that is why you are on this page, I employ you then to follow closely, so as not to miss out on any point.
6 Unavoidable Things To Consider Before Starting a Business In Nigeria
Things to consider to start a business in Nigeria, you can’t avoid.
1. A reviewed business Idea / Plan:
No one just jumps into anything he likes or feels is worth spending time, resources and energy on, without an idea, and well laid out plan towards executing it.
One must have a clear cut idea of what the business entails, otherwise establishment could be very far from sight.
2. Market Study / Research:
This is as important as anything, and hopefully, if I can read your thoughts, you know for sure, this Factor can never be ruled out or done away with, when it comes to starting a business in Nigeria.
An idea of how the market runs, the competitive nature all, and many other things to expect all constitute a market research.
3. Risk Factor:
I hate to say it, but I will be causing you more harm than good if I don’t tell you now. Oh yes, profit maximization is the goal, but let’s not forget the possibility of incurring risks.
Moreso, seeing that risk is part of every business one attempts to lay his hands on, risk factor does exist and can not be unduly trashed as garbage.
4. Packaging & Delivery:
With almost a handful of persons engaged in what you are eagerly aspiring to start as a business, one of the distinguishing factors is packaging.
How well you package your goods or services on delivery can boost your sales unimaginably. Packaging can not be avoided.
5. Availability of Capital:
There is definitely no business, that won’t require capital to kickstart it and keep it going. So availability of Capital can not be tossed to the wind.
It can’t be avoided, as it is very necessary and should be treated so.
6. Advertising / Awareness Creation:
For a split second, think about this. How can you get your target audience, to know you exist, and offer XYZ products or services?
The effective tool that holds the answer to that question and will in turn boost sales is Advertising.
Interestingly, you don’t need to buy some minutes on television, radio, or go buy one or two pages on a magazine or newspaper, neither do you also have to go pay agencies, to have your products or services, strapped unto a bill board by the roadside, all in the name of advertising, because those are way too on the high side for you to afford Now.
Simply talking to a few people around, or just capitalising on the advent of the internet, through your social media handles, can hook you up with customers you never knew before.
In a nutshell, advertising can’t be avoided. Your business needs it.
There are so many more unavoidable considerations to make before starting a business in Nigeria, all open to be explored, but with these few listed above, I guess you’ve got your hands ready on the wheels to establish Your business.